Prospera and Sunshine Coast Credit Unions’ Applications to Transition from Provincial to Federal Regulation

As part of BCFSA’s review of applications from Prospera Credit Union and Sunshine Coast Credit Union for consent to apply to be federally regulated credit unions under the Bank Act, and immediately after, amalgamate with Coast Capital Savings Federal Credit Union, we welcomed feedback from organizations, impacted businesses and the general public.

This consultation period is now closed. All feedback received during the consultation period has been reviewed and considered as part of the consent review process by BCFSA’s Superintendent of Financial Institutions and the Credit Union Deposit Insurance Corporation of British Columbia (CUDIC). Please see BCFSA’s Notice of Decision for more information.

We would like to thank everyone who provided feedback during our consultation period.

Effective May 6, 2026, 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 with Coast Capital Savings Federal Credit Union, resulting in a single federal credit union operating as “Coast Capital Savings Federal Credit Union”.

For more information, see BCFSA’s news release about Prospera Credit Union and Sunshine Coast Credit Union moving to federal regulation.

Read the Frequently Asked Questions to learn about Prospera’s and Sunshine Coast’s applications and the process that credit unions must undertake to transfer incorporation from one jurisdiction to another.

• Consultation Timeline

  Phase 1: Public Consultation
  (November 2025 – December 2025)
  Completed

  Phase 2: Notice of Decision
  (2026)