FSRA Credit Union Stakeholder Advisory Committee (SAC) meeting with FSRA Board of Directors
Summary of the April 29, 2026 meeting
25 Sheppard Avenue West
SAC Members present:
William Boucher, Caisse Desjardins Ontario Credit Union
Pierre Dorval, Caisse Alliance
Allison Chenier, Libro Credit Union
John Klassen, Kindred Credit Union
Jon Dessau, Kingston Community Credit Union
Lea Matyuska, Bay Credit Union
Shawn Good, Libro Credit Union
Steve Boucouvalas, FirstOntario Credit Union
Tomo Matesic, Mainstreet Credit Union
Michal Kasprzak, St. Stanislaus-St. Casimir’s Polish Parishes Credit Union Limited
Jay-Ann Gilfoy, Meridian Credit Union
FSRA Board Members present:
Doug Turnbull – Board Chair
Rob Wellstood – Director
Stewart Lyons - Director
Ali Salahuddin – Director
Joseph Iannicelli – Director
Lucie Tedesco – Director
Peggy McCallum - Director
Steve Geist – Director
FSRA management members present:
Dexter John - Chief Executive Officer
Dan Oprescu - Head, Regulation and Strategic Initiatives
David Maxwell - Head, Integrated Insurance Supervision
Jeff Kehoe – Executive Vice President, Legal and Enforcement
Antoinette Leung – Executive Vice President, Market Conduct
Meghan Kilty - Chief Public Affairs Officer
Dan Padro - Head, Policy - Core Regulatory
Jeff Sweeting - Director, Policy – Credit Unions, Insurance Prudential, and Pensions
General comments:
The Chair of the Board welcomed the Credit Union SAC members and introduced the Board and Management representatives. The Chair provided introductory remarks stressing the importance of the SAC meetings as an efficient way of to understand issues in the sector.
Sector trends and challenges
SAC members noted that the key issues facing the sector have not changed but the pace of change is accelerating. Members emphasized they want to stay relevant to their member base and grow as well. The ability to compete was a common theme, with members emphasizing the increasing cost of operations, investment in technology, marketing, as ongoing challenges.
Technology
Technology was raised as an ongoing theme, including the challenges in competing with large financial institutions and digital banking platforms. Members also discussed the risks that technological advancements such as AI have presented to the sector. For example, AI creates significant risks with respect to fraud and cyber security.
Community-based nature of Credit Unions
Several members discussed the balance of staying community oriented while still enabling growth and competitiveness. SAC members discussed consolidation and competition, noting that being community-based and serving their members are core values. They also noted that remaining relevant to their members and their community at large is a key factor in their long-term viability and prosperity. SAC members highlighted that in some communities they are the only financial services provider that continues to exist as other institutions have closed their branches.
Membership changes
Members discussed the impacts of an aging membership base on their operations. Several members spoke of the work they were undertaking to attract a younger demographic, including investing in technology and digital platforms.
Capital
The limited avenues available to credit unions for raising capital was a point of discussion for SAC members, with several noting that it was a major limiting factor to achieving scale as well as growth and long-term viability. Members discussed investment shares, including the new legislation that allows shares from non-members. FSRA’s work on the capital rule was cited as one of the key priorities for the sector in this regard, and the opportunities that better aligning risk with capital can afford to credit unions.
Interprovincial coordination
Members also highlighted their interest in interprovincial activities and how discussions with other jurisdictions are progressing. FSRA management noted that this is work that FSRA has been an active contributor towards, both as a member of the Credit Union Prudential Supervisors Association (CUPSA) as well as in direct engagement with the provincial government.
Regulation
Members also discussed their perspectives on provincial regulation. Several members emphasized the importance of the relationship with the regulator, and the need for the regulator to understand the sector and the communities they serve. As such, members tended to agree that provincial regulation remained appropriate. Some members also noted that there are opportunities to harmonize rules across jurisdictions, particularly with respect to deposit insurance.
Closing remarks
The Board Chair thanked the SAC and noted the importance of this group and appreciated members’ input and involvement.