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Deposit Insurance
At the New Brunswick Credit Union Deposit Insurance Corporation
(NBCUDIC) level
NBCUDIC was established in 1994 as the deposit insurer under the mandate of the Provincial Government. On November 3, 2005, the deposit insurance coverage level was increased. Deposits are now insured to an amount equal to the amount contained in the eligible deposit accounts.
For specific guidelines on NBCUDIC deposit protection click here. (once at the NBCUDIC site, click on the link, "Credit Union Brochure", on the right hand side.)
Additional Safeguards
The Credit Unions Act provides Risk Management Agency with the regulatory power to fulfill its obligations to Credit Union depositors. Deposit protection within New Brunswick Credit Unions is predicated on a healthy provincial system, where sound business and financial policies and procedures are in place and effective. A comprehensive loss prevention program with the appropriate controls at every level of its operation, instills a solid risk management mandate within the Credit Union. As mandated under the Credit Unions Act, each Credit Union must undertake an independent external audit to provide assurance to depositors on the integrity of the financial reporting.
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