Regulatory Statement

Purpose

This Regulatory Statement sets out the deposit data that B.C. credit unions are required to submit under Sections 210, 211, 212, and/or 213 of the Financial Institutions Act (“FIA”) for BC Financial Services Authority (“BCFSA”) to complete accurate and timely deposit insurance determination for payment to depositors.

Effective June 11, 2025, the Regulatory Statement, along with the Reporting Instructions: Deposit Data Requirements document (“Data Requirements”), replaces all previous versions of the Regulatory Statement, the Data Requirements, and associated supplemental material.

Background

BCFSA is responsible for administering the Credit Union Deposit Insurance Corporation of B.C. (“CUDIC”). Pursuant to Section 266 of the FIA, CUDIC guarantees eligible deposits at B.C. credit unions and operates the Deposit Insurance Fund.

All money on deposit and money invested in non-equity shares (issued prior to January 1, 2020) with a B.C. credit union, regardless of whether it is placed directly with the credit union or through a broker, is 100 per cent guaranteed.¹

FIA Sections 210, 211, 212, and 213 provide the Superintendent of Financial Institutions with authority to collect information and records from B.C. credit unions related to deposit data for examination purposes and for making deposit insurance determinations and payments.

Definitions

For the purposes of this document:

• “Account holder” means a person who has money on deposit with the credit union in accordance with Section 82 of the FIA.
• “Accounting system” means a system implemented by credit unions to record financial information including income, expense, and other accounting transactions. An accounting system acts as an important tool that monitors and tracks the performance of the credit union and ensures smooth running of the business. This can be separate from the core banking system.
• “Banking system” means a platform used by credit unions to process, manage, and maintain records of its business transactions and activities.
• “Contact information” is defined by the Freedom of Information and Protection of Privacy Act as information to enable an individual at a place of business to be contacted and includes the name, position name or title, business telephone number, business address, business email, or business fax number of the individual.
• “Personal information” is defined by the Freedom of Information and Protection of Privacy Act as recorded information about an identifiable individual other than contact information.
• “Savings institution” means a bank, a credit union, an extraprovincial trust corporation authorized to carry on deposit business under the FIA, or a corporation that is a subsidiary of a bank and is a loan company to which the federal Trust and Loan Companies Act applies.

In the event of the failure of a B.C. credit union, BCFSA is responsible for making insurance determinations and CUDIC must make payments to depositors in a timely manner and in accordance with statutory requirements.

To fulfill these obligations, BCFSA developed the CUDIC payout program. The CUDIC payout program requires accurate and timely deposit data from credit unions to make deposit insurance determinations for deposit reimbursement. BCFSA will rely on deposit data records held at B.C. credit unions for making deposit insurance determinations.

Requirements

Credit unions must produce a Data Extract Package in accordance with the Data Requirements attached to this Regulatory Statement. The Data Requirements apply only to data extracts related to deposit products covered by the CUDIC deposit guarantee. In cases where non-CUDIC covered deposit products cannot be excluded, an additional flag under the CUDIC Coverage field can be applied to assist in data filtering.

Frequency and Timing

There are two types of deposit data submissions, each with varying frequency:

1. The Deposit Data Extract submission consists of the Data Extract Package (refer to the Reporting Instructions) and has the personal information of customers masked or excluded from the submission. A Deposit Data Extract submission will be required annually and may be requested more frequently based on a risk-based approach that will inform the submission schedule (refer to Staged Deposit Data) and ad hoc changes (e.g., bank system updates). The submission will typically be requested with an end-of-month run-date and is validated against data from Financial and Statistical Returns. Tests will also be performed to ensure that the banking system matches the accounting system of the credit union.
2. The Staged Deposit Data Extract submission will be requested on a risk-based approach, where BCFSA and CUDIC determine that the credit union’s risk has reached a level where further payout preparation and examination is required (e.g., when a credit union’s Intervention Stage Rating reaches Stage 3 or 4). BCFSA will require the credit union to submit a Data Extract Package that may include unmasked customer data.

For more information on the BCFSA Intervention Stage Ratings, please refer to the Guide to Intervention for B.C. credit unions.

Required Data Not Held Within Banking Systems

To ensure that banking system upgrades are not required by credit unions, BCFSA has not made the data points below mandatory for submission via the Data Requirements. However, BCFSA will require credit unions to provide the data via other means. The list below is non-exhaustive of non-mandatory fields that BCFSA may request:

1. Anti-Terrorist Funding Flag;
2. Politically Exposed Foreign Person Flag;
3. Domestic Politically Exposed Person Flag;
4. Anti-Money Laundering Flag; and
5. Product information not available within banking system, such as, Index-Linked Term Deposits.

Instructions

When requested, data extracts must be submitted via the secured CUDIC PAID Deposit Data Submission Portal (“the PAID portal”).

To make an enquiry or to request a meeting regarding the Data Requirements, please contact CUDIC at depositinsurance@bcfsa.ca or at (604) 660-3555.

Attachments/Templates/Forms

Reporting Instructions: Deposit Data Requirements (will open in a new tab)

Legislation

• FIA, ss. 210, 211, 212, 213, 266
• Interpretation Act, s.27
• Copies of the legislation are available from www.bclaws.gov.bc.ca.

¹ As of February 17, 2022, savings institution deposits are not guaranteed by CUDIC except where a savings institution makes a brokered deposit in a credit union and no savings institution has a beneficial interest in the deposit.

^{As BC Financial Services Authority, we issue Regulatory Statements outlining how entities must operate, or the form and content required by the Regulator for mandatory regulatory filings identified in the Financial Institutions Act and Credit Union Incorporation Act, regulations, and other pertinent legislation. While the comments in a particular part of a Regulatory Statements may relate to provisions of the law in force at the time they were made, these comments are not a substitute for the law. The reader should consider the comments in light of the relevant provisions of the law in force at the time, taking into account the effect of any relevant amendments to those provisions or relevant court decisions occurring after the date on which the comments were made. Subject to the above, instructions, definitions, and positions contained in a Regulatory Statements generally apply as of the date on which it was published, unless otherwise specified.}