The Financial Services Regulatory Authority of Ontario (FSRA) issued a consumer warning that businesses operating under the names Woodbridge Credit Union, Finch Credit Union and E-mobile Swift Credit Union are not registered credit unions in Ontario. FSRA cautioned consumers to be careful if contacted by anyone claiming to represent these businesses, noting that deposits placed with unregistered entities are not protected by FSRA deposit insurance. FSRA stated the three names do not appear on its list of credit unions and caisses populaires registered to do business in Ontario and referenced the Credit Unions and Caisses Populaires Act, 2020 restriction on using “credit union” or “caisse populaire” in a business name except by a credit union or a prescribed person or entity. Consumers were directed to verify registration status via FSRA’s registry and to contact local law enforcement if they believe they have been victims of fraud involving any of the named businesses.
Financial Services Regulatory Authority of Ontario 2025-06-11
Financial Services Regulatory Authority of Ontario warns consumers that Woodbridge Credit Union, Finch Credit Union and E-mobile Swift Credit Union are not registered credit unions
The Financial Services Regulatory Authority of Ontario (FSRA) warned that Woodbridge Credit Union, Finch Credit Union, and E-mobile Swift Credit Union are not registered credit unions in Ontario. FSRA advised consumers to verify registration status and exercise caution, as deposits with these entities are not covered by FSRA deposit insurance. The use of "credit union" in their names violates the Credit Unions and Caisses Populaires Act, 2020.