FSRA is taking steps to promote reasonable credit union commercial lending practices to ensure that their members are protected.
FSRA has developed Commercial lending Guidance that establishes outcomes credit unions must achieve to manage and mitigate risks associated with commercial lending.
The guidance outlines responsibilities of a credit union’s Board and Senior Management to:
- develop and maintain policies, standards and procedures for commercial lending activities
- manage and protect the systems and technology required for the activities
- manage and mitigate associated risks effectively
FSRA is consulting on this guidance for 60 days and welcomes all stakeholders to submit their feedback by March 1st, 2024.
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