Credit Unions

Overview

The Commission administers the Credit Unions Act and is the front-line, prudential regulator of credit unions in New Brunswick.

Credit unions are financial cooperatives owned and operated by its members. They offer financial products and services similar to traditional banks. Unlike traditional banks, when you join a credit union, you become a member and an equal owner. Profits are shared among members, and the focus is on providing fair access to banking services and reinvesting in local communities.

New Brunswick Credit Union Deposit Insurance Corporation (NBCUDIC)

NBCUDIC is a Crown agency, governed by provisions of the Credit Unions Act. It maintains a deposit protection fund and safeguards the financial stability of the New Brunswick credit union system. For more information, visit NBCUDIC.ca.

Consumer Protection

We regulate credit unions under the Credit Unions Act to ensure financial stability and provide corporate registry services for credit unions.

What we can do:

• oversee the financial stability and solvency of credit unions
• monitor compliance with legal and regulatory requirements and prudent and sound business practices
• conduct regular onsite examinations

What we cannot do:

• manage the credit union system’s liquidity reserve requirements
• handle individual complaints about a credit union. If you have a complaint or concern, speak to the compliance officer at the credit union. If you are unable to resolve your complaint or concern with your credit union, contact the Ombudsman for Banking Services and Investments.