PACE credit union: administration
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 |
|---|---|---|
| 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 |