Serving Canada
Innovation Credit Union members have voted in favor of our proposal to become the first federal credit union headquartered in Saskatchewan. Of 17,214 members who voted, 82% voted in favor of the Special Resolution.

As a federal credit union, Innovation will have the flexibility to address business challenges on the horizon, including a static, aging membership and growing competition from banks and technology companies who already provide financial services across the country. Becoming federal will allow us to actively promote our brand to non-members outside Saskatchewan. Our initial plans are solely focused on digital growth and expansion, versus the opening of any new physical branches.

Click here PDF Document to view an information booklet.

Please note, effective April 30, 2020 some changes were made to CDIC insurance coverage. For updated information on Canada Deposit Insurance see the following CDIC brochure.

Updates Expand/Collapse

  • December 23, 2020 - As we prepare for 2021, a new year to help members simplify their lives and reach their financial goals, we are looking forward to achieving important milestones along our Federal Continuance journey. We are targeting to close the gaps required to be a federally regulated credit union by March 31st. Our goal is to become a federally regulated in 2021.
  • April 29, 2020 - Our federal continuance efforts continue to proceed amidst the COVID-19 pandemic. Federal continuance allows us to create the ultimate environment to deploy our strategy for a strong future for Innovation Credit Union. It allows us to live up to our purpose, create an environment to deploy our digital strategy, and grow and invest. It is unclear as to whether COVID-19 may impact some of the work/timelines – that will be determined over the next couple of quarters. Our anticipated milestone for federal continuance is in 2021.
  • April 23, 2020 - DBRS Morningstar has once again assigned a Short-Term Issuer and a Short-Term Instruments rating of R-1 (low) to Innovation Credit Union. This rating indicates Innovation’s overall organizational strength and stability while reflecting Innovation’s solid franchise within its operating area. Learn more...

  • November 14, 2019 - Innovation team members continue to meet with both Federal and Provincial regulators on a regular basis with the goal of moving towards continuing as a federal credit union. The review is focused on all the requirements that are set out in the Guide for Continuing a Local Cooperative Society as a Federal Credit Union that is available on the Office of the Superintendent of Financial Institutions website.

  • July 29, 2019 - All financial institutions in Canada are highly regulated which is a great thing and should give members peace of mind that their financial institution is operating with the highest of standards. A lot of the work we have been completing has been working with our federal and provincial regulators to ensure our practices are aligned with both federal and provincial statutes. There are close to a 100 statutes that are relevant to the operation of Innovation Credit Union.

  • May 23, 2019 - We continue to work with OSFI to review our Federal Continuance Application to ensure that we are ready to become a Federal Credit Union. On April 30, 2019 we held our Annual Meeting in North Battleford and streamed the meeting on our website for members who could not attend in person. At this meeting the Innovation Board Governance Committee recommended changes to two by-laws in preparation for federalization. These recommendations were voted on and passed by our membership. Click here PDF Document to find out more about the future by-law changes.

  • May 3, 2019 - DBRS has once again assigned a Short-Term Issuer and a Short Term Instruments rating of R-1 (low) to Innovation Credit Union with a Stable trend, indicating our organizational strength. Click here PDF Document for more details.

  • October 10, 2018 - Financial Consumer Affairs Authority has given Innovation approval to use the name Innovation Federal Credit Union within the province of Saskatchewan following approval and commencement of operations as a federal credit union.  Federal regulations require the use of “Federal” within the credit union's name in order to distinguish credit unions that are regulated federally from those that are regulated provincially. 

  • September 26, 2018 – Innovation team members have started to review our formal application with OSFI. Teams from both OSFI and Innovation meet on a bi-weekly basis to discuss and clarify various aspects of Innovation’s Federal Continuance Application.

  • July 12, 2018 - We're thrilled to announce that we have submitted our formal application to become a federal credit union to the Office of the Superintendent of Financial Institutions (OSFI)! Thank you to our amazing project team for working so diligently on the application.

  • June 19, 2018 - DBRS Short-Term Issuer and Instruments Rating of Innovation (media release) PDF Document

  • May 2018 PDF Document

What does this mean for members? Expand/Collapse

We expect federal approval - or continuance date - to be in the Spring of 2022. As we move forward with our application, we will provide members with timeline updates.

Our application to become a federal credit union still requires approvals by Credit Union Deposit Guarantee Corporation of Saskatchewan (CUDGC), Financial Consumer Affairs Authority of Saskatchewan (FCAA), Office of the Superintendent of Financial Institutions (OSFI) and finally, the Federal Minister of Finance.

Until then, Innovation Credit Union will continue to operate as a provincial credit union that is regulated by CUDGC, with unlimited deposit insurance still provided for members.

How will deposit insurance change? Expand/Collapse

As a federal credit union, Innovation would be 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 on Canada Deposit Insurance see the following CDIC Brochure.

For further information on potential upcoming changes to deposit insurance if Innovation becomes a federal credit union, please see our disclosure notice PDF Document.

Will members ever need deposit insurance? Expand/Collapse

It is important to note that deposit guarantee insurance is something that members will likely never need - and that no one has ever lost a single dollar on insured deposits through either CDIC or CUGDC. We are also proud to say that the strength and viability of Innovation Credit Union does not solely rest on deposit guarantees. We continue to adhere to strict liquidity and capital adequacy guidelines and have processes in place to ensure we remain the strong and stable financial institution that we are today and that we have been for many years in the past. Federal regulation will only strengthen these processes and guidelines.

Please click here for additional information on CDIC deposit guarantee.

Videos Expand/Collapse

Federalization Video
Learn more about federalization and the benefits for the entire membership.

Play video

Special Meeting of Members Video
See our Special Meeting of Members held in November 2017.

Play video

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