Safe & Stable

Community Savings is closely regulated and follows conservative investing and lending practices and our balance sheet reflects our strong local focus. The credit union system has a long history of prudent financial management and conservative practices.

Credit unions, within B.C., are closely regulated by the provincial government. Both the provincial government and the federal government regulate our central credit union. Credit unions are mandated to follow a disciplined approach to fiscal management during upswings and downswings in the economy. Ensuring the safety of members’ deposits is a top priority for B.C. Credit unions:

  1. In B.C., credit unions are monitored and inspected by the provincial Financial Institutions Commission (FICOM), with an emphasis on avoiding potential problems through early trouble-shooting. FICOM's Commissioners are appointed by the provincial government and its chair reports directly to the Minister of Finance.
  2. Credit unions are also supported by the Stabilization Central Credit Union of British Columbia, established by the credit union system as part of its self-disciplinary process.
  3. By law in B.C., credit unions are required to maintain liquid reserves equal to 8% of their deposit and other debt liabilities, so that they are always in a position to immediately meet their obligations to depositors. Credit unions pool this liquidity by depositing it with Central 1 Credit Union (formerly Credit Union Central of British Columbia). Community Savings has consistently exceeded our provincially mandated minimum of 8% in reserves.
  4. Central 1 Credit Union is subject to federal government regulation under the federal Cooperative Credit Associations Act.
  5. B.C. Credit Union Deposits are 100% guaranteed by the Credit Union Deposit Insurance Corporation of British Columbia.