BC's first credit union is created in South Burnaby by members of the Common Good Co-operative Association in reaction to the economic hardships of the Depression. People were desperate to borrow funds and the banks did not encourage small loans or savings accounts - unlike co-operative associations and credit unions.
The first credit unions attracted society's neediest citizens and loans were made on the basis of good character and reputation in the community.
Credit unions then, and now, are co-operative financial organizations owned by their customers/members. Members elect directors and each member has an equal vote.
The credit union movement in BC is based on the co-operative, consumer models developed in Europe in the 19th century. Credit unions followed in the path of consumer co-operatives with one important difference - they provided the capital that was the financial heart of the entire system.
Credit unions band together to form the B.C. Credit Union League, the system's first official trade association.
The Second World War fuels the provincial economy; credit unions multiply in size and number.
The League forms B.C. Central Credit Union to manage the system's pooled deposits.
B.C. Central moves into its own building at 96 East Broadway, Vancouver. These modest premises were shared with the League and numerous credit unions over the years, twice requiring expansion and rebuilding.
B.C. Central's assets reach the $1 million dollar mark.
Central is the first provincial central certified under the federal Co-operative Credit Associations Act, which established Canadian Co-operative Credit Society (C.C.C.S.), the national umbrella organization now known as Credit Union Central of Canada (CUCC).
B.C. Central and the League enter into a centralized clearing arrangement with the Canadian Bankers' Association, along with their counterparts in the other provinces.
Central introduces a deposit/loan plan for BC credit unions.
New Credit Unions Act is passed by BC government.
Central's office moves to 510 West Hastings Street, Vancouver.
Central introduces the first cheque-sorting machines to its clearing operations - a first step toward full automation.
The Central Retirement Savings Plan is introduced.
The concept of a B.C. Credit Union Centre to house provincial credit union organizations is introduced.
Vancouver City Savings Credit Union devises Plan 24, the industry's first daily interest savings account.
Central Associated Financial Services (C.A.F.S.) is incorporated to provide a mortgage service to credit unions.
Central's Head Office moves to 885 Dunsmuir Street, Vancouver.
B.C. Central and the League are merged under Central's banner, integrating their financial management and trade association functions into a single organization.
Central's data processing team begins development of a credit union computer online real-time system.
Central Associated Financial Services (C.A.F.S.) Ltd. changes its name to Central Financial Corporation Ltd. (C.F.C.).
6.04 acres are purchased in Vancouver's False Creek for the site of the new Credit Union Centre.
Ground-breaking ceremonies kick off construction of B.C. Central's new building on the shores of False Creek.
B.C. Central moves into the B.C. Credit Union Centre, its handsome new quarters on Creekside Drive, a symbol of the False Creek area's renewal.
Central officially adopts the Hands and Globe as its corporate insignia.
Central's Data Processing Department is spun off as a user-owned company managed by Central. By 1983, it has evolved into CUE Datawest Ltd., with its own management and board of directors.
Central's assets reach $1 billion mark.
Through Central, BC's credit unions join the Canadian Payments Association, the newly formed clearing organization for Canada's financial institutions.
BC credit unions reach consensus on an agreement to restructure the control of B.C. Central. Voting and dues are based on the size of a credit union's membership.
Central represents the BC credit union system as sponsors of the UN Pavilion at Expo 86.
Under Central's leadership, credit unions join the Interac Association, enabling members to use the ATMs of all major financial institutions, coast-to-coast.
Provincial legislation caps the Credit Union Deposit Insurance Corporation (CUDIC) guarantee at $100,000 per member.
Government introduces the Credit Union Incorporation Act and the Financial Institutions Act, which supersede previous provincial legislation to regulate credit unions.
BC credit unions unanimously adopt Member Card® as their common device for electronic banking, setting the wheels in motion for the card to become the national credit union standard.
Under Central's leadership, the BC system is linked to the new Interac Direct Payment service.
Central introduces a long-term business plan that correlates its internal strategic objectives with those of its member credit unions. The plan promotes the organizational efficiency of the system, the financial independence of credit unions and financially accountable operating procedures.
B.C. Central Credit Union changes its name to Credit Union Central of British Columbia.
Central completes negotiations for the purchase of 13 rural bank branches and their transfer to 11 local credit unions - extending the system's services to thousands of new members.
Central's assets reach $3.4 billion.
Central enters into discussions with Credit Union Central of Ontario to explore the merger of their wholesale financial services functions.
Through continued national expansion of its MemberDirect® service bureau, Central manages Internet banking operations for 200 credit unions, serving 2 million members across Canada.
BC credit unions share a colourful past and have played a major part in the development of our province. The official history of Central and the BC credit union movement is chronicled by Dr. Ian MacPherson, Dean of Humanities and Professor of History at University of Victoria, in Co-operation, Conflict and Consensus - 290 pages, lavishly illustrated, available in hard or soft cover.
Central introduces an integrated e-commerce strategy for credit unions under the MemberDirect® umbrella, combining Internet banking with online funds transfer services and a customizable web information portal.
Central expands its markets through new business ventures, including contracts to provide payments processing services to government and industry clients and portfolio management on behalf of affiliates. Increased volumes produce economies of scale that control technology costs for BC credit unions.
Central's MemberDirect® service bureau adds 36 Ontario credit unions to its client base, which now includes 300 institutions across Canada offering Internet banking and advanced e-commerce options to members.
Negotiations regarding the proposed merger of Central's wholesale financial services operations with those of Credit Union Central of Ontario are discontinued due to legislative and jurisdictional issues.
British Columbia reduces liquidity requirements by 20 percent, expanding the capacity of credit unions to lend to individual and small business members.
Central's assets top $4.6 billion.
Total credit union membership in BC surpasses 1.5 million.