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About CUDIC
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The Credit Union Insurance Deposit Corporation of British Columbia (“CUDIC”) is a statutory corporation that guarantees all eligible deposits of provincially regulated credit unions in accordance with the Financial Institutions Act (“FIA”).
CUDIC’s responsibility is to administer and operate a deposit insurance fund. BC Financial Services Authority, a crown agency of the Government of B.C, is responsible for administering CUDIC and supervising provincially regulated financial institutions.
The deposit insurance guarantee applies to all B.C. credit unions, excluding Stabilization Central Credit Union, Central 1 Credit Union, and federal credit unions operating in B.C. Federal credit unions are covered by the Canadian Deposit Insurance Corporation (“CDIC”).
CUDIC Deposit Insurance Fund
If a B.C. credit union were to fail, CUDIC would repay depositors through the CUDIC Deposit Insurance Fund. The fund is wholly funded by premiums collected from credit unions and income earned from investments.
While the Government of B.C. does not guarantee or otherwise backstop CUDIC’s deposit insurance guarantee, section 271 of the Financial Institutions Act provides that the government may provide financial support if the fund is impaired (see the CUDIC Fund Target Policy for further details).
For industry resources on CUDIC, see Credit Union Deposit Insurance Corporation of British Columbia Resources.