The British Columbia Financial Services Authority (BCFSA) announced that it has been advised First West Credit Union has received Letters Patent from the federal Minister of Finance to continue as a federal credit union under the federal Bank Act under the new name Tru Cooperative Bank, effective 1 April 2026. As a result, First West is no longer regulated by BCFSA and its oversight has moved to the federal regulatory framework for federal credit unions. BCFSA also noted that, from 1 April 2026, eligible member deposits held with Tru Cooperative Bank will no longer be insured by the Credit Union Deposit Insurance Corporation of British Columbia (CUDIC) and will instead be covered by the Canada Deposit Insurance Corporation (CDIC).
British Columbia Financial Services Authority 2026-04-01
British Columbia Financial Services Authority confirms First West Credit Union’s transition to federal Tru Cooperative Bank and end of BCFSA oversight
The British Columbia Financial Services Authority announced that First West Credit Union has received federal Letters Patent to continue as a federal credit union under the Bank Act as Tru Cooperative Bank, effective 1 April 2026, and is no longer provincially regulated. From the same date, eligible member deposits will cease to be insured by the Credit Union Deposit Insurance Corporation of British Columbia and will instead be covered by the Canada Deposit Insurance Corporation.