We protect deposits.

Saskatchewan credit unions established the Mutual Aid Fund and the Mutual Aid Board In 1953. The Mutual Aid Fund grew into a more formal organization, later renamed the Credit Union Deposit Guarantee Corporation (CUDGC) in 1983.

CUDGC gets its powers to carry out activities through legislation. CUDGC was created to ensure all deposits in Saskatchewan credit unions are fully guaranteed. We have successfully met this responsibility since our inception in 1953. Additionally, we are responsible for regulating SaskCentral under The Credit Union Central of Saskatchewan Act, 2016.

As the first deposit guarantor in Canada, we have a long history of protecting deposits and regulating credit unions effectively.

Main Responsibilities

• Guarantee the full repayment of deposits in Saskatchewan credit unions
• Manage a deposit guarantee fund in line with industry standards
• Set standards for good business practices and ensure credit unions follow them
• Direct credit unions to take action if any issues arise that could put depositors’ money at risk

We are not a government agency. We are, however, accountable to the Government of Saskatchewan through the Registrar of Credit Unions.

The Registrar of Credit Unions oversees and monitors CUDGC. They ensure we are fulfilling our regulatory role and mandate. The Registrar has the ultimate responsibility and authority for the regulation of PRFIs.

Find more details on the regulation of the Saskatchewan credit union system here.