ID
2021-001

Type
Policy
Sector
Credit Unions and Caisses Populaires
Status
Public comment closed
Date
Comment Due Date

Thank you for your interest in FSRA’s Proposed Credit Union Recovery Planning Guidance. The request for submissions is now closed.

FSRA consulted with stakeholders between January 27, 2021 and March 19, 2021.

Summary

FSRA is releasing final Recovery Planning Guidance to help credit unions increase their resiliency. Recovery plans equip credit unions with strategies to use in the event of a crisis.

The new Guidance sets out the principles of effective recovery planning. It also describes how FSRA will assess the quality of risk management and credibility of recovery options.

The Guidance comes into effect on July 5, 2021. Credit unions have until January 13, 2023 to submit their final plans. FSRA is asking for interim submissions with key elements of the plans by January 14, 2022, so feedback can be provided before the 2023 deadline.

Consultation feedback

Based on Consultation feedback, the Guidance now includes a phase in period. The phase in period gives credit unions more time to work with FSRA before submitting their final plans in 2023.

FSRA will also consider proportionality when assessing whether credit unions are adhering to the principles set out in the Interpretation.

Useful links

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Sector Comment Date posted
Credit Unions and Caisses Populaires
[2021-001] Nick Best - Canadian Credit Union Association (CCUA)
Credit Unions and Caisses Populaires
[2021-001] Bernard Brun - Desjardins Group
Bonjour,
Le Mouvement Desjardins soumet à l'attention de l'Autorité ontarienne de réglementation des services financiers ses commentaires dans le cadre de la consultation sur la Ligne directrice proposé pour la planification de la reprise des activités.
Pour toute information additionnelle, n'hésitez pas à communiquer avec le soussigné.
Recevez mes salutations distinguées.
Bernard Brun
Credit Unions and Caisses Populaires
[2021-001] José Gallant - Alterna Savings
Credit Unions and Caisses Populaires
[2021-001] Stephen Bolton - Libro Credit Union
Libro is pleased to provide our detailed response to FSRA on the proposed Recovery Planning Guidance. We look forward to ongoing discussion around this important guidance document and focusing on principles based outcomes for the sector.

Thanks.
No questions have been asked about this consultation yet.