Your credit union has national reach!

We're thrilled to become the first federal credit union headquartered in Saskatchewan effective June 23, 2023! Thank you for helping us bring Responsible Banking™ to all of Canada.

Your credit union has national reach!

Made in Sask, Built for Canada button

It’s Official!

It is our sincere pleasure to share with you that Innovation was approved to begin operating as Innovation Federal Credit Union effective June 23, 2023. Your support has enabled us to take this important step to secure the future of your credit union. Thank you!

Why did we choose to have national reach?

82% of our members voted in favor of us becoming a credit union with national reach. It is thanks to your support and endorsement of this transition that we can continue to offer competitive products and services, give back to the communities we serve, and grow into the future. You’re helping us secure the future of your credit union!

This strategy and our Responsible Banking™ philosophy work hand in hand. Here's why we're becoming a federal credit union.

It’s good for your credit union: 

We can grow outside of Saskatchewan and be able to better:

  • meet challenges such as changes in consumer behavior and technology needs.
  • compete with banks or technology companies that provide financial services.
  • diversify and minimize risk by seeking deposits across the country to support lending right here at home. 
  • have access to more members, and
  • be more resilient today and tomorrow.

It’s good for you, our member: 

As a co-operative, giving back to both our members and our community is of the utmost importance and this will continue to:

  • share profits with the communities and members who made us who we are today. Our growth and success mean more profit-sharing dollars for you!
  • support competitive rates and products, such as our No-Fee Bank Account.
  • improve our digital banking platforms to reach members across Canada – which means better digital banking for you as well!

New name, same great credit union.

Becoming a federal credit union expands where Innovation can operate, but there’s a lot that will never change. We’re still a Saskatchewan-based credit union committed to: 

  • our co-operative values,
  • the principle of one member, one vote,
  • our local presence, keeping advice centres and jobs in Saskatchewan communities, and
  • using our profits to make life better for you and your communities. 

We’re even creating a Legacy Community Grant of $5 million reserved for the communities we currently serve! Stay tuned to our website and social channels for more details.

How will Innovation change?

Having national reach changes where we may operate, but there’s a lot that will never change. We would still be a Saskatchewan-based credit union committed to:

Your day-to-day interactions with us wouldn't change a bit.

  • No need to order new cheques or cards.
  • Account numbers won’t change.
  • And most importantly, you’ll have access to the same products and services delivered by the same friendly professionals wherever you are, whenever you need us.

What will change?

Eligible deposits with Innovation Federal Credit Union will now be insured by Canada Deposit Insurance Corporation (CDIC), which covers deposits held in all federally regulated financial institutions.  To learn more about CDIC coverage visit https://cdic.ca.

We want to remain a valuable, profitable, and meaningful financial partner. Becoming Innovation Federal Credit Union is a huge step forward and we can’t wait to share the benefits with you!  

Federalization Questions

As a federal credit union, Innovation is regulated by the Office of the Superintendent of Financial Institutions (OSFI) and the unlimited deposit guarantee provided by CUDGC would transition to the level of deposit insurance coverage provided by Canada Deposit Insurance Corporation (CDIC). For more information, see the Statement of Transitional Coverage (pdf).

Deposit guarantee insurance is something you will likely never need. No one has ever lost a single dollar on insured deposits through either CDIC or CUDGC.

  • We’re financially strong.
  • We follow strict guidelines.
  • We have processes that ensure we remain viable.

Federal regulation only strengthens these processes and guidelines. For additional information on CDIC deposit guarantee visit their website.

The Board of Directors of Innovation Credit Union are pleased to announce that the Government of Canada, Minister of Finance, has issued letters patent of continuance and an order to commence and carry-on business as INNOVATION FEDERAL CREDIT UNION.

Pursuant to subsection 56(1) of The Bank Act (Canada) (the “BA”), notice is hereby given of the issuance, 

  • under section 35 of the BA, of letters patent continuing Innovation Credit Union, a credit union incorporated under the Credit Union Act (Saskatchewan), as a federal credit union under the BA, under the name INNOVATION FEDERAL CREDIT UNION effective June 23, 2023; and  
  • under subsection 48(3) of the BA, of an order authorizing Innovation Federal Credit Union to commence and carry on business, effective June 23, 2023.

DESIGNATED OFFICE FOR THE SERVICE OF ENFORCEMENT NOTICES  

Notice is hereby given pursuant to section 4 of the Support Orders and Support Provisions (Banks and Authorized Foreign Banks) Regulations under The Bank Act (Canada), that Innovation Federal Credit Union has designated the following office, for all provinces and territories, for the purpose of service of enforcement notices:          

INNOVATION FEDERAL CREDIT UNION 
P.O. Box 1090 Station Main 
198 1st Ave NE 
Swift Current SK S9H 3X3 
June 23, 2023