The British Columbia Financial Services Authority (BCFSA) has opened a public consultation as it reviews Prospera Credit Union and Sunshine Coast Credit Union’s applications to transition from provincial to federal regulation in order to immediately amalgamate with Coast Capital Savings Federal Credit Union. The consultation runs from November 20 to December 20, 2025. Under the Credit Union Incorporation Act, a British Columbia credit union must obtain the consent of the Superintendent of Financial Institutions and the Credit Union Deposit Insurance Corporation of British Columbia (CUDIC) before applying to the federal Minister of Finance for continuance to the federal regime, and the consultation forms part of this consent review process. Prospera and Sunshine Coast held membership votes earlier in 2025, with members approving resolutions to proceed with applications for federal continuance and subsequent amalgamation with Coast Capital; BCFSA notes that moving to federal regulation would allow the institution to operate across Canada.
British Columbia Financial Services Authority 2025-11-19
British Columbia Financial Services Authority opens consultation on Prospera and Sunshine Coast credit unions’ applications to move to federal regulation and amalgamate with Coast Capital
The British Columbia Financial Services Authority (BCFSA) has initiated a public consultation on Prospera Credit Union and Sunshine Coast Credit Union's applications to transition to federal regulation for amalgamation with Coast Capital Savings Federal Credit Union. This requires consent from the Superintendent of Financial Institutions and the Credit Union Deposit Insurance Corporation of British Columbia. The transition aims to enable operations across Canada following member approval.