Central 1 is regulated under both British Columbia and federal statutes. It was incorporated under the former Credit Union Act of British Columbia and also holds a certificate under the Cooperative Credit Associations Act (Canada).
Provincially, Central 1 is regulated by the Financial Institutions Commission (FICOM) of British Columbia.
The federal Cooperative Credit Associations Act regulates such matters as Central's organization, powers, investments, lending and capital adequacy and is administered by the federal Superintendent of Financial Institutions.
The federal act gives Central access to funds from the Canada Deposit Insurance Corporation (CDIC). Under the act, CDIC is authorized to extend financial accommodation to central credit unions to meet their short-term requirements for liquid funds needed to discharge maturing debt obligations. This provision facilitates Central's role as the liquidity manager for the B.C. credit union system and its member credit unions in Ontario.