Credit Union Deposit Guarantee Corporation is mandated by provincial legislation – The Credit Union Act, 1998 – for the main purpose of guaranteeing the full repayment of deposits held in Saskatchewan credit unions. The Corporation has successfully met this obligation since it was established in 1953. The Corporation has also been assigned the responsibility for regulating SaskCentral in accordance with The Credit Union Central of Saskatchewan Act, 2016
The Corporation was the first deposit guarantor in Canada and has successfully guaranteed deposits and regulated credit unions since it was established.
- guarantee the full repayment of deposits held in Saskatchewan credit unions
- maintain and manage a guarantee fund consistent with industry standards
- establish standards of sound business practice and ensure credit unions are performing according to those standards
- direct credit unions to take immediate action on any issue that may put depositors’ funds at risk
The Corporation is not a government organization, but is accountable to the Government of Saskatchewan through the Registrar of Credit Unions. The Registrar has ultimate responsibility for the registration and regulation of credit unions.