ID
2021-004
ID
2021-004
Type
Policy
Sector
Credit Unions and Caisses Populaires
Status
Public comment closed
Date
Comment Due Date
Thank you for your feedback. This consultation is now closed. The consultation feedback received will help to inform our final approach. Subscribe to our mailing list to receive updates on FSRA news.
Summary
The Financial Services Regulatory Authority of Ontario (FSRA) is making the supervision of Ontario’s credit unions more transparent and effective.
FSRA is holding a 90-day consultation on its Proposed Sound Business and Financial practices of Credit Unions and Caisses Populaires Rule
Overview
The Sound Business and Financial Practices of Credit Unions and Caissess Populaires Rule introduces a principles-based approach to business and financial practices by setting outcomes for:
- Member governance
- Board of Directors governance
- Senior management
- Operational management
- Internal audit, compliance, and finance functions
- Enterprise risk management
- Subsidiary governance
The Proposed Rule will be made under the new Credit Unions and Caisses Populaires Act, 2020, once proclaimed into force. It will replace Deposit Insurance Corporation of Ontario (DICO) By-Law No. 5.
Participate
FSRA is holding a 90-day consultation. FSRA invites comments from June 14, 2021 to September 14, 2021. FSRA is hosting a technical briefing on June 24, 2021 for interested parties. Please register at FSRA's Live Webinar on Ontario's Proposed New Credit Union Rules
Review the Proposed Rule and provide your comments by selecting “Submit a comment or ask a question.”
Useful links:
- Webinar on Ontario’s Proposed New Credit Union Rules
- Summary of stakeholders’ feedback and FSRA’s responses (Pre-FSRA board approved version)
- Summary of stakeholders’ feedback and FSRA’s responses (Post-FSRA board approved version)
- Sound Business and Financial Practices - Proposed Rule 2021- 001
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