Minister Morneau Welcomes Canada's First Federal Credit Union
July 4, 2016 – Ottawa, Ontario – Department of Finance Canada
The Government of Canada is committed to a strong and competitive financial sector that helps support long-term economic growth and provides opportunities for the middle class to grow and succeed.
On July 1, 2016, the Caisse populaire acadienne ltée, with its 155,000 members, became the first federal credit union in Canada. By moving to a federal charter, it is modernizing operations and amalgamating 15 caisses and two related entities, better serving their communities in New Brunswick.
Under its new trade name, UNI Coopération financière/UNI Financial Cooperation, it will continue to finance small and medium-sized businesses and serve the financial services needs of New Brunswickers, especially in smaller communities and rural areas. As a federally regulated credit union, it will have greater flexibility to grow its business and better serve members.
“A strong and competitive financial sector is key to fostering a healthy business community in Canada and a strong middle class. I am pleased to join my colleague Serge Cormier, Member of Parliament for Acadie–Bathurst, in welcoming the Caisse populaire acadienne as the first federal credit union in Canada, and I salute the role credit unions play in supporting and strengthening communities across the country.”
—Bill Morneau, Minister of Finance
- The federal credit union legislative framework provides an option for credit unions that want to grow regionally or nationally by converting to a federal charter. Temporary transitional measures are available to support entry into the federal framework.
- Federal credit unions are member-owned and operate according to standard cooperative principles.
- Federal credit unions are prudentially supervised by the Office of the Superintendent of Financial Institutions and member deposits are insured by the Canada Deposit Insurance Corporation.
- Converting to a federal charter requires approval by members and the board of directors, the home province and federal regulators.
Office of the Minister of Finance
Department of Finance Canada