Credit Unions

FIRB administers The Credit Unions and Caisses Populaires Act, and under this legislation oversees compliance and ensure the public interest is protected. FIRB is also responsible for reviewing policy matters and legislation, as well as providing direct oversight to the Credit Union Central of Manitoba (CUCM) and the Deposit Guarantee Corporation of Manitoba (DGCM).

CUCM acts as a trade association for credit unions and provides a liquidity pool and credit adjudication process to its members.

DGCM guarantees the deposits of credit unions and caisses populaires (CUCP) and promotes the development of sound financial practices to protect against financial loss.

DGCM is the prime regulator of the CUCP systems, including monitoring the financial health of the system, inspecting loans and taking remedial action. DGCM administers approximately one per cent of CUCP deposits to support its guarantee.

FIRB meets with, and seeks input from DGCM, CUCM and other provincial regulators of credit unions to ensure consistency in policy and legislation throughout Canada.