BCFSA Warns Only to Use Authorized Credit Unions Amid Investigation into Aubergine/First Filipino Credit Union

BC Financial Services Authority (“BCFSA”) is actively investigating the alleged creation and development of a proposed credit union that has publicly promoted itself as both Aubergine Credit Union and First Filipino Credit Union. BCFSA has not authorized either Aubergine Credit Union or First Filipino Credit Union to operate in British Columbia.

BCFSA warns that consumers should only use the services of authorized B.C. credit unions in order to avoid organizations that are engaging in unlawful business. Members of the public can find out if a credit union is registered by using the Find a Credit Union Search on BCFSA’s website. Credit union registrations can also be verified by calling BCFSA at (604) 660-3555 or toll-free at 1 (866) 206-3030.

Any credit union that claims to be in the process of applying for authorization in B.C. is also not an authorized credit union and consumers should not use their services until they have been approved by BCFSA.

BCFSA regulates credit unions under the Financial Institutions Act and the Credit Union Incorporation Act to ensure that credit unions and deposit-taking entities are properly authorized, to supervise and address solvency concerns, and to oversee and address credit union market conduct.  

We investigate all complaints made to BCFSA that fall within our authority. If a member of the public is concerned that a credit union or deposit-taking entity is acting without authorization, you may visit BCFSA’s website to File a Credit Union Complaint.

About BCFSA

BC Financial Services Authority (“BCFSA”) is a Crown regulatory agency of the Government of British Columbia. BCFSA oversees the financial services sector which includes pension plans, mortgage brokers, real estate services, real estate development marketing, and financial institutions (credit unions and insurance and trust companies). BCFSA also administers the Credit Union Deposit Insurance Corporation of British Columbia (“CUDIC”).

Media Contact
Warren Mirko
Communications Manager, (778) 783-4057, [email protected]
Visit: www.bcfsa.ca