Payments Canada has announced that Tru Cooperative Bank, formerly First West Credit Union, is now a member after being approved as Canada’s newest federally regulated credit union. The move brings the institution into Payments Canada’s membership framework for participants in Canada’s payment systems and gives it access to policy development, research and payment expertise. Federally regulated credit unions are governed by the Bank Act and regulated by the Office of the Superintendent of Financial Institutions. Payments Canada noted that its membership includes the Bank of Canada, domestic banks, authorized foreign banks, life insurance companies, securities dealers, money market mutual funds and other deposit-taking institutions, and that 2025 amendments to the Canadian Payments Act also opened membership to payment service providers under the Retail Payment Activities Act, credit union locals that are members of a central, and clearing houses designated under the Payment Clearing and Settlement Act.
Payments Canada 2026-05-13
Payments Canada admits Tru Cooperative Bank as member after approval as a federally regulated credit union
Payments Canada announced that Tru Cooperative Bank, formerly First West Credit Union and now a federally regulated credit union, has become a member of its payment systems framework. The authority highlighted that its membership spans the Bank of Canada, domestic and authorized foreign banks, insurers, securities dealers, money market mutual funds and other deposit-taking institutions, and that 2025 amendments to the Canadian Payments Act expanded eligibility to certain payment service providers, credit union locals and designated clearing houses.