Credit Unions


On 1 January 2020 a new Credit Unions Act came into effect.

The modernized Act restructures the regulatory framework and streamlines responsibilities, eliminates duplication and reduces the regulatory burden and costs to credit unions. FCNB is now responsible for the front-line regulation of credit unions. The former stabilization fund and the former deposit insurance fund are now combined into a single deposit protection fund that is administered by the New Brunswick Credit Union Deposit Insurance Corporation. The amount of deposit insurance remains unchanged at $250,000 per eligible deposit.

Credit unions have until 30 June 2021 to work with FCNB and their membership to amend their by-laws and their policies and procedures with a view of ensuring compliance with the requirements of the new Act.

 

The Financial Institutions Division provides corporate registry services for credit unions and oversees the financial stability and solvency of credit unions for the protection of depositors. To view a list of incorporated Credit Unions,  visit Credit Unions under the Consumer section of our website.




     


     

    Related Areas


    Industry Resources and Publications



    Regulatory Instruments


    CU-001 General
    CU-002 Networking




    Notices and Publications:


    Notice of Rule
    Notice of Adoption - CU-001 General and CU-002 Networking
    2018 Five-year review of the Credit Unions Act
    2013 Review of the Provisions and the Operation of the Credit Union Act

    2017 © Financial and Consumer Services Commission