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We've received approval to become a federal credit union.

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We are excited that Coast Capital Savings has received approval from the federal government to become a federal credit union, as of November 1, 2018. This is an important milestone on our journey towards expanding nationally.

We’ve been working to become a federal credit union for several years. As a co-operative institution, member approval was the first step. In the fall of 2016, members voted in an historic vote with 79.2% of the nearly 80,000 Coast Capital members who submitted a ballot, voting in favour of Coast Capital becoming a federal credit union. This was followed by the approval of the British Columbia Financial Institutions Commission (FICOM) in August of 2017.

Federal approval is an important step in our ongoing work to expand nationally and help more Canadians improve their financial well-being.

What is a federal credit union?

A federal credit union is a financial co-operative governed by and organized under the Canadian federal Bank Act and regulated by the Office of the Superintendent of Financial Institutions (OSFI). This status allows Coast Capital to expand beyond our provincial boundaries over time and help more Canadians improve their financial well-being.

What happens now?

We will be taking a thoughtful and prudent approach to determining our next steps for expanding nationally. Our priority has been on making sure we take the time needed to meet OSFI’s rigorous requirements to become federal, and leverage the learnings from that process to ensure the strength and readiness of our organization. We have been planning our approach to national expansion in the same responsible, sustainable way, and will take the time we need to ensure we continue to meet our members’ changing banking and mobile needs long into the future.

That includes bringing our members new products, and deliver new online banking and mobile technology faster than before. Plus, we'll be able to support more communities and give more Canadians a friendly, co-operative alternative.

Why we’re doing this.

Over our nearly 80 years operating in BC, we have grown to become the largest credit union in Canada by membership, by focusing on our members’ financial well-being. Becoming a federal credit union will enable us to bring that service and focus to other Canadians, and help us provide better service for our existing members.

We want to offer the Coast Capital that our members love to more people across Canada.

Banking is changing as result of technology advances, consumers are changing, and expectations are changing. We need to continue to bring our members new products and deliver new online banking and mobile technology faster than before. Expanding outside BC will help us do that.
Have more questions?
Call us at 1.888.517.7000 Mon-Sat, 8am-8pm; Sun, 9am-5:30pm.