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How can I find out whether a credit union is safe?



Our response:

Credit unions, like other financial institutions in Canada, are regulated. In Ontario, credit unions and caisses populaires are regulated through a framework which involves the Ministry of Finance, the Financial Services Commission of Ontario (FSCO), and the Deposit Insurance Corporation of Ontario (DICO). For an overview of the responsibilities of each, visit FSCO’s website.

Credit unions and caisses populaires must meet the requirements as set out in the Credit Unions and Caisses Populaires Act, 1994. FSCO is responsible for credit unions registered under the Act in collaboration with the Ministry of Finance and DICO. In addition, DICO provides deposit insurance to protect savings in Ontario credit unions. Learn more about DICO in this previous question.

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