Protection, Prevention & Partnership
Stabilization Central Credit Union identifies and assists credit unions facing governance, operational, or financial challenges. We work closely with the regulator (FICOM), to facilitate necessary support for credit unions. For over a quarter century Stabilization Central has worked in partnership with BC credit unions to create operational solutions, where self-regulation is the ultimate and desired outcome.
Master Bond Program
In addition to early monitoring and intervention responsibilities, SCCU is home to the Master Bond Program (MBP). SCCU is responsible for oversight and administration of the MBP. In early 1990s, the Financial Institutions Commission (FICOM) assigned Stabilization Central the responsibility for the MBP, which provides insurance to BC credit unions against fidelity and other risks. The Master Bond Program provides ongoing education through regular bulletins, seminars and visits to credit unions.
Credit Union Support Programming
While monitoring and intervention assistance remains SCCU’s focus, the organization develops support programming to assist credit unions in satisfying regulatory requirements and developing prudent practices. Resources are available to assist BC credit unions with enterprise risk management, business continuity planning, and governance best practice. We offer the Confidential Ethics Hotline for anonymous conduct disclosures, security expertise and portfolio risk analysis support. SCCU commits resources to new initiatives as the system discovers areas where they require additional support.
SCCU works with credit unions under delegated authority from FICOM and voluntary engagements to support compliance with governing regulatory requirements. The organization also monitors emerging risks to the credit union system to assist in the development of mitigation strategies when necessary.