First West to Become Federal Credit Union

Summary#

This notice says First West Credit Union 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 notice also includes a separate item: the Supreme Council of the Royal Arcanum intends to apply to have its Canadian assets released under the Insurance Companies Act (Canada).

What it does#

• First West Credit Union intends to file an application on or after March 26, 2023 for the Minister of Finance to issue letters patent continuing it as a federal credit union called First West Federal Credit Union to carry on banking in Canada.
• The notice says the new federal credit union would offer a full range of financial services and have its head office in Langley, British Columbia.
• The notice warns that publication does not mean the letters patent have been issued; the decision depends on the normal application review and the discretion of the Minister of Finance.
• The Supreme Council of the Royal Arcanum intends to apply on or after April 7, 2023 for an order to release assets it holds in Canada under the Insurance Companies Act (Canada).

Who's affected#

• Members and customers of First West Credit Union who may notice a change in the institution’s legal status or regulator if the application succeeds.
• Employees and local stakeholders in Langley, British Columbia, and other places where the credit union operates.
• Policyholders and creditors of the Supreme Council of the Royal Arcanum in Canada, who may be affected if its Canadian assets are released.
• People or organizations who want to object: the notice names the Office of the Superintendent of Financial Institutions as the place to send written objections.

Why it matters#

• If the continuance is approved, First West Credit Union would become a federal credit union under the Bank Act (Canada), which can affect which rules and federal regulator oversee its operations. That can matter for members, customers, and business partners.
• The asset-release application by the Supreme Council of the Royal Arcanum could affect the availability of assets to pay Canadian policyholders or creditors.
• There are deadlines to raise objections: for the First West continuance the deadline is April 24, 2023; for the Royal Arcanum opposition the deadline is April 7, 2023. The notices give the Office of the Superintendent of Financial Institutions as the recipient for objections.