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Federal Continuance FAQs

Federal Continuance FAQs

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  • Credit unions in Canada can be regulated either provincially or federally. A provincially-regulated credit union in B.C. is governed by the Financial Institutions Act and the Credit Union Incorporation Act and regulated by BC Financial Services Authority (BCFSA). A federally-regulated credit union is governed by the Bank Act and regulated by the Office of the Superintendent of Financial Institutions (OSFI).

    A credit union may apply to transfer from provincial to federal regulation through a process called “federal continuance.” Once approved by both provincial regulator and federal Minister of Finance, the former provincial credit union becomes a federal credit union and is subject to federal regulation, allowing it to operate across Canada.

  • The technical term to describe transferring a credit unions’ incorporation from one jurisdiction to another is “continuance.” When a B.C. credit union transfers its incorporation to federal jurisdiction, that credit union is no longer a B.C. credit union and becomes a federal credit union recognized under the Bank Act, and thereafter is subject to federal laws.

    Before a B.C. credit union can transfer its incorporation into federal jurisdiction, the credit union must first:

    • Obtain approval of its members through a special resolution;
    • Provide a complete application to BCFSA and the Credit Union Deposit Insurance Corporation of British Columbia (CUDIC) for consents;
    • Receive consents from CUDIC and from the Superintendent of Financial Institutions (Superintendent); and
    • Apply to and receive federal approval from the federal Minister of Finance to continue to the federal jurisdiction.

  • BCFSA is responsible for reviewing the credit union’s application for federal continuance and determining whether to recommend a consent to the Superintendent. In addition to the Superintendent’s consent, a separate consent must also be provided by CUDIC before the credit union can apply to the federal Minister of Finance, to become a federal credit union.

    For information regarding the BCFSA’s role and the review criteria, please refer to our Regulatory Statement.

    As part of the review, BCFSA will seek comment from the public during a 30-day consultation period. Once BCFSA has completed the consent review process, a public notice with the decision will be posted at www.bcfsa.ca.

  • The timeline for the regulatory review process varies depending on the size of the credit union and the complexity of its operations. Read the corresponding regulatory statement for more information about the application process.

  • No. However, the Superintendent’s consent allowing a provincial credit union to apply to the federal Minister of Finance for federal continuance could be subject to conditions set by the Superintendent.

  • Yes. In November 2018, Coast Capital Savings Credit Union continued into the federal regime, became a federal credit union and ceased to be a B.C. credit union.

  • Prospera and Sunshine Coast credit unions have each held membership votes, where members approved resolutions authorizing their respective credit unions to proceed with applications for federal continuance and amalgamation on July 8, 2025. In September 2025, both credit unions submitted applications to BCFSA seeking consents from the Superintendent and CUDIC. BCFSA and CUDIC have begun reviewing the application.

  • Members may comment directly to the management and board of their credit union through the usual channels of corporate governance. Members of the applying credit unions may submit comments to BCFSA as part of the application consultation process.

  • Yes. Once a credit union becomes a federal credit union, deposit insurance transitions from the Credit Union Deposit Insurance Corporation of British Columbia (CUDIC) to the Canada Deposit Insurance Corporation (CDIC), which provides coverage for eligible deposits at federal financial institutions. For further information regarding changes to the deposit insurance, please refer to the respective credit unions’ websites:

  • The move of Prospera Credit Union and Sunshine Coast Credit Union from provincial regulation to federal regulation may impact the B.C. credit union system, the public, and other businesses. BCFSA seeks public comment to enable an informed decision.

  • The public may submit comments by email from November 20 to December 20, 2025. You can find out more about the process here:

    Consultation Page for Prospera and Sunshine Coast Credit Unions Application (will open in a new tab)

    You can send your comments and concerns to BCFSA:

    Consultation Feedback Form

    Please note that comments submitted will be subject to the rights and protections under the Freedom of Information and Protection of Privacy Act.

  • Submit your comment to BCFSA by December 20, 2025.

  • Once the Superintendent and CUDIC have completed the consent review process, a public notice of their decisions will be posted on the BCFSA website: www.bcfsa.ca.

  • If the application is not approved , Prospera and Sunshine Coast will remain to be B.C. credit unions, provincially regulated and continue operating independently under BCFSA oversight.