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Credit Unions

Credit Unions
Credit Unions
Expertise / Practices / Financial Services / 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
  • The Bank of Nova Scotia on its C$1-billion sale of the business and assets of Roynat Lease Finance, a division of its 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, in 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 from time to time party thereto, as lenders, 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.

  • Representing approximately 40 British Columbia Credit Unions in a successful $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 (Banking & Finance – Nationwide Canada, Banking & Finance: Financial Services Regulation – Nationwide Canada, Insurance: Dispute Resolution – Nationwide Canada, Insurance: Transactional & Regulatory – Nationwide Canada, Project Finance – Nationwide Canada and Transportation: Aviation: Finance – Nationwide Canada)

  • Chambers Global: The World’s Leading Lawyers for Business (Banking & Finance – Canada, Banking & Finance: Financial Services – Canada and Capital Markets: Securitisation – Canada)

  • The Canadian Legal Lexpert Directory (Blakes is “Most Frequently Recommended” in Banking & Financial Institutions every year since the directory’s inception in 1997. Also, “Most Frequently Recommended” in Asset Equipment Finance/Leasing, Asset Securitization, and Project Finance. Also recommended in Derivative Instruments.)

  • The Lexpert/American Lawyer Guide to the Leading 500 Lawyers in Canada (“Most Frequently Recommended” in Banking & Financial Institutions, Asset Securitization and Project Finance)

  • Lexpert Guide to the Leading US/Canada Cross-Border Corporate Lawyers in Canada (Financing)

  • IFLR1000: The Guide to the World’s Leading Financial and Corporate Law Firms (Banking, Financial Services Regulatory and Project Finance)

  • Who's Who Legal: Banking (Finance, Fintech and Regulatory)

  • Who's Who Legal: Canada (Aviation, Banking, Insurance & Reinsurance and Project Finance)

  • Who's Who Legal: Insurance & Reinsurance

  • Who's Who Legal: Project Finance

  • Who's Who Legal: Transport – Aviation Finance

  • Euromoney’s LMG Banking, Finance and Transactional Expert Guide (Banking, Insurance and Reinsurance, Project Finance, Structured Finance and Securitisation and Women in Business Law)

  • The Legal 500 Canada (Banking and Finance, Insurance and Transport: Aviation)

  • The Best Lawyers in Canada (Asset-Based Lending Practice, Aviation Law, Banking and Finance Law, Derivatives Law, Equipment Finance Law, Project Finance Law and Structured Finance Law)