Printed . This content is updated regularly, please refer back to https://bcfsa.ca to ensure that you are relying on the most up-to-date resources.
About CUDIC
Select the section you’d like to navigate to.
The Credit Union Deposit Insurance Corporation of British Columbia (“CUDIC”) is a statutory corporation that guarantees all eligible deposits of provincially regulated credit unions in accordance with the Financial Institutions Act (“FIA”).
CUDIC’s responsibility is to administer and operate a deposit insurance fund. BC Financial Services Authority, a crown agency of the Government of B.C, is responsible for administering CUDIC and supervising provincially regulated financial institutions.
The deposit insurance guarantee applies to all B.C. credit unions, excluding Stabilization Central Credit Union, Central 1 Credit Union, and federal credit unions operating in B.C. Federal credit unions are covered by the Canadian Deposit Insurance Corporation (“CDIC”).
CUDIC Deposit Insurance Fund
If a B.C. credit union were to fail, CUDIC would repay depositors through the CUDIC Deposit Insurance Fund. The fund is wholly funded by premiums collected from credit unions and income earned from investments.
Under provincial legislation, the Government of B.C. also has the discretion to provide financial support if the fund is impaired.
For industry resources on CUDIC, see Credit Union Deposit Insurance Corporation of British Columbia Resources.