Credit unions in Canada

Canada has significant per-capita membership in credit unions, representing more than a third of the working-age population.^[1] Credit union membership is largest in Quebec, where they are known as caisses populaires (people's banks), and in western Canada.^[2]

Legislation

Responsibility for the incorporation and regulation of credit unions resides primarily at the provincial and territorial level in Canada. Credit union legislation exists in every province of Canada but does not currently exist in the three northern territories. Credit unions and caisses populaires operate in every province of Canada. In Quebec, caisses populaires are required to be formally federated with the Caisses Populaires Desjardins.

Federally regulated credit unions

Legislation was adopted under the federal Bank Act in 2012 to allow for the creation of federal credit unions. On July 1, 2016, the Caisse populaire acadienne ltée (later rebranded as UNI Financial Cooperation), with its 155,000 members, became the first federal credit union in Canada.^[3] Coast Capital Savings announced the approval from OSFI to become the second federally regulated credit union in Canada beginning on November 1, 2018, the first federal credit union based in British Columbia.^[4] Innovation Federal Credit Union became the first federal credit union headquartered in Saskatchewan on June 23, 2023.

Credit Union	Founded	Federally Expanded
UNI Financial Cooperation	1946	2016
Coast Capital Savings	1940	2018
Innovation Federal Credit Union	2007	2023

Provincially regulated credit unions

As of September 20, 2024, there were 392 credit unions or caisses populaires operating in Canada.^[5]

Outside Quebec

As of September 20, 2024, there are 188 independently operated credit unions and caisses populaires operating in the nine provinces outside of Quebec holding combined consolidated assets of $312.3 billion CAD.^[6]

The largest of these include Vancity, Coast Capital Savings, Meridian Credit Union, Servus Credit Union, First West Credit Union, Alterna Savings and Credit Union Limited, Access Credit Union, Steinbach Credit Union, Beem Credit Union, Desjardins Ontario Credit Union.

188 of these credit unions and caisses populaires were affiliated through a provincial or regional credit union central to Canadian Credit Union Association, the national trade association. These credit unions operated 1,630 branches across the country with over 6 million members and $312.3 billion in assets.^[7]

Within Quebec

Within Quebec there are 204 caisses that are formally federated with Desjardins as of September 2024.^[8]

In 2024, the Desjardins caisses serve nearly 5.2 million members from 425 locations, with $371.4 billion in assets.^[9]

Insurance

Most credit unions in Canada are incorporated provincially and are insured by provincially established institutions.

Alberta – Credit Union Deposit Guarantee Corporation (Alberta)
British Columbia – Credit Union Deposit Insurance Corporation (British Columbia)
Manitoba – Deposit Guarantee Corporation of Manitoba
New Brunswick – New Brunswick Credit Union Deposit Insurance Corporation
Newfoundland and Labrador – Credit Union Deposit Guarantee Corporation (Newfoundland and Labrador)
Nova Scotia - Nova Scotia Credit Union Deposit Insurance Corporation
Ontario – Financial Services Regulatory Authority of Ontario^[10]
Prince Edward Island – Credit Union Deposit Insurance Corporation (Prince Edward Island)
Saskatchewan – Credit Union Deposit Guarantee Corporation (Saskatchewan)
Quebec – Autorité des marchés financiers

Federally-incorporated credit unions are insured by the Canada Deposit Insurance Corporation.^[11]

Credit union firsts in Canada

Credit unions have a history of innovation in Canadian financial services. Here are some of the products and services that credit unions were first to market:^[12]

First financial institutions to lend to women in their own names (in the 1960s)
First to offer daily interest savings
First full-service ABMs
First fully functional online banking
First loans based on borrower character
First payroll deduction service for deposits and loan payments
First open mortgages
First home equity lines of credit
First debit card service
First registered education plans
First cheque imaging service
First mobile branch with ATM for servicing small communities^[13]

References

^ World Council of Credit Unions, 2018 Statistical Report
^ Desjardins: a model for the rest of Canada? (Quebec's Desjardins caisses populaires). Canadian Banker. 1 Jan. 1999.
^ "Minister Morneau Welcomes Canada's First Federal Credit Union". 2016-07-04. Archived from the original on 2017-06-07.
^ Savings, Coast Capital (2018-10-30). "Coast Capital Savings approved to become B.C.'s first federal credit union". www.coastcapitalsavings.com.
^ CCUA (20 September 2024). "National Sector Results, Second Quarter, 2024".
^ "The largest 100 credit unions - second quarter" (PDF). Canadian Credit Union Association. September 30, 2024.
^ CCUA (20 September 2024). "National Sector Results, Second Quarter, 2024" (PDF). Canadian Credit Union Association.
^ CCUA (September 2024). "System Results: National System Review, Second Quarter, 2024" (PDF).
^ "National Sector Results". Desjardins Group. September 20, 2024.
^ "Deposit Insurance and Credit Unions". Financial Services Regulatory Authority of Ontario. Retrieved February 6, 2020.
^ "Federal credit unions (FCUs)". Canada Deposit Insurance Corporation. Retrieved September 23, 2022. Once continued federally, FCUs become members of CDIC. As such, eligible deposits placed with an FCU enjoy CDIC deposit protection.
^ "QUICK FACTS ABOUT CANADA'S CREDIT UNIONS (Q4 2012)". Credit Union Central of Canada. 2013. Archived from the original on 2013-05-07.
^ "Innovation Credit Union wins marketing award". Battlefords News-Optimist. 11 May 2017. Retrieved 24 April 2018.

[1] World Council of Credit Unions, 2018 Statistical Report

[2] Desjardins: a model for the rest of Canada? (Quebec's Desjardins caisses populaires). Canadian Banker. 1 Jan. 1999.

[3] "Minister Morneau Welcomes Canada's First Federal Credit Union". 2016-07-04. Archived from the original on 2017-06-07.

[4] Savings, Coast Capital (2018-10-30). "Coast Capital Savings approved to become B.C.'s first federal credit union". www.coastcapitalsavings.com.

[5] CCUA (20 September 2024). "National Sector Results, Second Quarter, 2024".

[6] "The largest 100 credit unions - second quarter" (PDF). Canadian Credit Union Association. September 30, 2024.

[7] CCUA (20 September 2024). "National Sector Results, Second Quarter, 2024" (PDF). Canadian Credit Union Association.

[8] CCUA (September 2024). "System Results: National System Review, Second Quarter, 2024" (PDF).

[9] "National Sector Results". Desjardins Group. September 20, 2024.

[10] "Deposit Insurance and Credit Unions". Financial Services Regulatory Authority of Ontario. Retrieved February 6, 2020.

[11] "Federal credit unions (FCUs)". Canada Deposit Insurance Corporation. Retrieved September 23, 2022. Once continued federally, FCUs become members of CDIC. As such, eligible deposits placed with an FCU enjoy CDIC deposit protection.

[12] "QUICK FACTS ABOUT CANADA'S CREDIT UNIONS (Q4 2012)". Credit Union Central of Canada. 2013. Archived from the original on 2013-05-07.

[13] "Innovation Credit Union wins marketing award". Battlefords News-Optimist. 11 May 2017. Retrieved 24 April 2018.

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Credit unions in Canada

Legislation

Federally regulated credit unions

Provincially regulated credit unions

Outside Quebec

Within Quebec

Insurance

Credit union firsts in Canada

See also

References

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