Credit Unions and Caisses Populaires
Public comment closed
Comment Due Date

In accordance with FSRA's priorities of reducing regulatory burden and improving regulatory effectiveness, and to ensure clarity for both credit unions and their members—FSRA has developed a proposed Credit Union Deposit Insurance Advertising Rule 2019-002 (Rule). This rule will replace the former Deposit Insurance Corporation of Ontario (DICO) By-law # 3, and with the approval of FSRA’s Board of Directors, FSRA will publish it for consultation in accordance with applicable legislative requirements.

By-Law # 3 governs the manner in which credit unions advertise deposit insurance coverage, including the requirement to display a decal for credit union deposit insurance, which signifies to the members that their deposits are insured.

The Rule would set out key-requirements for advertising deposit insurance coverage: credit unions will have to post decals in their branches or an electronic version of the decal on their website indicating that deposit insurance is provided through FSRA. Credit Unions will also have to display deposit insurance brochures provided by FSRA in their branches and on their websites.

Credit unions are also required to use approved language on deposit insurance coverage in their advertising materials. These requirements are currently in place for credit unions, only the existing advertising material contains outdated references to DICO as the deposit insurer.


Deposit Insurance Decal


Provide your feedback

FSRA is now seeking input on the proposed Rule, which would promote clear and consistent credit union member and consumer understanding of the deposit insurance framework provided through FSRA.

Please provide your feedback on the proposed Rule by January 15, 2020, by selecting “Submit a comment or ask a question”. 

We will continue to focus on providing clarity and better informing credit union members with respect to deposit insurance.

Thank you for your participation!

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Sector Comment Date posted Sort ascending
Credit Unions and Caisses Populaires
[2019-004] David Gunderson - Ontario Educational Credit Union
I believe approved advertising should have message about joint /trust accts

FSRA provides separate insurance for deposits held in one name, jointly in more than one name, in a trust account
Credit Unions and Caisses Populaires
[2019-004] Jody Vizza - PenFinancial Credit Union
Can you please provide us with the date in which these advertising rules come into affect and where will credit unions go to access digital logos and copy as well as order decals for our branches. thank you.
Date posted Sector Question and response
Credit Unions and Caisses Populaires

Question: Can you please provide us with the date in which these advertising rules come into affect and where will credit unions go to access digital logos and copy as well as order decals for our branches. thank you.

FSRA response:

FSRA Rules become effective 15 days after approval by the Minister of Finance (unless there is a later day specified in the rule).  The consultation period for this Rule ends on January 15, 2020.  After the consultation, FSRA will review comments received and proceed to finalize the draft Rule for the Minister’s consideration.  In accordance with the Financial Services Regulatory Authority of Ontario Act, 2016, the Minister has 60 days after receiving a draft FSRA Rule to approve, reject, or send the rule for re-consideration.  At this point, FSRA is unable to speculate on the exact timing of the Minister’s decision and, hence, the potential effective date.  However, in accordance with section 2.5 of the draft Rule, credit unions would have three months from the effective date to complete the necessary changes to all decals, marks, signs, advertisements and marketing materials regarding deposit insurance.  FSRA will produce and distribute the decals, brochures and additional details to all credit unions if and when the Rule becomes effective.  FSRA will also develop a mechanism through the FSRA website to allow credit unions to order additional brochures and decals as required after the initial distribution is completed.