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First West Credit Union Moving to Federal Regulation
BC Financial Services Authority (BCFSA) has been advised that First West Credit Union has received Letters Patent from the federal Minister of Finance to continue as a federal credit union under the federal Bank Act under its new name “Tru Cooperative Bank” effective April 1, 2026.
As a result of this transition, First West Credit Union is no longer regulated by BCFSA. Oversight of First West Credit Union has transferred to the federal regulatory framework applicable to federal credit unions.
BCFSA has worked closely with First West Credit Union throughout the process to support an orderly change in regulatory oversight and to help ensure continuity and stability for members.
Effective April 1, 2026, credit union member eligible deposits held with Tru Cooperative Bank are no longer insured by the Credit Union Deposit Insurance Corporation of British Columbia (CUDIC). Deposit insurance is now provided by the Canada Deposit Insurance Corporation (CDIC). Information about CDIC coverage for federally regulated institutions is available on the CDIC website.
More Information
About BCFSA
BC Financial Services Authority (BCFSA) regulates financial services in British Columbia. As a Crown agency of the Government of British Columbia, BCFSA oversees credit unions, trusts, 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 has a mandate to build and maintain confidence in the financial services sector by focusing on consumer protection and the safety, soundness, and resiliency of our regulated entities.
Media Contact
Lindsey Norris
Communications Manager, media@bcfsa.ca
Visit: www.bcfsa.ca
