Credit unions are full service financial co-operatives. Like other financial institutions, they provide chequing accounts, mortgages, business loans and investment advice. But, every credit union’s Board of Directors consists of democratically elected members from their community. Locally elected boards of directors are how we understand what’s important to our members and how we keep our decisions based on local realities. Rooted in this co-operative structure, the credit union difference is all about service – to members and to communities.
More than 5 million Canadians trust their local credit union as their partner for day-to-day banking. Credit unions are focused on strengthening Canada’s economy; keeping money in the pockets of their members; helping communities prosper; putting people before profits; and partnering for public policy solutions. While each credit union is independent and locally controlled by its member owners, all credit unions share a common bond – a dedication to the people and communities they serve.
Credit unions in Canada are deposit-taking financial institutions that are provincially regulated. Provincial regulators have oversight over individual credit unions within their respective provinces; and credit unions are required to meet standards and work with public agencies to ensure they are among the country’s soundest financial institutions.
Credit unions are grounded in the prosperity of and quality of life in the communities they serve. Locally, this spirit drives community and economic impact and inspires innovative approaches to everyday banking.