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Credit Unions, Loan & Trust Companies
Nova Scotia's 35 credit unions and 41 trust and loan companies are licensed to operate in the province by Environment and Labour. Regulating these companies helps protect your investments. Credit UnionsPeriodic field examination for solvency and compliance are conducted on the 35 credit unions in the Province as well as Credit Union Central of Nova Scotia and the Credit Union Deposit Insurance Corporation. The division is responsible for approving the incorporation of credit unions, their by-laws and for the general administration of the Credit Union Act. The 35 credit unions had combined assets of $1,318 million and employ about 650 people in the Province. Trust and Loan CompaniesThere are about 41 trust and loan companies operating in the Province which are licensed by the division. Regulatory duties related to these companies involve monitoring of financial health and market conduct. All are incorporated federally or in another province and are primarily regulated by their home jurisdiction. The division is responsible for approving the incorporation of any trust or deposit-taking loan company in the Province. Legislation |
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