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, like other financial institutions, are closely regulated. You can rest easy knowing that your eligible deposits are protected. In each province one or more organizations exist to protect the deposits of credit union members.
In fact, credit union members have the same or often higher deposit protection than what is available to chartered bank customers. Deposit guarantee varies by province and by the type of account that is covered.
Credit unions believe that Canadians are best served by a financial services market that offers them real choices. That’s why CCUA works with the federal government and regulators to arrive at public policy that enables a competitive balance in the financial services sector – policies that recognize and support the credit union difference.