Lighthouse CU becomes Ontario's newest credit union following FSRA approval →

Lighthouse CU becomes Ontario’s newest credit union following FSRA approval

TORONTO, March 23, 2022 /CNW/ – Lighthouse Credit Union (Lighthouse CU) has received official approval from the Financial Services Regulatory Authority of Ontario (FSRA), becoming the province’s newest credit union, and first new credit union in Ontario in more than a decade.

Lighthouse CU will primarily serve the Greater Toronto Area’s diverse Jewish community, with a focus on making home ownership in Jewish neighbourhoods more accessible through competitive residential mortgages, supporting customers with their everyday banking needs, and promoting and supporting community philanthropy and financial literacy.

“Lighthouse CU is delighted to be part of the robust and stable Ontario credit union industry. We are grateful to the FSRA for their approval, support and recognition for the need for a Jewish credit union that serves the unique needs of both the Jewish community and the members of the community-at-large,” says Harley Gold, Chairman of Lighthouse CU.

Lighthouse CU will initially provide virtual banking, starting in the second quarter of 2022, with plans to open a physical branch in the Lawrence and Bathurst area at a future date. Based on feasibility studies, it is aiming to attract more than 20,000 members in the GTA. Lighthouse is well capitalized with $15 million of initial Tier 1 capital, enabling it to raise hundreds of millions of dollars of deposits from members that would be insured up to $250,000 per depositor.

“We are delighted to welcome Lighthouse Credit Union to the sector. This is the first credit union to launch in Ontario in over a decade and highlights the strength and stability of our growing credit union system, built on the diversity and member focus of cooperative finance. Working to serve both Jewish and non-Jewish communities, we are excited to see the contributions Lighthouse will bring to the sector and the communities they will serve,” says Martha Durdin, President and CEO of the Canadian Credit Union Association.

More than six million Canadians rely on credit unions for their financial needs, seeking better products and more specialized services. Credit unions account for more than 21 per cent of residential mortgages and 22 per cent of small business lending in Canada. With Toronto having one of the strongest Jewish communities in the world, and many members of that community underserved by traditional banks, Lighthouse CU is confident that it will quickly become a leading credit union both in terms of assets and impact.

“There has been an outpouring of support for a Jewish credit union from community organizations, synagogues, schools, and young professionals. A credit union fits well within Jewish principles of community and giving back, and we hope that Lighthouse CU can serve as a financial beacon for the community,” added Gold.

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