Private company
Credit unions in Canada
Credit unions are financial institutions that are owned and controlled by their members. Unlike investor-owned financial institutions, credit unions provide an alternative to traditional as cooperative enterprises. Credit unions are part of the global cooperative network and operate under the 7 guiding cooperative principles.2 Wikipedia text CC BY-SA 4.0
Last updated Oct 21, 2026.
Overview
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Credit unions are financial institutions that are owned and controlled by their members. Unlike investor-owned financial institutions, credit unions provide an alternative to traditional as cooperative enterprises. Credit unions are part of the global cooperative network and operate under the 7 guiding cooperative principles. Each credit union is owned locally by its members and all members have an equal say in how their credit union operates through a democratic process.2
Products and brands
Credit unions offer traditional financial products and services including chequing and savings accounts, mortgages, consumer loans and lines of credit, business loans and registered savings plan. They offer day to day banking services like chequing accounts, savings accounts, saving and investing products and advice, and small business services and commercial lending. Together, the credit union sector is the largest lnder to small businesses in Canada. Most credit unions rely on partnerships to offer additional financial products and services like wealth management services, credit cards, insurance, estate planning, and investing mutual funds and stocks.
From Wikipedia’s article on Credit unions in Canada, shared under CC BY-SA 4.0.3
Controversies and legal
Credit union regulation and deposit insurance coverage
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. 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. Innovation Federal Credit Union became the first federal credit union headquartered in Saskatchewan on June 23, 2023. On April 1, 2026 First West Credit Union changed its legal name to Tru Cooperative Bank, upon federal continuance becoming Canada's fourth federally regulated credit union.
Federal credit unions are regulated by the Office of the Superintendent of Financial Institutions and the Financial Consumer Agency of Canada. The Canada Deposit Insurance Corporation provides deposit insurance coverage for federally regulated credit unions, which are chartered under the Canada Bank Act.
Outside Quebec
As of March 2026, there were a total of 161 independently operated credit and caisses populaires operating 1603 locations in the nine provinces outside of Quebec holding combined consolidated assets of 330.9 billion CAD.
The largest provincially regulated credit unions in order of asset size include Vancity, Servus Credit Union, Meridian Credit Union, Desjardins Ontario Credit Union, Access Credit Union, Beem Credit Union, Steinbach Credit Union and Assiniboine Credit Union.
Provincially regulated credit unions have deposit insurance coverage that protects member deposits. Credit union regulator and deposit insurance provider varies across provinces.
Within Quebec
Within Quebec there are 204 caisses that are formally federated with Desjardins as of September 2024.
Read the full text
Desjardins group is regulated by Autorité des marchés financiers (AMF) who also provides deposit insurance coverage.
From Wikipedia’s article on Credit unions in Canada, shared under CC BY-SA 4.0.3
Links
- WikipediaCredit unions in Canada
- More imagesWikimedia Commons
- WikidataQ5183791
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 2WikipediaCredit unions in Canada on Wikipedia
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