FSRA, from June 8, 2019, and before that DICO, as the prudential regulator of credit unions, requires high standards of business conduct and governance to protect the rights and interests of credit union members. Because Pace Credit Union did not adhere to these standards, and its oversight functions failed to identify and correct that failure, it was placed under administration by FSRA to protect Pace members and other stakeholders.
Update from Regulator to Members with Full Tele-Town Hall Audio Recording
On Monday November 25, 2019, the Financial Services Regulatory Authority (FSRA) and the administrator of the PACE Credit Union, organized a tele-town hall with PACE Credit Union members. This meeting provided an update on the status of PACE administration and how it will be returned to a member-controlled governance.
The tele-town hall offered PACE members an opportunity to ask questions, provide feedback and express opinions in an open manner.
PACE CEO, Rubina Havlin, and FSRA’s CEO, Mark White, participated in the meeting and responded to questions and concerns raised by PACE members.
All members received a detailed letter from FSRA CEO Mark White with updates on the administration and next steps for PACE Credit Union (https://pacecu.ca/SharedContent/documents/2019/FSRAMemberLetter.pdf).
More than 4000 members joined the call. We answered more than 40 questions. Based on a polling survey, 93 per cent felt they got more answers than they had expected before the event and 53 percent preferred email as a means of communication.
PACE hosted a special members meeting on January 27, 2020. This meeting provided members with an opportunity to approve necessary by-law changes and put a newly constituted Board in place.
A full recording of the tele-town hall is also available at https://www.fsrao.ca/sites/default/files/2019-11/20191125-FSRAO-PACECreditUnion-VTH-EventRecording.mp3. Or you can view the following transcript.
PACE members play an integral role in the future of the credit union. We welcome your feedback.
February 26, 2020
Information about the Administration
| Date | Communications |
|---|---|
| February 19, 2020 | Order of Deposit Insurance Corporation of Ontario Pursuant to Section 294(1) of the Act |
| January 27, 2020 | Summary Report PACE Credit Union |
| January 27, 2020 | Presentation to the PACE Special Members Meeting - Returning to Member - Controlled Governance Presented by Mark White, CEO of FSRA, as Administrator |
| November 22, 2019 | Message from Financial Services Regulatory Authority of Ontario (FSRA) |
| June 26, 2019 | Pace Administration, Annual General Meeting Presentation |
| April 26, 2019 | Message from the Regulator |