• ADVISORY NUMBER: 21-032

  TITLE: Deposit Insurance Advertising Guideline for Credit Unions

  LEGISLATION:

  DATE: October 29, 2021

  DISTRIBUTION: CEOs and General Managers B.C. Credit Unions

Purpose

BC Financial Services Authority (“BCFSA”) updated its guideline on advertising the deposit insurance of credit union deposits guaranteed by the Credit Union Deposit Insurance Corporation of British Columbia (“CUDIC”). The Deposit Insurance Advertising Guideline (“Guideline”) is available on BCFSA’s website.

Additional information

The Guideline includes principles and messaging that BCFSA expects B.C. credit unions to use when advertising the deposit insurance to consumers. B.C. credit unions should apply the expectations outlined in the Guideline to its advertising via print material, radio, television, the internet, and/or social media networks.

The Guideline replaces the advertising requirements previously published on BCFSA’s website.

An information session to provide an overview of the updated Guideline will take place on November 10, 2021 from 2-3 pm PST. The Canadian Credit Union Association (“CCUA”) posted information about the session on their website including information on how to register for the session (https://ccua.com/events/2021-national-credit-union-awards-virtual-event/). An information recording will also be made available via BCFSA’s website following the webinar.

In August 2021, BCFSA redesigned the CUDIC fund protection symbol which represents the deposit insurance coverage provided by CUDIC. BCFSA provided all B.C. credit union branch locations with decals and brochures that feature the redesigned CUDIC fund protection symbol. All credit unions are required to display the symbol at all branches and on their websites as required.

If you have questions or concerns about this Advisory, please contact [email protected].