As the regulator of credit unions in Ontario, FSRA requires high standards of business conduct and effective governance to protect the rights and interests of credit union members. PACE was placed into administration by FSRA’s predecessor in September 2018 due to mismanagement and misconduct by members of senior management and a lack of effective governance by the credit union Board.

Members deposits of the PACE credit union continue to be insured through the deposit fund administered by FSRA.

PACE updates and resources

Date Content Type Communications  
April 12, 2021 Members Letter FSRA Letter to PACE Credit Union Members
April 9, 2021 Administration Order Administration Order No. 4
April 9, 2021 Capital Variance Decision of the CEO of FSRA for Variation of Capital Requirements
December 23, 2020 Press Release Mediation is proposed as next step for PACE Investor Claimants
December 14, 2020 News Release David Finnie Appointed CEO of PACE Credit Union Effective December 21, 2020
November 20, 2020 News Release FSRA Resumes Oversight of PACE Credit Union’s Day-to-Day Operations
April 28, 2020 Administration Order PACE Administration Order No.3: New Directors Manage CU’s Affairs
February 28, 2020 Administration Order PACE Administration Order No.2: Appointment of New Directors
January 27, 2020 Presentation PACE Special Members Meeting Presentation: Odgers Berndston: Recruitment of New Directors
November 22, 2019 Members Letter FSRA’s update on PACE administration and next steps
November 25, 2019 Recording PACE members Tele-town hall Presentation
June 26, 2019 Presentation PACE AGM Meeting-FSRA’s updates on administration proceedings

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