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(Vancouver, B.C.) — BC Financial Services Authority (“BCFSA”) is seeking comment from the public as it reviews an application from First West Credit Union (“First West”) for consent to apply to be federally regulated under the Bank Act.
Under the Credit Union Incorporation Act, a British Columbia credit union requires the consent of the Superintendent of Financial Institutions (“Superintendent”) and the Credit Union Deposit Insurance Corporation of British Columbia (“CUDIC”) in order to apply to the federal Minister of Finance for an instrument of continuation allowing the credit union to continue operations as if it had been incorporated under the laws of the federal jurisdiction.
First West is headquartered in Langley, B.C. and uses the following trade names for its divisions: Envision Financial, Island Savings, Enderby & District Financial, and Valley First. First West applied to the Superintendent and CUDIC for consent to continue operations under federal jurisdiction following a supportive membership vote held in late 2021.
Under the change of jurisdiction, First West would cease to be regulated in B.C. and would thereafter be governed and regulated under federal laws as a federal credit union. The process requires consent and approval at the provincial and federal level respectively. Because this change may have impacts for First West members and for the public and other businesses, BCFSA is soliciting comments through website, social media, and online postings as part of its consent process. Comments must reach BCFSA by March 2, 2022.
BCFSA is a Crown regulatory agency of the Government of British Columbia. BCFSA has five pillars of responsibility: pension plans, mortgage brokers, financial institutions (including credit unions, insurance and trust companies), real estate services, and the Credit Union Deposit Insurance Corporation of British Columbia (“CUDIC”).
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