The British Columbia Financial Services Authority announced that Prospera Credit Union and Sunshine Coast Credit Union have received Letters Patent from the federal Minister of Finance to continue as federal credit unions under the Bank Act and then amalgamate with Coast Capital Savings Federal Credit Union. The transaction took effect on May 6, 2026, resulting in a single federal credit union operating as Coast Capital Savings Federal Credit Union, and ending BCFSA regulation of Prospera and Sunshine Coast. Oversight of both institutions has transferred to the federal regulatory framework for federal credit unions. From May 6, 2026, eligible member deposits held with Prospera Credit Union and Sunshine Coast Credit Union are no longer insured by the Credit Union Deposit Insurance Corporation of British Columbia and are instead covered by the Canada Deposit Insurance Corporation. BCFSA said it worked with the two credit unions through the transition to support an orderly transfer of oversight and continuity for members.
British Columbia Financial Services Authority 2026-05-06
British Columbia Financial Services Authority confirms Prospera and Sunshine Coast move to federal oversight after merger into Coast Capital Savings
The British Columbia Financial Services Authority announced that Prospera Credit Union and Sunshine Coast Credit Union have received federal Letters Patent to continue as federal credit unions under the Bank Act and amalgamate with Coast Capital Savings Federal Credit Union, effective 6 May 2026. The amalgamation ends BCFSA regulation of Prospera and Sunshine Coast, with oversight moving to the federal framework and eligible member deposits shifting from coverage by the provincial Credit Union Deposit Insurance Corporation to the Canada Deposit Insurance Corporation.