Co-ops and Credit Unions

Notice —

Transfer to federal financial institutions regulatory framework


On 1 July 2016, the Caisse populaire acadienne ltée, operating under the trade name of Uni Coopération Financière, became a federal credit union (coopérative de crédit fédérale) regulated under the Bank Act.


Federal credit unions and coopératives de crédit fédérales are regulated by the Office of the Superintendent of Financial Institutions (OSFI). Therefore, on 1 July 2016, the regulatory oversight of Uni Coopération Financière transferred from the Financial and Consumer Services Commission to OSFI.


More information on the oversight of federal financial institutions can be obtained on the following website:


The Financial Institutions Division facilitates the legal framework that permits credit unions and cooperative associations to provide goods and services to their members.


What is a Co-operative?

A co-operative (co-op) is an association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned and democratically-controlled enterprise. The Co-operative Associations Act of New Brunswick regulates the incorporation of co-ops in the province.  

What is a Credit Union?

A credit union is a financial institution that provides savings, credit and other financial products and services to its members. Credit unions are co-operatives – they are owned and operated by members and profits are shared among owners.  They are governed by a volunteer board of directors elected from their membership.

After you make your first deposit in a credit union, you become a member. All members are equal owners in the credit union and have a vote in electing the board members.

2017 © Financial and Consumer Services Commission