CDIC welcomes newest member: Innovation Federal Credit Union
OTTAWA – June 23, 2022 – The Canada Deposit Insurance Corporation (CDIC) welcomes Innovation Federal Credit Union to its membership.
For more than 50 years, CDIC has protected Canadians’ deposits and promoted financial stability. CDIC membership means eligible deposits at Innovation will now be protected up to $100,000 in each of our deposit categories.
Innovation Federal Credit Union is a Saskatchewan-headquartered financial institution with over 450 staff in 24 advice centre locations. The credit union serves over 59,000 members and has approximately $4.335 billion total assets under administration.
CDIC is a federal Crown corporation established in 1967 to protect the savings of Canadians, and we contribute to financial stability by safeguarding over $1 trillion in deposits in all our member institutions. As resolution authority, we are responsible for handling the failure of any of our members, from the smallest to the largest.
CDIC is funded by premiums paid by member institutions and does not receive public funds to operate. We have dealt with 43 member failures affecting some two million Canadians. No one has lost a dollar of deposits under CDIC protection.
Look for this logo to identify a CDIC member institution:
– 30 –
For further information
Head, Communications and Reporting