The Credit Union Deposit Insurance Corporation (CUDIC), a government corporation, protects credit union members against the loss of deposits held by British Columbia credit unions. CUDIC's responsibility is to administer and operate a deposit insurance fund. The Financial Institutions Commission (FICOM) is responsible for administering CUDIC.
The fund administered by CUDIC is maintained through annual assessments paid by credit unions. CUDIC provides unlimited deposit insurance protection on all deposits in British Columbia's credit unions. All money on deposit and money invested in non-equity shares with a B.C. credit union is 100% guaranteed, including foreign currencies and accrued interest, regardless of the length of the term to maturity.
To minimize the likelihood of claims arising against the fund and to ensure the safety of members' deposits in credit unions, the Commission has wide-ranging regulatory and supervisory powers over the operations and practices of credit unions. The Commission can require undertakings of credit unions and their directors and officers, issue cease and desist orders, remove directors and officers from office and place a credit union under its supervision.