(Surrey, BC) – Coast Capital Savings has been given approval by Minister of Finance Bill Morneau to become a federal credit union, effective November 1, 2018. The approval follows an extensive review by the Office of the Superintendent of Financial Institutions (OSFI), which assessed Coast Capital’s ability and readiness to meet the standards of a federally-regulated financial institution.
Coast Capital is the largest credit union in Canada by membership, the first from B.C. to be approved to operate as a federal credit union, and only the second in Canada.
“This is an important milestone in our ongoing work towards expanding nationally,” said Calvin MacInnis, President and CEO, Coast Capital Savings. “For nearly 80 years, British Columbians have turned to Coast Capital to help them manage their money and improve their financial well-being. We believe federal credit unions represent an important, new national choice for consumers.”
Because Coast Capital is a co-operative institution, member approval was the first step in its national expansion planning. In the fall of 2016, 79.2% of the nearly 80,000 Coast Capital members who submitted a ballot voted in favour of Coast Capital becoming a federal credit union. After a comprehensive review, the BC Financial Institutions Commission (FICOM) then granted its approval to proceed in August 2017.
“We are grateful to our members who have supported us throughout this journey and to the federal government for its leadership in enabling the creation of federal credit unions as a new national alternative for consumers,” said Bill Cooke, Chair of the Coast Capital Board of Directors.
As a purpose-driven organization committed to helping its members achieve what’s important in their lives, Coast Capital has always been and will remain committed to its members’ financial well-being. Coast Capital will be taking a thoughtful and prudent approach to determining its next steps for expanding nationally.
About Coast Capital Savings
Coast Capital Savings is Canada’s largest credit union by membership. An Imagine Canada Caring Company and a certified B Corporation in recognition of its social performance, the credit union invested $5.6 million into local communities in 2017, focusing on empowering and engaging youth. Coast Capital is one of Canada's Most Admired Corporate Cultures™, and is a winner of the Canada's Best Managed Companies Platinum Club designation. It has 52 branches serving its 555,000 members in the Metro Vancouver, Fraser Valley, Vancouver Island and Okanagan regions of British Columbia. Product innovations include Canada's first free chequing account from a full-service financial institution. To learn more, visit coastcapitalsavings.com.