A much-talked about proposed credit union is facing investigation by the B.C. Financial Services Authority (BCFSA).
The planned credit union is called Aubergine Credit Union or First Filipino Credit Union.
The BCFSA, which regulates financial institutions in British Columbia, disclosed the investigation in a
media release on January 10, 2023.
The agency also stated that Aubergine or First Filipino Credit Union is not authorized to operate as a
credit union.
“BC Financial Services Authority (BCFSA) is actively investigating the alleged creation and development
of a proposed credit union that has publicly promoted itself as both Aubergine Credit Union and First
Filipino Credit Union,” the government agency stated in the news release.
It added: “BCFSA has not authorized either Aubergine Credit Union or First Filipino Credit Union to
operate in British Columbia.”
There has been a lot of talk in the Filipino community and online about the credit union.
There are claims that the credit union would open for business in January 2023.
Also, other declarations state that the entity is in the process of applying to operate as a credit union.
On December 21, 2022, Mable Elmore, Member of the Legislative Assembly of B.C. for Vancouver-
Kensington, disclosed on social media that Aubergine is not an incorporated entity.
Elmore based her social media post on information she received from the B.C. Ministry of Finance.
Previously on December 10, 2022, Elmore hosted a community forum at her Vancouver-Kensington
community office about alleged fraudulent activities and scams.
In its January 10, 2023 media release, the BCFSA warned consumers that they should “only use the
services of authorized B.C. credit unions in order to avoid organizations that are engaging in unlawful
business.”
“Members of the public can find out if a credit union is registered by using the Find a Credit Union
Search on BCFSA’s website. Credit union registrations can also be verified by calling BCFSA at (604) 660-
3555 or toll-free at 1 (866) 206-3030,” the BCFSA stated.
The agency added, “Any credit union that claims to be in the process of applying for authorization in B.C.
is also not an authorized credit union and consumers should not use their services until they have been
approved by BCFSA.”
The BCFSA regulates credit unions under the Financial Institutions Act and the Credit Union
Incorporation Act to ensure that credit unions and deposit-taking entities are properly authorized, to
supervise and address solvency concerns, and to oversee and address credit union market conduct.
“We investigate all complaints made to BCFSA that fall within our authority. If a member of the public is
concerned that a credit union or deposit-taking entity is acting without authorization, you may visit
BCFSA’s website to File a Credit Union Complaint,” the agency stated.
The BCFSA is a Crown regulatory agency of the Government of British Columbia.
BCFSA oversees the financial services sector, which includes pension plans, mortgage brokers, real
estate services, real estate development marketing, and financial institutions (credit unions and
insurance and trust companies).
BCFSA also administers the Credit Union Deposit Insurance Corporation of British Columbia (“CUDIC”)