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
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
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.
As of September 20, 2024, there were 392 credit unions or caisses populaires operating in Canada.[5]
Outside Quebec
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]
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
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
Most credit unions in Canada are incorporated provincially and are insured by provincially established institutions.
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]
^"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.
