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Prospera Credit Union and Sunshine Coast Credit Union Moving to Federal Regulation for the Purpose of Immediate Amalgamation
BC Financial Services Authority (BCFSA) has been advised that Prospera Credit Union and Sunshine Coast Credit Union have received Letters Patent from the federal Minister of Finance to continue each credit union as a federal credit union under the federal Bank Act and to amalgamate immediately thereafter with Coast Capital Savings Federal Credit Union, resulting in a single federal credit union operating as “Coast Capital Savings Federal Credit Union” effective May 6, 2026.
As a result of this transition, Prospera Credit Union and Sunshine Coast Credit Union are no longer regulated by BCFSA. Oversight of Prospera Credit Union and Sunshine Coast Credit Union have been transferred to the federal regulatory framework applicable to federal credit unions.
BCFSA has worked closely with Prospera Credit Union and Sunshine Coast Credit Union throughout the process to support an orderly change in regulatory oversight and to help ensure continuity and stability for members.
Effective May 6, 2026, credit union member eligible deposits held with Prospera Credit Union and Sunshine Coast Credit Union 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.
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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
