Stabilization Central Credit Union

Stabilization Central Credit Union Profile and History

Stabilization Central Credit Union (SCCU) was established Dec 5, 1989 as the result of an initiative of the credit unions of B.C. for a system operated stabilization organization distinct from the government controlled deposit insurance corporation. The mission of SCCU is to strengthen British Columbia's credit unions with a focus on prevention, not cure. Operations are funded through assessments on members and investment income on accumulated funds. SCCU is governed by a seven person board of elected representatives from the credit union system. As a self-regulated agency providing value-added service to members, SCCU monitors its member organizations to identify emerging risk as early as possible and works co-operatively to ensure corrective action is taken if weaknesses are identified. SCCU may also assume, by delegation from the Financial Institutions Commission, the responsibility for the supervision of credit unions. SCCU is also responsible for the Master Bond Program which provides protection against risks usually covered under a bankers blanket bond. In addition to their involvement in monitoring, measurement, assessment and action taking, SCCU strongly supports the need for credit unions to be innovative and to develop and grow their business commensurate to their expertise, earning capacity and capital.