ID
2024-004
Thank you for providing your feedback on FSRA’s proposed Guidance on credit unions - unclaimed deposits.
The request for submissions is now closed.
We appreciate the comments and questions received to date and look forward to sharing with you the final Guidance. Stay up to date on Guidance releases on our newsroom. Follow us on LinkedIn and subscribe to our mailing list for quick updates.
To better protect credit union members and their deposits, FSRA is proposing an Unclaimed Deposits Rule and accompanying Guidance.
The Rule will require credit unions to transfer deposits to FSRA after the account has been inactive for 10 years and attempts to notify/locate the member have not been successful.
FSRA will hold the transferred deposits for 40 years (if less than $1,000) or 100 years (if more than $1,000). If the deposits are not claimed within these timeframes, FSRA is required to transfer them to the Ontario Consolidated Revenue Fund, which benefits all Ontarians.
To claim an unclaimed deposit, a credit union member, beneficiary, or estate will need to file a claim with FSRA and provide evidence of their right to the deposit. The proposed Rule outlines requirements for credit unions and those claiming entitlement.
To support the Rule, FSRA is also releasing new Guidance for consultation. The Guidance provides transparency on how FSRA will administer the Rule. It also includes interpretation of the requirements in the Rule for both credits unions and those filing a claim.
The Rule and accompanying Guidance are being posted for a 60-day consultation period which closes on May 16, 2024.
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