Jump to content

Credit unions in Canada: Difference between revisions

Add links
From Wikipedia, the free encyclopedia
Browse history interactively
← Previous edit
Content deleted Content added
VisualWikitext
{{Dead link}} tag on bare URL refs which return HTTP 404 or 410
Bdejene (talk | contribs)
28 edits
No edit summary
 
(43 intermediate revisions by 14 users not shown)
Line 1: Line 1:
{{short description|none}}
[[File:Caisse Populaire Shediac.jpg|thumb|Credit unions are called ''caisses populaires'' in French-speaking communities of Canada. This one is located in [[Shediac, New Brunswick]]]]
[[File:Caisse Populaire Shediac.jpg|thumb|Credit unions are called ''caisses populaires'' in French-speaking communities of Canada. This one is located in [[Shediac, New Brunswick]]]]


Line 5: Line 6:
==Legislation==
==Legislation==


Responsibility for the incorporation and regulation of credit unions resides primarily at the [[Provinces and territories of Canada|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 [[Desjardins Group|Caisses Populaires Desjardins]].
Responsibility for the incorporation and regulation of credit unions resides primarily at the [[Provinces and territories of Canada|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 [[Desjardins Group|Caisses Populaires Desjardins]].


==Federally regulated credit unions==
==Federally regulated credit unions==


Legislation was adopted under the federal [[Bank Act (Canada)|''Bank Act'']] in 2012 to allow for the creation of [[Government of Canada|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.<ref>http://www.fin.gc.ca/n16/16-086-eng.asp</ref> [[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.<ref>{{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|url-status=live|access-date=2021-12-14|website=www.coastcapitalsavings.com|language=en}}</ref>
Legislation was adopted under the federal [[Bank Act (Canada)|''Bank Act'']] in 2012 to allow for the creation of [[Government of Canada|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.<ref>{{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 }}</ref> [[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.<ref>{{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}}</ref> Innovation Federal Credit Union became the first federal credit union headquartered in Saskatchewan on June 23, 2023.


{| class="wikitable"
{| class="wikitable"
Line 18: Line 19:
|-
|-
| [[Coast Capital Savings]] || 1940 || 2018
| [[Coast Capital Savings]] || 1940 || 2018
|-
| [[Innovation Credit Union|Innovation Federal Credit Union]] || 2007 || 2023
|}
|}


==Provincially regulated credit unions==
==Provincially regulated credit unions==


As of September 30, 2014, there were 696 credit unions or ''caisses populaires'' operating in Canada.<ref>{{cite web|last=Credit Union Central of Canada|title=System Results: National System Review, Third Quarter, 2014|url=http://www.cucentral.ca/FactsFigures/3Q14SystemResults_25-Nov-14.pdf|accessdate=9 December 2014|archive-url=https://web.archive.org/web/20150824070619/http://www.cucentral.ca/FactsFigures/3Q14SystemResults_25-Nov-14.pdf|archive-date=24 August 2015|url-status=dead}}</ref>
As of September 20, 2024, there were 392 credit unions or ''caisses populaires'' operating in Canada.<ref>{{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=}}</ref>


===Outside Quebec===
===Outside Quebec===


As of December 31, 2017, there were 286 independently operated credit unions and ''caisses populaires'' operating in the nine provinces outside of Quebec holding combined consolidated assets of $223.7 billion [[Canadian dollar|CAD]].<ref>https://www.ccua.com/~/media/CCUA/About/facts_and_figures/documents/Largest%20100%20Credit%20Unions/top100-4Q17_12-Apr-18.pdf {{Dead link|date=February 2022}}</ref>
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 [[Canadian dollar|CAD]].<ref>{{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}}</ref>


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]], [[Conexus Credit Union]], [[Affinity Credit Union]], [[Steinbach Credit Union]], and [[Assiniboine Credit Union]].
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]].


272 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 1,746 branches across the country with 5.3 million members and $216.3 billion in assets.<ref>https://www.ccua.com/~/media/CCUA/About/facts_and_figures/documents/Quarterly%20National%20System%20Results/4Q17SystemResults_14-Mar-18.pdf {{Dead link|date=February 2022}}</ref>
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.<ref>{{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 }}</ref>


===Within Quebec===
===Within Quebec ===


Within Quebec there are 344 ''caisses'' that are formally federated with the [[Desjardins Group|Caisses Populaires Desjardins]] as of September 30, 2014.<ref>{{cite web|last=Credit Union Central of Canada|title=System Results: National System Review, Third Quarter, 2014|url=http://www.cucentral.ca/FactsFigures/3Q14SystemResults_25-Nov-14.pdf|accessdate=9 December 2014|archive-url=https://web.archive.org/web/20150824070619/http://www.cucentral.ca/FactsFigures/3Q14SystemResults_25-Nov-14.pdf|archive-date=24 August 2015|url-status=dead}}</ref>
Within Quebec there are 204 ''caisses'' that are formally federated with [[Desjardins Group|Desjardins]] as of September 2024.<ref>{{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=}}</ref>


In 2012, Desjardins served nearly 5.6 million members from 897 locations, with $196.7 billion in assets.<ref>{{cite web|title=2012 Desjardins Group Annual Report|url=http://www.desjardins.com/en/a_propos/investisseurs/rapports-annuels/mouvement-2012/d50p-ram2012-complet-e.pdf|publisher=Desjardins Group|accessdate=2 January 2014}}</ref>
In 2024, the Desjardins caisses serve nearly 5.2 million members from 425 locations, with $371.4 billion in assets.<ref>{{cite web |date=September 20, 2024 |title=National Sector Results |url=https://ccua.com/resources/national-sector-results-2024-q2/ |publisher=Desjardins Group}}</ref>


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


* Alberta – [[Credit Union Deposit Guarantee Corporation (Alberta)]]
* Alberta – [http://www.cudgc.ab.ca/ Credit Union Deposit Guarantee Corporation (Alberta)]
* British Columbia – [[Credit Union Deposit Insurance Corporation (British Columbia)]]
* British Columbia – [http://www.cudicbc.ca/ Credit Union Deposit Insurance Corporation (British Columbia)]
* Manitoba – [[Deposit Guarantee Corporation of Manitoba]]
* Manitoba – [https://dgcm.ca/ Deposit Guarantee Corporation of Manitoba]
* [[New Brunswick Credit Union Deposit Insurance Corporation]]
* New Brunswick – [http://assurance-nb.ca/index-e.asp New Brunswick Credit Union Deposit Insurance Corporation]
* Newfoundland and Labrador – [[Credit Union Deposit Guarantee Corporation (Newfoundland and Labrador)]]
* Newfoundland and Labrador – [http://www.cudgcnl.com/ Credit Union Deposit Guarantee Corporation (Newfoundland and Labrador)]
* [[Nova Scotia Credit Union Deposit Insurance Corporation]]
* Nova Scotia - [https://www.nscudic.org/ Nova Scotia Credit Union Deposit Insurance Corporation]
* Ontario – [[Financial Services Regulatory Authority of Ontario]]<ref>{{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}}</ref>
* Ontario – [[Financial Services Regulatory Authority of Ontario]]<ref>{{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}}</ref>
* Prince Edward Island – [[Credit Union Deposit Insurance Corporation (Prince Edward Island)]]
* Prince Edward Island – [http://www.peicudic.com/ Credit Union Deposit Insurance Corporation (Prince Edward Island)]
* Saskatchewan – [[Credit Union Deposit Guarantee Corporation (Saskatchewan)]]
* 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]].<ref>{{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| accessdate=September 7, 2017| language=en-CA| quote=Once continued federally, FCUs become members of CDIC. As such, eligible deposits placed with an FCU enjoy CDIC deposit protection.}}</ref>
Federally-incorporated credit unions are insured by the [[Canada Deposit Insurance Corporation]].<ref>{{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.}}</ref>


==Credit union firsts in Canada==
==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:<ref>{{Cite web |url=http://www.cucentral.ca/SitePages/TheCreditUnionDifference/FirstAndQuickFacts.aspx |title=Archived copy |access-date=2013-05-15 |archive-url=https://web.archive.org/web/20130507071549/http://www.cucentral.ca/SitePages/TheCreditUnionDifference/FirstAndQuickFacts.aspx |archive-date=2013-05-07 |url-status=dead }}</ref>
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:<ref>{{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 }}</ref>


*First financial institutions to lend to women in their own names (in the 1960s)
*First financial institutions to lend to women in their own names (in the 1960s)
Line 64: Line 68:
*First open mortgages
*First open mortgages
*First home equity lines of credit
*First home equity lines of credit
*First debit card service.
*First debit card service
*First registered education plans.
*First registered education plans
*First cheque imaging service
*First cheque imaging service
*First mobile branch with ATM for servicing small communities<ref>{{cite web|title=Innovation Credit Union wins marketing award|url=http://www.newsoptimist.ca/news/northwest-region/innovation-credit-union-wins-marketing-award-1.19482877|publisher=Battlefords News-Optimist|accessdate=24 April 2018|date=11 May 2017}}</ref>
*First mobile branch with ATM for servicing small communities<ref>{{cite web|title=Innovation Credit Union wins marketing award|url=http://www.newsoptimist.ca/news/northwest-region/innovation-credit-union-wins-marketing-award-1.19482877|publisher=Battlefords News-Optimist|accessdate=24 April 2018|date=11 May 2017}}</ref>
Line 73: Line 77:
* [[Credit unions in the United Kingdom]]
* [[Credit unions in the United Kingdom]]
* [[Credit unions in the United States]]
* [[Credit unions in the United States]]
* [[ATM usage fees#The Exchange]]
* {{section link|ATM usage fees|The Exchange}}


==References==
==References==
Line 80: Line 84:
{{Canadian banks}}
{{Canadian banks}}


[[Category:Credit unions of Canada]]
[[Category:Credit unions of Canada| ]]

Latest revision as of 17:36, 21 November 2024

Credit unions are called caisses populaires in French-speaking communities of Canada. This one is located in Shediac, New Brunswick

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

[edit]

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

[edit]

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

[edit]

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

Outside Quebec

[edit]

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

[edit]

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

[edit]

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

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

Credit union firsts in Canada

[edit]

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]

See also

[edit]

References

[edit]
  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.
Retrieved from "https://en.wikipedia.org/enwiki/w/index.php?title=Credit_unions_in_Canada&oldid=1258792449"