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Equity of a Credit Union
Every Credit Union is required to maintain equity in an amount equal to 5% of its assets as a reserve against possible losses. This requirement is in addition to the allowance that a credit union maintains for possible losses on its loans.

Stabilization Fund
Credit Unions have pooled resources together over the years to establish a Stabilization Fund. This second level of protection is unique to Credit Unions. This fund is available to provide financial assistance to Credit Unions in the event that losses in a credit union have depleted its equity base.

The Stabilization Fund is administered by a Board of Directors of eight people, five of whom are appointed or elected by Credit Unions. The other three are appointed by government.

In addition to providing financial assistance to Credit Unions, the Stabilization Fund carries out inspections and monitors the financial condition and business practices of Credit Unions on an ongoing basis.

Deposit Insurance
Owner deposits are also insured by the New Brunswick Credit Union Deposit Insurance Corporation (NBCUDIC). NBCUDIC insures 100% of the deposits of all owners of Credit Unions in New Brunswick. The previous limit was $100,000 – the same as chartered banks.

The following accounts are protected:

• Savings, chequings and term deposits
• RRSPs
• RRIFs

Term deposits that are locked in longer than 5 years, Credit Union equity shares, investments in mutual funds and foreign currency deposits are not covered by the deposit insurance provided by NBCUDIC.

Money Laundering Protection
If you have ever been asked to show ID at a financial institution, it is probably to protect against money laundering. Financial institutions are required by law to ask for ID in certain situations.

Why is it important to fight against money laundering?
"Money laundering is the process used to disguise the source of money or assets derived from criminal activity. This illegal activity can include drug trafficking, smuggling, fraud, extortion, corruption. Criminals must launder the profits and proceeds from these crimes to be able to enjoy them.

The scope of criminal proceeds is significant - the International Monetary Fund (IMF) estimated that some $500 billion (U.S.) is laundered worldwide each year.

Money laundering occurs worldwide, and the techniques used are numerous and can be very sophisticated. Technological advances in e-commerce, the global diversification of financial markets and new financial products provide further opportunities to launder money and obscure the trail leading back to the underlying crime."

Money laundering Information provided by the Financial Transactions and Reports Analysis Centre of Canada.

Reported Scams and Fraud
For an up to date list on reported scams and fraud and for more information click here.