Caisse populaire acadienne ltée, a 155,000-member financial co-operative based in Caraquet, New Brunswick, became the first federal credit union in Canada on July 1.
In moving to a federal charter, the co-operative is amalgamating 15 caisses and two related entities in the province and modernizing operations.
The caisse populaire will also operate under a new trade name: UNI Coopération financière (French) and UNI Financial Cooperation (English).
Its decision to move from provincial to national regulation, first announced in the spring, was applauded by federal Finance Minister Bill Morneau.
“A strong and competitive financial sector is key to fostering a healthy business community in Canada and a strong middle class,” Morneau said on Monday in statement welcoming Caisse populaire acadienne as the first federal credit union in Canada.
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