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Consultation Opens on Prospera and Sunshine Coast Credit Unions’ Applications to Transition from Provincial to Federal Regulation
The Two Credit Unions Intend to Amalgamate with Coast Capital Federal Credit Union
BC Financial Services Authority (BCFSA) is seeking comment from organizations, impacted entities and the general public as it reviews applications from Prospera Credit Union (Prospera) and Sunshine Coast Credit Union (Sunshine Coast) to transition from provincial to federal regulation, for the purposes of immediately amalgamating with Coast Capital Savings Federal Credit Union (Coast Capital).
The consultation will be open from November 20 to December 20, 2025.
Under the Credit Union Incorporation Act, a B.C. credit union requires the consent of the Superintendent of Financial Institutions and the Credit Union Deposit Insurance Corporation of British Columbia (CUDIC) before it can apply to the federal Minister of Finance to continue to the federal regime. The consultation is part of the consent review process.
Earlier this year, Prospera and Sunshine Coast each held membership votes, where members approved resolutions authorizing their respective credit unions to proceed with applications for federal continuance and subsequent amalgamation with Coast Capital.
Under provincial legislation, a credit union is subject to provincial regulation. Changing to federal regulation allows an institution to operate across Canada.
More information
- Frequently Asked Questions (FAQ)
- Consultation Feedback Form
- Public Consultation: Prospera Credit Union and Sunshine Coast Credit Union Application to Become Federal Credit Unions
If you have trouble providing feedback using the Consultation Feedback Form, please contact us at Continuance@bcfsa.ca.
About BCFSA
BC Financial Services Authority is the province’s regulator for the financial services sector that helps to protect British Columbians during some of the most important financial decisions of their lives. As a Crown agency of the Government of British Columbia, BCFSA oversees credit unions, trust companies, insurance companies, pension plans, mortgage services, real estate services, and real estate development marketing. BCFSA also administers the Credit Union Deposit Insurance Corporation of British Columbia (CUDIC). BCFSA’s mission is to instill confidence in the financial services sector by focusing on the safety and soundness of regulated entities and consumer protection through effective market conduct monitoring.
Media contact
Kate Bilney
Manager, Communications
media@bcfsa.ca
visit: www.bcfsa.ca
