Credit Union Central of Canada

"Credit Union Central of Canada (Canadian Central) is the national trade association and central finance facility for credit unions in Canada.

Incorporated by a Special Act of Parliament in 1953 and regulated under the Cooperative Credit Associations Act, Canadian Central was established to provide liquidity for the credit union system in Canada.

…Forty-three shareholder members provide direction for the development of policies and programs. Provincial credit union Centrals hold sixteen of the nineteen directorships. Three directorships are held by Canadian financial co-operatives; consumer, producer and marketing co-operatives; and caisses populaires federations."

"The Canadian Credit Union System reported continued healthy growth in total assets, loans and deposits, in year-end 1996 figures released today at the annual general meeting of Credit Union Central of Canada.

Total assets of local credit unions grew by 5 per cent to more than $47.3 billion, up from $45.1 billion in 1995.

Total loans increased by 7 per cent to $36.3 billion from $33.9 billion the previous year. Total deposits rose to $42.3 billion, 3 per cent more than the 1995 total of $40.9 billion.

The Credit Union System which does not include the Quebec-based caisses populaires, continued to consolidate. At year-end 1996, there were 933 local credit unions and a total of 1,958 locations, compared to 982 local credit unions and 1,990 total locations at year-end 1995.

The number of members held steady at the 4.5 million mark. Including Quebec membership statistics, that means about 1 in every 3 Canadians is a member of a credit union or a caisse populaire.

Credit unions are maintaining a strong position in the Canadian financial service industry. The system holds approximately 7 percent of the total domestic assets held by Canadian financial institutions, 7 per cent of the personal loan market and 8 per cent of residential mortgages.

…The Credit Union System is a three-tier structure of local, provincial and national organizations. Local credit unions operate autonomously and are the primary shareholder members of provincial centrals. The provincial Centrals are in turn the primary shareholder members of Credit Union Central of Canada, which functions as the system's national trade association and services provider."

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Last update of this page June 19, 1999