Credit Union Deposit Guarantee Corporation - Deposits Guaranteed Since 1953
The Role
The Role
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Credit unions are regulated under The Credit Union Act, 1998, The Credit Union Regulations, 1999 and The Credit Union Insurance Business Regulations. Credit unions must also comply with the Corporation's Standards of Sound Business Practice, and the bylaws and policies established by each credit union.
Credit Union Deposit Guarantee Corporation is the primary regulator for Saskatchewan credit unions and is given its mandate by provincial legislation – The Credit Union Act, 1998.
The Corporation is responsible to guarantee the full repayment of deposits held in Saskatchewan credit unions, as well as to maintain and manage a guarantee fund consistent with industry standards.
Deposit Guarantee Corporation is also responsible to establish standards of sound business practice and ensure credit unions are performing according to those standards.
The Corporation has the authority to direct credit unions to take immediate action on any issue that may put depositors’ funds at risk.
In fulfilling its mandate, the Corporation promotes responsible governance by credit unions, and the strength and stability of the credit union system.