About Us

History

During the 1960s, credit union leaders decided that they had to do something to provide mortgages for their members. In 1966, together with the Nova Scotia Credit Union League (now Atlantic Central), they incorporated League Savings and Mortgage Company (League Savings) under a special act of the Parliament of Canada. League Savings began business in 1968 from an office in Antigonish, Nova Scotia, and moved to Halifax, Nova Scotia in 1971.

League Savings started doing business in New Brunswick in 1976, Prince Edward Island in 1989, and Newfoundland and Labrador in 2000.

Ownership

Atlantic Central is the sole shareholder of League Savings by virtue of owning 100% of the common shares. Through Atlantic Central, Class LSM shares are held by New Brunswick, Newfoundland and Labrador, Nova Scotia and Prince Edward Island credit unions.

Regulation

Continued under the Federal Trust and Loan Companies Act
Regulated by the Office of the Superintendent of Financial Institutions (OSFI).
Member of the Canada Deposit Insurance Corporation (CDIC).

Annual Reports

Federal Regulatory Disclosures – Residential Mortgages

In June 2012, OSFI issued the B-20 Guideline on Residential Mortgage Underwriting Practices and Procedures. The guideline became effective in the first quarter of 2013.

As a Federally Regulated Financial Institution actively engaged in residential mortgage lending and acquisitions, League Savings and Mortgage Company is required to comply with the Guideline which includes making public disclosure on its residential mortgage portfolio.

Please click the links below for quarterly details of the residential mortgage portfolio at League Savings and Mortgage Company.

Capital

On June 26, 2012, the Basel Committee on Banking Supervision (BCBS) issued its final rules on the information Financial Institutions must publicly disclose when detailing the composition of their capital. Entitled, Composition of capital disclosure requirements – Rules text, the publication sets out a framework to ensure that the components of Financial Institutions’ capital bases are publicly disclosed in standardized formats across and within jurisdictions for Financial Institutions subject to Basel III.

In October 2011, OFSI issued its interim capital disclosure requirements for Q1 and Q2 of 2013, and in July 2013, OSFI issued its final Advisory detailing the requirements for Financial Institutions in Canada.

Please click the links below for quarterly details of the composition of capital at League Savings and Mortgage Company.