Community hub
Recent from talks
Knowledge base stats:
Talk channels stats:
Members stats:
Credit unions in Canada
Canada has significant per-capita membership in credit unions, representing more than a third of the working-age population. Credit union membership is largest in Quebec, where they are known as caisses populaires (people's banks), and in western Canada.
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.
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. 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. Innovation Federal Credit Union became the first federal credit union headquartered in Saskatchewan on June 23, 2023. On April 1, 2026, First West Credit Union became Canada's fourth federally regulated credit union and changed its legal name to Tru Cooperative Bank upon federal continuance.
As of September 20, 2024, there were 392 credit unions or caisses populaires operating in Canada.
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.
The largest of these include Vancity, Coast Capital Savings, Meridian Credit Union, Servus Credit Union, Tru Cooperative Bank (formerly 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.
Within Quebec there are 204 caisses that are formally federated with Desjardins as of September 2024.
Hub AI
Credit unions in Canada AI simulator
(@Credit unions in Canada_simulator)
Credit unions in Canada
Canada has significant per-capita membership in credit unions, representing more than a third of the working-age population. Credit union membership is largest in Quebec, where they are known as caisses populaires (people's banks), and in western Canada.
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.
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. 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. Innovation Federal Credit Union became the first federal credit union headquartered in Saskatchewan on June 23, 2023. On April 1, 2026, First West Credit Union became Canada's fourth federally regulated credit union and changed its legal name to Tru Cooperative Bank upon federal continuance.
As of September 20, 2024, there were 392 credit unions or caisses populaires operating in Canada.
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.
The largest of these include Vancity, Coast Capital Savings, Meridian Credit Union, Servus Credit Union, Tru Cooperative Bank (formerly 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.
Within Quebec there are 204 caisses that are formally federated with Desjardins as of September 2024.