Innovation Credit Union follows through on plan to become federal credit union | General financial discussion | Discussion forum

Also within Canada Gazette, Saskatchewan's Innovation Credit Union has formally applied to the Office of Superintendent of Financial Institutions federally and the Saskatchewan financial services regulatory authority provincially to become a federal credit union. (Details here.)

Voting period, by mail, in-branch and (likely) online is to be Nov. 22-Dec. 8, with voting results announced shortly thereafter. Given that approval by members is quite likely, it should follow a similar regulatory path to that of Coast Capital Savings so, barring an upset membership vote of defeat (which I give a less than 10-20% chance), I would expect approval from Saskatchewan's financial services regulator, provincial credit union central & deposit insurer between June and September 2018, with OSFI, CDIC and Minister of Finance approval by winter to Spring 2019.

I'll (try to) keep everyone updated on further developments via updates/replies to this thread.

Meantime, Peter, if you could please either create an Innovation Credit Union forum like Coast Capital Savings and the Manitoba credit unions have and move this thread there now or upon the membership vote approval, that'd be great. However, I'd add there is plenty of precedent to create one now as Innovation is the only Saskatchewan credit union that can currently accept out-of-province members through its OpenAnywhere membership opening process (I have confirmed this via telephone and web chat); they just don't advertise it because they're likely prohibited from doing so, much like DUCA, FirstOntario, etc. Conexus can also but requires finalization in-branch. 🙂

Next up for federal continuance moves I expect Servus Credit Union in Alberta, Conexus Credit Union in Saskatchewan, probably DUCA in Ontario (Meridian is slowly going the wholly owned bank subsidiary route, though that could easily change), with possible federal moves from either of First West Credit Union in B.C. and several of the Manitoba credit unions with growing virtual banking operations (think Sunova, Entegra, Assiniboine, Casera and Cambrian as the most likeliest). 10-15 years from now, we could see a majority of credit unions in Canada federally regulated. Mark that down as one of my boldest predictions yet but also one in which I feel the most comfortable. 🙂

Cheers,
Doug