doesn’t find much in the way of a wide array of financial institutions to pick from, but credit unions see this as an opportunity. Establishing a strong community presence, especially in underserved areas is one of the first key standout factors that define credit unions. In 2021, there were 2,214 credit union locations, including rural areas where, in 380 communities, credit unions were the only financial institutions operating. The most recent example of credit unions’ dedication to providing support to remote areas is Atlantic Edge Credit Union (AECU), which is finalizing its plans to offer banking services and open a branch for residents living in the Eastern Canadian community of Fogo Island in Newfoundland and Labrador. “Credit unions are passionate about serving all communities, especially members in rural or marginalized communities that do not have the same level of access to banking services as those in well-served areas, which includes Indigenous peoples, visible minorities, lower income Canadians and more,” says Bolu Omidiji, Manager, Community Impact and ESG at CCUA. “This is why, for credit unions, breaking those barriers to provide a multitude of products and services, such as home ownership solutions, digital banking, loans, and financial literacy programs, is so crucial.” HELPING ALL CANADIANS REALIZE THEIR HOME OWNERSHIP DREAMS Many Canadians have removed the prospect of homeownership off their lists due to unaffordability and overall high cost of living. However, credit unions are proving the dream of home ownership can be a reality. In 2022, credit unions provided $146.7 billion in residential mortgages to members and were recognized for being among the largest lenders to homeowners, accounting for a total of 16.5%. While home ownership may be regarded as unachievable to many young Canadians, newcomers and marginalized communities, credit unions have made it their mission to offer assistance and support those looking to fulfill their homeownership dreams as well as newcomers and rural and Indigenous 25 CIVIL AND MUNICIPAL VOLUME 05, ISSUE 07 CANADIAN CREDI T UNION ASSOCIAT ION
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