Major events in our development

Chronology

Throughout its history, Credit Union Deposit Guarantee Corporation has grown in strength, evolved and been granted increasing regulatory powers through legislation.

1937 – The Credit Union Act was passed. The first Saskatchewan credit union was formed.
1952 – Mutual Aid Fund created
1953 – Mutual Aid Board created to administer fund
1962 – Mututal Aid Board provided with authority to liquidate credit unions
1967 – Canada Deposit Insurance Corporation (CDIC) established
1972 – Mutual Aid Board provided with supervision powers
1974 – Lender-of-last-resort agreement with CDIC established
1977 – Credit Union Act amended, resulting in legislation that formally stated that all deposits held in Saskatchewan credit unions were fully guaranteed
1983 – Mutual Aid Board adopts name Credit Union Deposit Guarantee Corporation
1985 – Credit Union Act amended, resulting in legislation that provided the Corporation with the power to set standards of sound business practice
1998 – Credit Union Act amended, resulting in legislation that provided the Corporation with the power to direct credit union amalgamations and to issue compliance orders