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Private company

Pace Savings & Credit Union

Logo: pacecu.ca3

Defunct Canadian credit union, closed by regulators

PACE Savings & Credit Union Limited was a Canadian credit union based in Ontario. Pace grew through consolidation of several smaller credit unions in Ontario but the company was placed under administration by Financial Services Regulatory Authority of Ontario (FSRA) (previously the Deposit Insurance Corporation of Ontario) in September 2018 after the regulator found evidence of civil fraud, potential self-dealing by the CEO Larry Smith, and poor governance practices.2 Wikipedia text CC BY-SA 4.0

Last updated Oct 21, 2026.

Overview

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PACECreditUnionMarkham
Photo: Raysonho @ Open Grid Scheduler / Scalable Grid Engine, CC0, via Wikimedia Commons4

PACE Savings & Credit Union Limited was a Canadian credit union based in Ontario. Pace grew through consolidation of several smaller credit unions in Ontario but the company was placed under administration by Financial Services Regulatory Authority of Ontario (FSRA) (previously the Deposit Insurance Corporation of Ontario) in September 2018 after the regulator found evidence of civil fraud, potential self-dealing by the CEO Larry Smith, and poor governance practices.2

Sources

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