Credit Union Deposit Guarantee Corporation is the primary regulator for Saskatchewan credit unions as mandated by provincial legislation under The Credit Union Act, 1998. In addition, the Corporation is the primary regulator of SaskCentral under The Credit Union Central of Saskatchewan Act, 2016.
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 to ensure credit unions and SaskCentral 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.
Provincial legislation defines the Corporation’s ability to direct institutions to take immediate action on any issue that has the potential to place depositor’s funds at risk. As stated above, the mandated provincial legislation adhered to by the Corporation is The Credit Union Act, 1998 and The Credit Union Central of Saskatchewan Act, 2016.
In fulfilling its role, the Corporation promotes responsible governance by credit unions and SaskCentral, and the strength and stability of the credit union system.