In the News

Central 1 continues to power progress and reports 2019 financial results

VANCOUVER, B.C., February 21, 2020­ – Central 1 Credit Union (Central 1) reported profit after tax of $34.2 million for the year ended December 31, 2019, up $31.8 million from 2018 excluding one-time gains of $82.9 million in 2018. Profit before tax was $33.3 milion in 2019, up $28.4 million from 2018 excluding the one-time gains. Results reflect strong earnings growth...

Nominations are now open for the 24th Gary Gillam Awards for Social Responsibility

Vancouver, B.C., February 19, 2020 – The Gary Gillam Award for social responsibility is now accepting nominations for exemplary individuals within the Ontario and British Columbia credit union system who have achievements in either promoting social responsibility and/or sustainability in credit unions; and/or promoting credit unions as a socially responsible investment alternative. The award is jointly sponsored by Alterna Savings...

Central 1 agreement with payments fintech advances progress towards meeting payments modernization Lynx timelines

Central 1 has signed an agreement with an innovative fintech in the payments space, Expertus, to ensure it meets Payments Canada’s 2021 timelines for the rollout of Lynx (Canada’s new high-value payments system) and the forthcoming ISO 20022 data-rich messaging standard.  Payments Canada is leading Canada’s multi-year payments modernization program, with an end vision of a fast, efficient, flexible and secure payment system that will promote...

Modest economic growth forecast for B.C. as tech sector expansion, LNG projects and rising population counter forestry sector downturn

Vancouver, B.C., February 10, 2020 – British Columbia’s economy is forecast to grow by 2.8 per cent this year, broadly outpacing the other Canadian provinces, before easing back to 2 per cent in 2021, according to Central 1’s deputy chief economist Bryan Yu. In his latest British Columbia (B.C.) Regional Economic Report, Yu outlines the trends we can expect across...

Central 1 makes strides towards delivering Lynx to the credit union system; secures Lynx settlement account from the Bank of Canada

Central 1 Credit Union (Central 1) has completed a significant milestone in preparing for and delivering on Payments Canada’s Payments Modernization Program by becoming the first and only institution in the credit union system to secure a Lynx settlement account from the Bank of Canada.   Payments Canada is leading Canada’s Modernization journey, which will ultimately lead to a fast, efficient, flexible and secure payment system that will strengthen...

Central 1 Selected as Digital Banking Partner of Choice by League Data

Central 1’s Forge Digital Banking Platform offers Canadians an elevated digital experience in today's ever-evolving fintech landscape VANCOUVER, BC, January 9, 2020 – Central 1 is pleased to announce that League Data Ltd. - an organization providing information technology services and support to 46 credit unions in 140 locations across Nova Scotia, New Brunswick, Prince Edward Island, Newfoundland and Labrador - has chosen...


Central 1 appoints Dinesh Garbharran as Chief Risk Officer

VANCOUVER, December 18, 2019 - Central 1 Credit Union (Central 1) is pleased to announce the appointment of Dinesh Garbharran as Chief Risk Officer, effective January 2, 2020.  Garbharran specializes in leading high-performing teams to deliver complex regulatory, technology, and business programs. Having worked within the financial and health sectors in Canada and South Africa, Garbharran has held senior executive roles in operations, risk management, and compliance at Scotia Bank, TD Bank, Standard Bank Group, and Discovery Holdings.    “Dinesh has a deep knowledge of enterprise and operational risk and possesses strong leadership abilities and analytical acumen to support Central 1 as we navigate the evolving financial services...

First West Credit Union unveils a new digital banking experience across its regional brands for all retail banking members

LANGLEY, B.C. – First West Credit Union today announces that a new digital banking experience is now available for its retail banking members across all its regional divisions. Following on the heels of the launch at Envision Financial in September, all three channels of the Forge Digital Banking Platform, including new mobile apps, online banking platforms and public websites were recently...

B.C. housing market in recovery; growing population, lower borrowing costs and pent-up demand to drive higher prices and sales

B.C. housing market in recovery; growing population, lower borrowing costs and pent-up demand to drive higher prices and sales Vancouver, B.C., November 25, 2019 – B.C.’s housing market is recovering much quicker than anticipated after the 2018 downturn, according to Central 1 deputy chief economist Bryan Yu in the latest B.C. Resale Market Housing Outlook 2019-2021. The report finds that...