Ontario credit unions and caisses populaires are regulated through a comprehensive regulatory framework in addition to their own by-laws and articles of incorporation. This is in accordance with the Credit Unions and Caisses Populaires Act (CUPCA) and Capital Adequacy Guideline, which hold the power of law.
Credit unions are also expected to adhere to periodically issued Guidance Notes that outline sound business and financial practices. FSRA ensures compliance through our prudential regulation activities. [link to Prudential Oversight/Regulation]
Acts & regulations
The Credit Union and Caisses Populaires Act (CUCPA) sets out FSRA’s objectives, powers and duties, along with general terms for deposit insurance and other governing parameters.
- Credit Union and Caisses Populaires Act (CUCPA) and associated Regulations
- Memorandum of Understanding between the Minister of Finance and the Chair of DICO
By-law No. 3 - Deposit Insurance Advertising [PDF]
This prescribes what Credit Unions can and cannot say when advertising their services.
By-law No. 5 – Standards of Sound Business and Financial Practices [PDF]
This provides best practices for Ontario credit unions, including policies and procedures for risk management. It defines the roles of the Board of Directors, the Audit Committee and management personnel, to help them implement sound business and financial practices.
By-law No. 6 – Reserves and Monthly Provision for Doubtful Loans [PDF]
This prescribes guidelines for the reporting and accounting of impaired loans, in accordance with International Financial Reporting Standards (IFRS) 9.
The following Capital Adequacy Guideline provides additional information on Capital Adequacy for Ontario’s credit unions and caisses populaires.
Capital Adequacy Guideline (2013) [Word]
In addition to the regulatory framework outlined above, FSRA issues other related publications such as guidance notes, applications guides and reference manuals. These outline FSRA’s expectations around sound business and financial practices.
Guidance Note: Internal Capital Adequacy Assessment Process (ICAAP) –Credit Unions with Total Assets Greater than $500Million
Guidance Note: Lending [PDF]
- Liquidity Coverage Ratio (LRC) Template 2021 [XLSX]
- Net Cumulative Cash Flow Report (NCCF) Template 2021 [XLSX]
- Net Stable Funding Ratio (NSFR) Template 2021 [XLSX]
- Guidance Note: Liquidity (2018) [PDF]
- Completion Guide: Liquidity Coverage Ratio [PDF]
- Template: Liquidity Coverage Ratio
- Completion Guide: Net Cumulative Cash Flow [PDF]
- Template: Net Cumulative Cash Flow
- Completion Guide: Net Stable Funding Ratio [PDF]
- Template: Net Stable Funding Ratio
- Liquidity Coverage Ratio Completion Guide
- Net Cumulative Cash Flow Completion Guide
- Net Stable Funding Ratio Completion Guide
- Stress Testing
Enterprise risk management
Decal Installation Guide [PDF]