Credit Unions

The cooperative governance model and unique membership structure of credit unions as financial institutions requires lawyers with a depth of expertise in virtually every aspect of the regulation of credit unions. Blakes is counsel to many cooperative financial institutions across Canada, including credit unions, caisses populaires and credit union centrals. Our lawyers have developed a deep understanding of this sector and have built strong and effective working relationships with federal, provincial and industry regulatory bodies.

We take a national team approach to ensure our clients receive leading expertise in financial services regulation, lending, M&A, tax, pensions, litigation, technology, fintech, cybersecurity and many other areas of law impacting this sector. It is this skill set that distinguishes us from other law firms, earning us recognition as Canada’s preeminent financial services practice.

Recent Experience

Coast Capital Savings Credit Union on becoming a federal credit union under the Bank Act.
Central 1 Credit Union, the largest shareholder of Credential Financial Inc., on the merger of Credential Financial Inc., Qtrade Canada Inc. and NEI Investments.
The Bank of Nova Scotia (Scotiabank) on its C$1-billion sale of the business and assets of Roynat Lease Finance, a division of Scotiabank’s subsidiary Roynat Inc., to Meridian Credit Union Limited.
Caisse centrale Desjardins on its C$350-million credit facility in favour of Coast Capital Savings Credit Union.
Caisse centrale Desjardins, as agent, on a C$250-million credit facility in favour of Vancouver City Savings Credit Union.
The CUMIS Group Limited on its C$245-million acquisition by Central 1 Credit Union and Cooperators Life Insurance Company.
Caisse centrale Desjardins on its C$100-million revolving facilities agreement in favour of FirstOntario Credit Union.
Fédération des caisses Desjardins du Québec, as administrative agent, issuing lender and lender; the other lenders on the transaction as needed; and Desjardins Capital Markets, as sole lead arranger and sole bookrunner, in connection with a C$55-million revolving credit facility established in favour of Prospera Credit Union.
Forty British Columbia credit unions on a successful C$50-million tax dispute with Canada Revenue Agency in the Tax Court of Canada and Federal Court of Appeal through a lead test case.

Awards & Recognition

Blakes Financial Services lawyers have been recognized as leaders in their field in the most recent editions of the following publications:

Chambers Canada: Canada’s Leading Lawyers for Business
Chambers Global: The World’s Leading Lawyers for Business
The Canadian Legal Lexpert Directory
The Lexpert/American Lawyer Guide to the Leading 500 Lawyers in Canada
The Lexpert Guide to the Leading US/Canada Cross-Border Corporate Lawyers in Canada
IFLR1000: The Guide to the World’s Leading Financial and Corporate Law Firms
The Legal 500 Canada
Who's Who Legal: Banking
Who's Who Legal: Canada
Legal Media Group’s Guide to the World’s Leading Banking, Finance and Transactional Lawyers
The Best Lawyers in Canada