Credit unions in Canada

Canada has the highest per-capita membership in credit unions in North America. More than a third of the population is a member of at least one credit union. Credit union membership is largest in Quebec, where they are known as caisses populaires (people's banks) and in western Canada.

Responsibility for the incorporation and regulation of credit unions resides primarily at the provincial and territorial level in Canada. Credit union legislation exists in every province of Canada but does not currently exist in the three northern territories. While legislation was adopted under the federal Bank Act in 2012 to allow for the creation of federal credit unions. On July 1, 2016, the Caisse populaire acadienne ltée, with its 155,000 members, became the first federal credit union in Canada. Credit unions and caisses populaires operate in every province of Canada. In Quebec, caisses populaires are required to be formally federated with the Caisses Populaires Desjardins.

As of September 30, 2014, there were 696 credit unions or caisses populaires operating in Canada.

As of September 30, 2014 there were 352 independently operated credit unions and caisses populaires operating in the nine provinces outside of Quebec.

The largest of these include Vancity, Coast Capital Savings, Servus Credit Union, Meridian Credit Union, First West Credit Union, Conexus Credit Union, Steinbach Credit Union, Assiniboine Credit Union, Cambrian Credit Union and Affinity Credit Union.

315 of these credit unions and caisses populaires were affiliated through a provincial or regional credit union central to Credit Union Central of Canada, the national trade association. These credit unions operated 1,746 branches across the country with 5.3 million members and $168.4 billion in assets.

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