Credit unions in Canada

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.

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.{{Cite web |url=http://www.fin.gc.ca/n16/16-086-eng.asp |title=Minister Morneau Welcomes Canada's First Federal Credit Union |date=2016-07-04 |archive-date=2017-06-07 |archive-url=https://web.archive.org/web/20170607060657/http://www.fin.gc.ca/n16/16-086-eng.asp |url-status=dead }} 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.{{Cite web|last=Savings|first=Coast Capital|title=Coast Capital Savings approved to become B.C.'s first federal credit union|url=https://www.coastcapitalsavings.com/about-us/press-room/news-releases/2018/20181030|date=2018-10-30|website=www.coastcapitalsavings.com|language=en}} Innovation Federal Credit Union became the first federal credit union headquartered in Saskatchewan on June 23, 2023.

As of September 20, 2024, there were 392 credit unions or caisses populaires operating in Canada.{{cite web |last=CCUA |date=20 September 2024 |title=National Sector Results, Second Quarter, 2024 |url=https://ccua.com/resources/national-sector-results-2024-q2/ |archive-url= |archive-date=}}

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.{{Cite web |date=September 30, 2024 |title=The largest 100 credit unions - second quarter |url=https://ccua.com/app/uploads/private-files/top100-2Q24_20-Sep-24.pdf |archive-url= |archive-date= |publisher=Canadian Credit Union Association}}

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, [https://beemcreditunion.ca/ 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.{{Cite web |last=CCUA |date=20 September 2024 |title=National Sector Results, Second Quarter, 2024 |url=https://ccua.com/app/uploads/private-files/2Q24SystemResults_18-Sep-24.pdf |archive-url= |archive-date= |website=Canadian Credit Union Association }}

Within Quebec there are 204 caisses that are formally federated with Desjardins as of September 2024.{{cite web |last=CCUA |date=September 2024 |title=System Results: National System Review, Second Quarter, 2024 |url=https://ccua.com/app/uploads/private-files/2Q24SystemResults_18-Sep-24.pdf |archive-url= |archive-date=}}

In 2024, the Desjardins caisses serve nearly 5.2 million members from 425 locations, with $371.4 billion in assets.{{cite web |date=September 20, 2024 |title=National Sector Results |url=https://ccua.com/resources/national-sector-results-2024-q2/ |publisher=Desjardins Group}}

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

• Alberta – [http://www.cudgc.ab.ca/ Credit Union Deposit Guarantee Corporation (Alberta)]
• British Columbia – [http://www.cudicbc.ca/ Credit Union Deposit Insurance Corporation (British Columbia)]
• Manitoba – [https://dgcm.ca/ Deposit Guarantee Corporation of Manitoba]
• New Brunswick – [http://assurance-nb.ca/index-e.asp New Brunswick Credit Union Deposit Insurance Corporation]
• Newfoundland and Labrador – [http://www.cudgcnl.com/ Credit Union Deposit Guarantee Corporation (Newfoundland and Labrador)]
• Nova Scotia - [https://www.nscudic.org/ Nova Scotia Credit Union Deposit Insurance Corporation]
• Ontario – Financial Services Regulatory Authority of Ontario{{cite web |title=Deposit Insurance and Credit Unions |url=https://www.fsrao.ca/consumers/deposit-insurance-and-credit-unions |website=Financial Services Regulatory Authority of Ontario |accessdate=February 6, 2020}}
• Prince Edward Island – [http://www.peicudic.com/ Credit Union Deposit Insurance Corporation (Prince Edward Island)]
• Saskatchewan – [http://www.cudgc.sk.ca/ Credit Union Deposit Guarantee Corporation (Saskatchewan)]
• Quebec – [https://lautorite.qc.ca/grand-public Autorité des marchés financiers]

Federally-incorporated credit unions are insured by the Canada Deposit Insurance Corporation.{{cite web| title=Federal credit unions (FCUs)|url=http://www.cdic.ca/en/about-di/federal-credit-union/Pages/default.aspx| website=Canada Deposit Insurance Corporation| access-date=September 23, 2022| language=en-CA| quote=Once continued federally, FCUs become members of CDIC. As such, eligible deposits placed with an FCU enjoy CDIC deposit protection.}}

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:{{Cite web |url=http://www.cucentral.ca/SitePages/TheCreditUnionDifference/FirstAndQuickFacts.aspx |title=QUICK FACTS ABOUT CANADA'S CREDIT UNIONS (Q4 2012)|publisher=Credit Union Central of Canada |date=2013 |archive-url=https://web.archive.org/web/20130507071549/http://www.cucentral.ca/SitePages/TheCreditUnionDifference/FirstAndQuickFacts.aspx |archive-date=2013-05-07 |url-status=dead }}

• 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{{cite web|title=Innovation Credit Union wins marketing award|work=Battlefords News-Optimist |url=http://www.newsoptimist.ca/news/northwest-region/innovation-credit-union-wins-marketing-award-1.19482877|accessdate=24 April 2018|date=11 May 2017}}

• Banking in Canada
• Credit unions in the United Kingdom
• Credit unions in the United States
• {{section link|ATM usage fees|The Exchange}}

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