The Credit Union Deposit Guarantee Corporation (CUDGC) is a Provincial Crown Corporation established to insure deposits of Credit Union Members and Associate Members in Newfoundland and Labrador. The Corporation is responsible for the administration of the Credit Union Act and Regulations, for ensuring compliance with the Act and Regulations by credit unions and for the stabilization of the credit union system. The Corporation administers various credit union insurance programs provided by the Credit Union Bonding Program, a national credit union risk sharing insurance program managed by CUMIS Insurance. The Corporation is also an active participant in national and regional credit union related organizations.
The credit union system in Newfoundland and Labrador is comprised of 10 credit unions with offices in 40 locations, approximately 56,000 members and assets in excess of $800 million dollars. The system employs 326 people.