October 30, 2018 – Central 1 congratulates Coast Capital Savings for receiving approval to become a federal credit union by Minister of Finance Bill Morneau, effective November 1, 2018.
“We know that Canadians value the alternative to traditional banks that our members provide, and as Coast expands to offer a cooperative, values-based model nationally, we’re delighted to continue to be a preferred partner of choice for wholesale financial, payments and digital solutions that support the financial well-being of their clients,” said Mark Blucher, CEO, Central 1.
The approval follows an extensive review by the Office of the Superintendent of Financial Institutions (OSFI), which assessed Coast Capital’s ability and readiness to meet the standards of a federally-regulated financial institution.
This is a big milestone for Coast in their journey towards national expansion, and Central 1 is pleased to have worked closely with Coast in supporting them through this process.
“We’re dedicated to putting the interests of all of our clients first, regardless of location and size, by understanding their ambitions and challenges, and by working with them to provide the best experience for them and their members,” said Blucher.
The financial services industry in Canada is facing disruption and along with it, opportunity, and Central 1 is transforming to support all of its members as they adapt to changing demographics and consumer expectations to help to create the value they need.
As a federal credit union, Coast is committed to keeping close ties with other credit unions in B.C. and being a robust partner in preserving a strong credit union system, continuing to contribute to Central 1 advisory groups addressing common issues for our sector.
Coast’s expansion beyond B.C. creates an opportunity to raise the profile of credit unions as important alternatives to the big banks, generating interest in credit unions and higher visibility.