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Credit Unions

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

The modernized Credit Unions 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.

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. 

New Brunswick - Incorporated Credit Unions 

Region 1 – District of Fredericton

  • Brunswick Credit Union Limited
  • New Brunswick Teachers Association Credit Union Limited
  • OMISTA Credit Union Ltd.

Region 2 - District of Saint John

  • Brunswick Credit Union Limited

Region 3 – District of Moncton

  • Brunswick Credit Union Limited
  • OMISTA Credit Union Ltd.

Region 4 – District of Miramichi

  • Beaubear Credit Union Ltd.
  • Blackville Credit Union Ltd.

Region 5 – District of Bathurst

Region 6 – District of Campbellton

  • The Credit Union Ltd.

Note that this list is for user convenience only and is not the official list.

To verify the status of a credit union included on this list, please contact 1 866-933-2222or email:

How to incorporate a credit union

The Credit Unions Act of New Brunswick regulates the incorporation of credit unions in the province.

To incorporate a credit union, 10 or more applicants, who are of the age of majority, may make an application to the Superintendent and upon approval of the Lieutenant-Governor in Council, a certificate of incorporation will be issued. The application is made using Form 1. It includes a signed declaration that, to the best of their knowledge, each director named is qualified to be a director and that the proposed name is not in violation of the Act

The applicants will have to conduct a name search and provide a NUANS report to ensure the name under which the incorporation is sought is not similar to that of another business. Applicants should check with the Commission’s Financial Institutions Division to verify that the proposed name is acceptable to the Superintendent of Credit Unions. This approval must be done prior to making any investment in the name (i.e., logo, brand, website, etc.).

Applicants are required to provide by-laws to address matters that are applicable but are not set out in the articles of incorporation, such as:

  • qualifications for, conditions of and method of applying for and terminating membership in the credit union;
  • location of meetings, procedures and quorum, rights in relation to voting and the making, repealing or amending of by-laws, right of members to vote by ballot, mail, telephone or other communication facilities and the manner, form and effect of voting;
  • election, term of office, removal of and filling of vacancies among directors, committee members and officers, their powers, duties and remuneration, and the procedure and quorum at meetings of the board of directors;
  • the division of the territory into districts for the purpose of holding district meetings during annual or other meetings of members, the business that may be conducted and procedures to be followed.

Applicants also have to submit with their application:

  • a declaration, that subject to the Act and regulations, the purpose of the credit union is to provide a comprehensive range of financial services that meet the needs of its members and that it shall operate on a co-operative basis and in accordance with generally accepted co-operative principles;
  • a declaration that they are qualified to establish and the proposed directors are qualified to establish and operate the proposed credit union;
  • a statement indicating that the credit union will become a member of Atlantic Central;
  • a written opinion from the Atlantic Central indicating that the proposed credit union will be established and operated in a manner whereby the investments and deposits of the members will be safeguarded;
  • a written statement that the proposed credit union will maintain such types and minimum levels of insurance and bonding as required by the Superintendent of credit unions;
  • a business plan indicating the proposed credit union's strategic planning, marketing, human resources, operation, finance and accounting policies and procedures.
  • a five year pro forma financial projection.
  • written confirmation that the proposed credit union will have a minimum of $500,000 of regulatory capital as of the date of incorporation or any greater amount the Superintendent requires after incorporation as a credit union; and any other information the Superintendent may require.

The Commission will ensure the documents are in conformity with the Credit Unions Act.

Before it starts operations, the credit union has to provide to the Superintendent:

  • a copy of the proposed credit union's loan policy;
  • a copy of the proposed credit union's investment policy, including the terms, conditions, restrictions and limitations;
  • a copy of the proposed liquidity management plan;
  • a copy of the proposed capital management plan;
  • copies of the proposed monitoring reports specifying the content, frequency and forms to be submitted to the Superintendent of credit unions; and
  • written confirmation that the credit union is a bona fide member of Atlantic Central.

A credit union must, each year after its annual meeting, send its annual return and audited financial statements to the Superintendent.

New Brunswick Credit Union Deposit Insurance Corporation 

The New Brunswick Credit Union Deposit Insurance Corporation is a Crown corporation that provides deposit insurance to members of New Brunswick's credit unions.


There is no fee for the incorporation of a credit union or for an amendment to a by-law or the articles. The credit union is charged an annual assessment to cover the costs and expenses in relation to the administration of the Act and regulations.