The New Brunswick Credit Union Deposit Insurance Corporation is a Crown corporation that provides deposit insurance to members of New Brunswick's credit unions.
Membership is the most distinctive feature of the credit union system. All members are equal owners, regardless of the number of shares they hold individually, or the size of their respective credit union deposits. Every member has a say in the direction the credit union will take, and in general has the right to seek election to the board of directors.
Each credit union establishes its own share requirement, for example, one credit union may require members to purchase shares for $25.00 while another credit union may require $200.00
As of July 1st 2016, the Caisse populaire acadienne ltée, operating under the trade name of Uni Coopération Financière became a member of the federal deposit insurance program.
Like banks, federal credit unions and federal caisses populaires are members of the Canada Deposit Insurance Corporation (CDIC), and deposits placed with a federal credit union or caisse populaire are eligible for CDIC deposit protection. Therefore, as of July 1st 2016, the NBCUDIC does not provide any deposit insurance to members of Uni Coopération Financière.
To bridge the difference between protection provided previously by NBCUDIC and CDIC protection, transitional coverage has been established by CDIC. For more information about CDIC and transitional coverage rules, please visit www.cdic.ca.