May News: CCUA’s 2025 takeaways, Cybersecurity trends & Product Updates
This month’s edition brings you key takeaways from CCUA’s 2025 National Conference in Halifax, expert insights on cybersecurity threats facing Canadian SMBs, the evolution of credit unions in Ontario and much more!
Tech Trends
Cybersecurity in focus: Protecting canadian SMBs in 2025
With digital infrastructure now a critical part of every organization, Canadian small and mid-sized businesses are increasingly targeted by sophisticated cyber threats. This article outlines the biggest security risks SMBs face today — from ransomware attacks and phishing scams to third-party vulnerabilities — and what practical steps can be taken to defend against them. With cybersecurity no longer optional, it’s time for SMBs to adopt a more proactive, layered defense approach. Read the full article
Industry News
CCUA’s 2025: What’s shaping the future of canadian credit unions
From automation to accessibility, this year CCUA’s National Conference in Halifax brought key themes into focus for credit unions navigating change. Sessions emphasized the growing need for digital agility, data-driven personalization, and inclusive design — all while reinforcing the sector’s deep-rooted community values.
Credit unions that embrace transformation with purpose and responsiveness will be best positioned to lead through disruption.
Our team was there — and Tucker Sholtes, our CEO, shared a full recap with highlights and industry insights. 📖 Read the full article here
Product Updates
Keeping up with FSRA’s latest requirements
Following our recent meetings with FSRA, Infonancial is aligned with the latest EDC requirements. As FSRA introduces more detailed filing expectations, we’re working hand in hand with our credit union partners to build the right solutions—designed specifically to meet their needs. Our aim is to make filing easier, more accurate, and fully in step with FSRA’s evolving standards.
New Launches and new provinces!
At Infonancial, we're committed to building tools that empower credit unions to serve their members with speed, confidence, and care. This month, we're celebrating some exciting milestones for InfoLend, our next-generation Loan Origination System designed with lending officers at the forefront.
We're thrilled to share that onboarding and training are now officially complete for both Golden Horseshoe and Lighthouse Credit Unions! It's been an incredible journey, and we can't thank their teams enough for being such engaged, enthusiastic, and thoughtful partners. Their energy, curiosity, and willingness to dive deep into the platform have made a meaningful impact—not only on their own success, but also on the continued evolution of InfoLend itself.
Additionally, the team was also excited to attend our first East Coast credit union conference—Waves of Change in Halifax! It was an incredible experience to connect with so many passionate credit union leaders and showcase InfoLend to a whole new audience. The positive feedback we received was both energizing and affirming, and we're more inspired than ever to keep building a platform that meets the real-world needs of lenders across the country.
We’re just getting started, and we’re excited for what’s ahead as we continue to grow InfoLend with our credit union partners—one powerful feature, one great conversation, and one successful loan at a time. Stay tuned for more updates as InfoLend continues to evolve! Book a demo here
Customer Success
The Surprising evolution of credit unions
When I first began working in the credit union industry in the early 1990s, there were over 400 credit unions in Ontario. Today, that number has shrunk to just 57. Consolidation has undeniably reshaped the landscape, but perhaps more intriguing is how the culture of credit unions has evolved—often in unexpected ways.
When I transitioned from the "big banks" into the credit union sector, I was immediately struck by the distinctly different ethos. Credit unions prioritized members above all else. Staff were treated as whole human beings—not merely as “commodities” to be hired and fired at the whim of economic cycles. The priority was service, and profit was less important. This attitude of service toward members and support for staff has endured to this day.
At the time, most credit unions operated with fierce independence, preferring to manage every possible function internally.
For example, we printed our own monthly statements; local community members were hired part-time to sort cheques and organize the records that were mailed out each month. We supported local initiatives by employing members for everything from renovations to printing newsletters, and we actively sponsored community events. Some credit unions even refused to join Credit Union Central of Ontario, instead forming a separate, unaffiliated association that independently negotiated clearing contracts—ironically, often with the very big banks they sought to differentiate themselves from.
I worked at an ethnic credit union that believed its operations were unique and largely unrelated to those of other credit unions. However, I soon discovered this narrow view overlooked the many shared challenges facing all co-operative financial institutions. While many credit unions had adhered to their original "closed bonds," they were now eager to expand into broader community markets. They struggled to provide full-service banking at scale, manage fluctuating imbalances between deposits and loans, and attract younger members as their core membership aged into retirement.
In my management role, I began attending industry conferences—sometimes covertly—at venues like Toronto’s Royal York Hotel, hoping to gain insights into broader trends within the industry. I couldn’t tell my colleagues about my research, as they would have thought I was trying to be revolutionary and take the credit union away from tried-and-true processes. Over time, I observed a dramatic cultural shift.
As consolidation progressed, so did collaboration. Long-standing rivalries gave way to a renewed spirit of cooperation. New organizations emerged that truly embraced the co-operative ethos. Departments such as Compliance, Marketing, Human Resources, and Government Relations began working together across institutions. Small, medium, and large credit unions all found value in shared experiences and mutual support. Virtually every manager gained access to a peer network they could rely on for both advice and encouragement. When we encountered problems, instead of boasting about our successes and burying our issues, we talked about them openly.
This growing sense of camaraderie became especially evident in our interactions with regulators and compliance frameworks. While individual credit unions might have lacked the power to prevent major changes, working together allowed us to navigate those changes more effectively. We came to understand that unity made us more adaptable—and ultimately stronger.
At Infonancial, I’ve seen this transformation extend to our clients as well. When exploring new services or operational changes, credit unions are now far more inclined to collaborate—leveraging shared bargaining power and pooled expertise to deliver better outcomes.
The evolution of credit unions in Ontario reflects more than just a reduction in numbers—it illustrates a profound cultural transformation. From a fiercely independent and localized model to a more unified and collaborative network, credit unions have shown remarkable adaptability. While consolidation has brought challenges, it has also created opportunities for greater cooperation, shared innovation, and resilience in the face of change.
As we look ahead, this spirit of unity will be essential to ensuring credit unions continue to serve their members and communities with purpose and strength. At Infonancial, we are proud to support the efforts of our partners by working toward member-centric solutions—and by staying true to the spirit of active cooperation.
— Greg Radwan
Client Spotlight
Lighthouse Credit Union
Banking with purpose, grounded in community values
Founded on the belief that housing is more than just shelter — it’s about community, dignity, and belonging — Lighthouse offers financial services that reflect the realities of those building Canada’s future.
Their member-owned model empowers individuals working in housing to take control of their financial goals, while supporting a cooperative ecosystem that uplifts the sector as a whole.
Coming Up: Fireside Chat – Innovation & Leadership in housing
Join Lighthouse Credit Union founder Harley Gold and Toronto City Councillor Brad Bradford for a candid conversation on leadership, innovation, the housing crisis, and what’s next for finance in our cities.
Don’t miss this opportunity to hear their personal insights and engage in the future of community banking.
RSVP here → Fireside Chat Registration
What’s New at Infonancial?
Waves of Change CU Conference in Halifax! 🌊
We’re always seeking opportunities to connect, learn, and grow alongside the credit union community. This month, we had the pleasure of attending the Waves of Change Conference in Halifax, marking our first credit union conference on the East Coast—and what an experience it was!
The conference provided an incredible platform to showcase InfoLend to a host of credit unions we hadn't previously engaged with. The enthusiasm and curiosity from attendees were truly invigorating, and we were thrilled to receive such positive feedback on how InfoLend can support and streamline lending operations.
Beyond the product demonstrations, the conference was enriched by insightful discussions from industry thought leaders. A standout moment was the keynote address by Amanda Lindhout, whose story left a profound impact on all of us. Amanda, a Canadian journalist and humanitarian, shared her harrowing experience of being held captive in Somalia for 460 days. Her journey, detailed in her memoir A House in the Sky, is a testament to the resilience of the human spirit and the power of resilience and transformation. Her insights into overcoming adversity resonated deeply, reminding us of the strength found in perseverance and the importance of mindset in the face of challenges.
We extend our heartfelt thanks to Amanda for sharing her powerful narrative and to all the organizers and participants of the Waves of Change Conference. Events like these reinforce our commitment to innovation and collaboration within the credit union sector. We’re excited about the connections made and look forward to the continued journey ahead.
Stay tuned for more updates as we continue to grow and evolve with our partners!