The Financial Services Regulatory Authority of Ontario has warned consumers that Vaughan Credit Union is not incorporated in Ontario as a credit union under the Credit Unions and Caisses Populaires Act, 2020 and is not authorized to operate as a credit union in the province. It noted that, under Ontario law, only corporations incorporated as credit unions under that Act may use the term credit union in their name. FSRA said entities that are not incorporated under the Act are not subject to its regulatory oversight and deposits made with them are not protected by FSRA’s deposit insurance framework. Consumers were urged to exercise caution when dealing with firms claiming to be credit unions, use FSRA’s list of incorporated credit unions and caisses populaires to verify authorization, and contact local law enforcement if they believe they have been affected by fraud involving this business.
Financial Services Regulatory Authority of Ontario2026-05-25
Financial Services Regulatory Authority of Ontario warns that Vaughan Credit Union is not authorized to operate in Ontario
The Financial Services Regulatory Authority of Ontario has warned that Vaughan Credit Union is not incorporated under the Credit Unions and Caisses Populaires Act, 2020 and is not authorized to operate as a credit union in Ontario. FSRA stressed that entities not incorporated under the Act are outside its regulatory oversight, their deposits are not covered by FSRA’s deposit insurance, and urged consumers to verify firms against its list of incorporated credit unions and caisses populaires and contact law enforcement if they suspect fraud.