Canadian Credit Union Association: Serving Members and Communities

The Canadian Credit Union Association (CCUA) is a vital organization that plays a crucial role in serving its members and communities. They represent over 12 million Canadians who bank with credit unions.

Credit unions are member-owned and member-controlled cooperatives that have been around for over 100 years in Canada. They offer a range of financial services to their members, including loans, savings accounts, and credit cards.

The CCUA works tirelessly to promote the interests of credit unions and their members, advocating for policies that support financial inclusion and community development.

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The Canadian Credit Union Association, or CCUA, has a rich history that dates back to 1901 when the first credit union was established in Quebec.

The CCUA's precursor, the League of Credit Unions, was formed in 1901 to promote and support the growth of credit unions across Canada.

In 1976, the League of Credit Unions merged with the Canadian Credit Union Central to form the Canadian Credit Union Association.

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The CCUA's mission has remained consistent over the years, focusing on serving and supporting its member credit unions in their efforts to provide financial services to Canadians.

The CCUA has played a crucial role in shaping the credit union system in Canada, advocating for its members and promoting the credit union model as a viable alternative to traditional banking.

The Canadian Credit Union Association (CCUA) is a national trade association that represents Canada's credit unions and caisses populaires outside of Quebec. It was created in 2014 as the unregulated vehicle to house the national trade association.

The CCUA is owned and directed by its members, 316 credit unions and caisses populaires with more than $185.7 billion in assets. These credit unions and caisses populaires serve over 5.57 million members.

The CCUA's mandate is focused on national advocacy, regulatory compliance, professional development and education, and building awareness about the credit union difference.

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In the 1930s, centrals began to be created at the provincial level to provide liquidity, risk management, and shared services to credit unions across Canada.

The provincial centrals and the Co-operative Union of Canada worked together to create a "central of centrals" at the federal level, which eventually led to the incorporation of the Canadian Co-operative Credit Society (CCCS) in 1953.

CCCS was created to provide a national financial intermediary to support a growing credit union system, but its functions were seldom used in the first few years after its creation.

Increased sophistication in Canada's payments system and liquidity demands during the mid-1970s led to increased reliance on CCCS, which was restructured to include nine provincial centrals in 1977.

This restructuring increased CCCS's capitalization and led to its growing influence in the Canadian co-operative movement, with CCCS becoming a formidable national organization.

By the late 1970s, CCCS was responsible for lobbying with the federal government, providing liquidity for the national system, and negotiating loans from co-operative banks in Europe and the United States.

In 1978, CCCS formally merged with the National Association of Canadian Credit Unions, bringing together the finance facility and trade association functions under one umbrella.

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There are several credit union centrals in Canada, each representing credit unions in different provinces.

Atlantic Central represents credit unions in New Brunswick, Newfoundland and Labrador, Nova Scotia, and Prince Edward Island.

Central 1 Credit Union represents credit unions in British Columbia and Ontario.

Credit Union Central of Alberta and Credit Union Central of Manitoba are two other centrals in the country.

SaskCentral represents credit unions in Saskatchewan.

These credit union centrals play a crucial role in supporting and advocating for credit unions in their respective regions.

A list of credit union centrals in Canada includes:

At the heart of Ccua's operations is a commitment to community banking. Ccua has a strong presence in rural and regional areas, with over 50 branches across Queensland and New South Wales.

Their focus on community banking has led to the establishment of the Ccua Foundation, which supports local charities and community groups through donations and sponsorships. The foundation has donated over $1 million to date.

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Ccua's community focus also extends to their financial products and services, which are designed to meet the needs of local residents and businesses. Their home loan products, for example, offer competitive interest rates and flexible repayment options.

Their customer-centric approach has earned Ccua a loyal customer base, with many customers choosing to bank with them due to their strong reputation in the community. Ccua's customer satisfaction ratings are consistently high, with over 90% of customers reporting a positive experience.

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189286 Canada Inc. (d/b/a CUCC) was continued as a corporation under the Canada Business Corporation Act with the legal name 189286 Canada Inc. operating under the name CUCC on December 30, 2015.

The five provincial and regional centrals are the shareholders of CUCC, and the CEO of each central is represented on the Board.

CUCC continued to deliver services to credit unions and represent the system at INTERAC through a Management Services Agreement with CCUA.

The CCUA Managed Services & Network Compliance team delivered CUCC’s payment network compliance services and associated activities under this agreement.

In 2019, the CUCC Board undertook a governance review that led to the five central shareholders signing a Unanimous Shareholders Agreement.

The Unanimous Shareholders Agreement called for direct credit union representation on the CUCC Board.

In December 2020, four credit union representatives were appointed to the CUCC Board to join the five central representatives.

A decision of the Board was to transition the Managed Service & Network Compliance team from CCUA and back into CUCC with an effective date of January 1, 2022.

The Canadian Credit Union Association has recently launched, marking a significant development in the country's credit union sector. This new national trade association is the first of its kind in Canada, with a focus on representing credit unions and caisses populaires outside of Quebec.

The CCUA is owned and directed by its members, which include 316 credit unions and caisses populaires with over $185.7 billion in assets. These credit unions serve over 5.57 million members from more than 1,817 locations across Canada.

The CCUA's mandate is focused on national advocacy, regulatory compliance, professional development and education, and building awareness about the credit union difference. This new association is expected to drive growth and innovation in the credit union sector.

The CCUA is governed by an elected board of credit union CEOs from across the country, chaired by Stephen Bolton, President & CEO of Libro Credit Union. This leadership team is committed to creating a more vibrant future for Canadians through the credit union system.

The CCUA's formation comes at an important time, as credit unions have never been better positioned to create a more vibrant future for Canadians. This is thanks to a shared vision of success and a focus on co-operative values.