First West Seeks Federal Credit Union Status

Summary#

• First West Credit Union says it will apply to become a federal credit union called First West Federal Credit Union and to operate under the Bank Act with its head office in Langley, British Columbia. The application is to be filed on or after March 26, 2023, and people can object by April 24, 2023.
• The Supreme Council of the Royal Arcanum plans to apply for an order to release assets it holds in Canada under the Insurance Companies Act; policyholders or creditors may oppose that step by April 7, 2023.

What it does#

• For First West Credit Union:

  • Files an application for letters patent to continue as a federal credit union named First West Federal Credit Union under the Bank Act.
  • Moves its head office to Langley, British Columbia, and intends to offer a full range of financial services to individuals and businesses across Canada.
  • Starts a public objection period ending April 24, 2023; objections go to the Office of the Superintendent of Financial Institutions (Canada).
  • The notice itself does not mean the federal charter has been granted; the final decision depends on the normal review and the Minister of Finance.

• For the Supreme Council of the Royal Arcanum:

  • Intends to apply for an order allowing it to release the assets it keeps in Canada under the Insurance Companies Act.
  • Policyholders or creditors who oppose that release can file an opposition by April 7, 2023 with the Office of the Superintendent of Financial Institutions (Canada) (by mail or email).

Who's affected#

• First West’s existing members and customers, especially those in British Columbia and anyone who might bank with them if they expand. Businesses that use First West for banking could also be affected.
• Policyholders and creditors of the Supreme Council of the Royal Arcanum in Canada.
• If you want to object to either item, the notices give specific deadlines: April 24, 2023 for First West and April 7, 2023 for the Royal Arcanum.

Why it matters#

• If First West Credit Union becomes a federal credit union, it could operate more easily across provinces and potentially change how and where it offers services. That can affect where customers can bank and which rules and regulators apply.
• If the Supreme Council of the Royal Arcanum is allowed to release its Canadian assets, that could affect the financial protection available to its policyholders and creditors in Canada. The notices give those parties a chance to oppose the moves.