First West seeks federal credit union status

Summary#

• First West Credit Union has announced plans to apply to become a federal credit union under the Bank Act (Canada) and to operate as First West Federal Credit Union with its head office in Langley, British Columbia. The application is to be filed on or after March 26, 2023, and people can object until April 24, 2023.
• The Supreme Council of the Royal Arcanum said it will apply for an order allowing it to release the assets it holds in Canada under the Insurance Companies Act (Canada). That application is planned for on or after April 7, 2023, and policyholders or creditors have until April 7, 2023 to file an opposition.

What it does#

• First West Credit Union:

  • Seeks letters patent to continue as a federal credit union named First West Federal Credit Union under the Bank Act (Canada).
  • Plans to offer a full range of financial services to individuals and businesses from a head office in Langley, British Columbia.
  • Gives the public until April 24, 2023 to submit written objections to the Office of the Superintendent of Financial Institutions.

• Supreme Council of the Royal Arcanum:

  • Intends to ask the Office of the Superintendent of Financial Institutions (Canada) for permission to release the assets it keeps in Canada under the Insurance Companies Act (Canada).
  • Invites policyholders or creditors to file any oppositions by April 7, 2023 (by mail or email to the addresses named in the notice).

Who's affected#

• Members and customers of First West Credit Union, and businesses that use its services. If the continuance is approved, the credit union would be federally regulated, which can affect where and how it operates across Canada.
• Policyholders and creditors of the Supreme Council of the Royal Arcanum who have insurance contracts or other claims in Canada. They are the ones invited to oppose the proposed release of assets.
• The broader public might notice changes only if they bank with First West after it becomes a federal credit union, or if they hold policies or claims connected to the Royal Arcanum. If it’s unclear who exactly holds affected policies or claims, the notice asks those people to come forward.

Why it matters#

• If First West Credit Union becomes a federal credit union, it would be regulated under the Bank Act (Canada) rather than provincial rules. That can change oversight, reporting rules, and possibly the ways the credit union can expand services across provinces.
• The Supreme Council of the Royal Arcanum asking to release its Canadian assets could affect how policyholders and creditors are paid or protected. People with claims should check whether they are affected and consider opposing the release before April 7, 2023.
• Publication of these notices is a step in a process, not final approval. The government reviews applications before any change is allowed.