Credit unions in Canada

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

Canada has the highest per-capita membership in credit unions in North America. More than a third of the population is a member of at least one credit union.^[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. While legislation was adopted under the federal Bank Act in 2012 to allow for the creation of federal credit unions, no credit union currently operates under this legislation.

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.

Provincially regulated credit unions

As of September 30, 2014, there were 696 credit unions or caisses populaires operating in Canada.^[3]

Outside Quebec

As of September 30, 2014 there were 352 independently operated credit unions and caisses populaires operating in the nine provinces outside of Quebec.

The largest of thse include Vancity, Coast Capital Savings, Servus Credit Union, Meridian Credit Union, First West Credit Union, Conexus Credit Union, Steinbach Credit Union, Assiniboine Credit Union, Cambrian Credit Union and Affinity Credit Union.

315 of these credit unions and caisses populaires were affiliated through a provincial or regional credit union central to Credit Union Central of Canada, the national trade association. These credit unions operated 1,746 branches across the country with 5.3 million members and $168.4 billion in assets.^[4]

Within Quebec

Within Quebec there are 344 caisses that are formally federated with the Caisses Populaires Desjardins as of September 30, 2014.^[5]

In 2012, Desjardins served nearly 5.6 million members from 897 locations, with $196.7 billion in assets.^[6]

Insurance

Credit unions in Canada are insured by provincially established institutions.

Alberta – Credit Union Deposit Guarantee Corporation
British Columbia – Credit Union Deposit Insurance Corporation
Manitoba – Deposit Guarantee Corporation of Manitoba
New Brunswick Credit Union Deposit Insurance Corporation
Newfoundland and Labrador – Credit Union Deposit Guarantee Corporation
Nova Scotia Credit Union Deposit Insurance Corporation
Ontario – Deposit Insurance Corporation of Ontario
Prince Edward Island – Credit Union Deposit Insurance Corporation
Saskatchewan – Credit Union Deposit Guarantee Corporation

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:^[7]

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

References

↑ World Council of Credit Unions
↑ Desjardins: a model for the rest of Canada? (Quebec's Desjardins caisses populaires). Canadian Banker. 1 Jan. 1999.
↑ Credit Union Central of Canada. "System Results: National System Review, Third Quarter, 2014" (PDF). Retrieved 9 December 2014.
↑ Credit Union Central of Canada. "System Results: National System Review, Third Quarter, 2014" (PDF). Retrieved 9 December 2014.
↑ Credit Union Central of Canada. "System Results: National System Review, Third Quarter, 2014" (PDF). Retrieved 9 December 2014.
↑ "2012 Desjardins Group Annual Report" (PDF). Desjardins Group. Retrieved 2 January 2014.
↑ http://www.cucentral.ca/SitePages/TheCreditUnionDifference/FirstAndQuickFacts.aspx

Banks and credit unions in Canada

Banks

Big Five	Bank of Montreal Canadian Imperial Bank of Commerce (President's Choice Financial) Royal Bank of Canada Scotiabank (Tangerine) Toronto-Dominion Bank (TD Canada Trust)

Other banks	AMEX Bank of Canada Business Development Bank of Canada Canadian Tire Financial Services Canadian Western Bank Citibank Canada Citizens Bank of Canada First Nations Bank of Canada HSBC Bank Canada ICICI Bank Canada Laurentian Bank of Canada Manulife Bank of Canada National Bank of Canada Pacific & Western Bank of Canada Rogers Bank

Credit unions

Credit unions	Affinity Credit Union Aldergrove Credit Union Alterna Savings Assiniboine Credit Union BlueShore Financial Central 1 Credit Union Coast Capital Savings Concentra Financial Conexus Credit Union Credit Union Central of Canada Desjardins Group Envision Financial First Calgary Financial First West Credit Union Gulf and Fraser Fishermen's Credit Union Island Savings Kawartha Credit Union Kootenay Savings Credit Union Libro Financial Group Meridian Credit Union Mouvement des caisses populaires acadiennes Servus Credit Union Steinbach Credit Union TCU Financial Group Vancity Windsor Family Credit Union Your Credit Union Your Neighbourhood Credit Union

Credit union deposit insurance	Alberta * British Columbia * Manitoba * New Brunswick * Newfoundland and Labrador * Nova Scotia * Ontario * Prince Edward Island * Saskatchewan

Other financial institutions

Federal financial institutions	Farm Credit Canada

Provincial financial institutions	ATB Financial

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