VANCOUVER, B.C.–British Columbia’s financial services authority is warning residents to they are only doing business with authorized banks and credit unions.
The BC Financial Services Authority (BCFSA) said in a statement it is investigating the alleged creation of two credit unions that lack authority to work in the province.
“We were focusing on a proposed credit union going by the name of Aubergine Credit Union and First Filipino Credit Union, which are not authorized to operate in British Columbia,” the BCFSA’s Sarah Lusk said, Vancouver City News reported.
Lusk said the danger of using unauthorized unions is they aren’t regulated by the group.
“We supervise them and we regulate them, and anybody that uses a credit union that isn’t authorized is not getting supervised in the way that we do here,” she said.
The BCFSA said people can check to make sure if a credit union is legitimate by searching the BCFSA’s website.
“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 release added.
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