As Household Debt Reaches Record Levels, Credit Unions Join Forces to Tackle Predatory Lending

TORONTO, Feb. 18, 2026 /CNW/ - DUCA Financial Services Credit Union Ltd., alongside its non-profit subsidiary, The DUCA Impact Lab, is proud to announce that Coast Capital Savings Federal Credit Union has joined a growing collaboration of values-driven credit unions, including Kindred Credit Union, Vancity (Vancouver City Savings Credit Union), and Your Neighbourhood Credit Union,  focused on developing practical, equitable banking solutions for Canadians facing rising financial pressure.

Canadian households are carrying record levels of debt, with higher interest rates and rising living costs placing increased strain on families across the country. For many, this growing debt burden is contributing not only to financial instability, but also to heightened stress and declining mental well-being--particularly among those with limited access to fair, affordable credit.

The DUCA Impact Lab Innovation Hub brings together values-driven credit unions to respond to these challenges by rethinking traditional banking models and designing alternatives that prioritize fairness, accessibility, and long-term financial stability for underbanked and vulnerable populations.

"Debt levels in Canada are reaching a point where the consequences can no longer be ignored," said Doug Conick, President and CEO, DUCA Financial Services Credit Union & Chair, DUCA Impact Lab and Social Finance Corp. "This collaboration exists because incremental change isn't enough. We need solutions that address the root causes of financial stress and offer people a safer path forward--before debt becomes a crisis."

The Escalator Loan program is designed to help vulnerable Canadians escape cycles of high-cost, predatory debt by providing fair, transparent, and accessible loan options that support financial recovery and resilience. More information about the Escalator Loan can be found at https://escalator.duca.com/.

"As a purpose-driven federal financial cooperative, Coast Capital is committed to building better futures by unlocking financial opportunities for our members, employees and communities," said Maureen Young, Vice President, Social Purpose Office, Coast Capital. "Inclusive finance is a central lever that we activate to realize our purpose. We are really excited to partner with this collaborative led by DUCA in helping extend access to essential financial tools--supporting participants' financial wellbeing and strengthening their overall quality of life. We look forward to learning and iterating to bring this to more Canadians."

Founded by DUCA Financial Services Credit Union, The DUCA Impact Lab serves as a collaborative platform for credit unions committed to addressing systemic gaps in financial access. DUCA is recognized as Canada's first B Corp–certified credit union, reflecting its commitment to public transparency, legal accountability, and verified social and environmental performance. Coast Capital's participation strengthens a growing national effort to use cooperative banking as a force for positive social change.

For more information on the DUCA Impact Lab and its initiatives, visit https://www.duca.com/about-us/doing-more.

About DUCA Financial Services Credit Union Ltd.

Founded in 1954, DUCA Financial Services Credit Union Ltd. is a Member-owned financial cooperative serving over 92,000 members across Ontario. DUCA's mission goes beyond banking to include a broader commitment to building a fairer financial system by unlocking the potential of individuals, businesses, and communities.

About Coast Capital Savings Federal Credit Union

Coast Capital is Canada's largest credit union by membership, serving hundreds of thousands of members nationwide. With a strong focus on financial well-being and community impact, Coast Capital reinvests in programs and partnerships that support inclusive economic participation and long-term prosperity.

SOURCE Duca Financial Services Credit Union Ltd.

Media Contact: DUCA Financial Services Credit Union Ltd., Pippa Nutt, Chief Marketing & Member Solutions Officer, 416-570-6494 | [email protected]