LANGLEY, British Columbia — First West Credit Union said it has completed its transition to a federally regulated institution and is now operating under the legal name Tru Cooperative Bank.
In a statement, the credit union said the move places Tru Cooperative Bank under the supervision of the Office of the Superintendent of Financial Institutions, replacing its previous oversight by the B.C. Financial Services Authority.
The organization said the transition to federal regulation is intended to expand its ability to serve members across Canada while maintaining its cooperative, member-owned model.
“Becoming federally regulated is about being ready for what our members need next,” CEO Launi Skinner said in the statement. “As Tru Cooperative Bank, we can deliver the stability and sophistication Canadians expect from a leading bank, while deepening the personalized advice, local decision making and member-first focus that define our cooperative.”
‘Alternative’ to Larger Banks
First West said the new name reflects its cooperative roots while positioning the institution as a national alternative to larger banks.
According to the statement, the credit union’s growth strategy following federal continuance will focus on three areas:
- Supporting members with out-of-province financial needs
- Pursuing mergers with other credit unions across Canada
- Expanding its mortgage broker channel to offer digital mortgage services in additional provinces
Despite the regulatory and legal changes, the institution said it will continue operating its existing local brands — Envision Financial, Island Savings, Valley First and Enderby & District Financial — with no changes to day-to-day banking services.
