Government Regulations

While members exercise control over local Credit Union policies and operations, as financial institutions, Credit Unions are subject to provincial government regulation.

The government’s role is to ensure that Credit Unions conform to sound financial practices. In most provinces, Credit Unions are required to engage external auditors to prepare their financial statements. Each provincial regulatory body also conducts an annual inspection of Credit Unions within its jurisdiction.

Volunteer Directors

Credit union directors are typically individuals who hold leadership positions within the community. As with boards of directors in general, discretion and confidentiality are the rule. Directors meet regularly throughout the year to critically review and discuss Credit Union policies and operations.

Daily Operations

The CEO of Access Credit Union is appointed by the Board of Directors and is accountable to it for the day-to-day operations.