FSRA Credit Union Stakeholder Advisory Committee meeting with FSRA Management
Summary of the meeting of November 27, 2025
Virtual via Teams
Stakeholder Advisory Committee members present:
William Boucher - Caisse Desjardins Ontario Credit Union
Pierre Dorval - Caisse Alliance
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
Tammy Buchanan - Northern 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 Management present:
Mehrdad Rastan, Executive Vice President, Credit Unions & Insurance Prudential
Antoinette Leung, Executive Vice President, Market Conduct
Dan Oprescu, Head, Regulation and Strategic Initiatives, Credit Union and Insurance Prudential
David Maxwell, Head, Integrated Credit Union Supervision, Credit Union and Insurance Prudential
Bradley Hodgins, Director, Risk Governance and Financial Stability, Credit Union and Insurance Prudential
Flavia Popa, Director, Macro Surveillance and Analytics, Credit Union and Insurance Prudential
Kirk Quinn, Financial Institutions Conduct, Market Conduct
Daniel Padro, Head, Core Regulatory, Policy
Jeff Sweeting, Director, Policy - Credit Union, Insurance Prudential and Pensions
Joanna Wearing, Executive Assistant, Credit Union and Insurance Prudential
Strategic framework and Statement of Priorities (SOP) overview
FSRA management provided an overview of the evolution of the priorities and initiatives that have shaped the Credit Union sector over the past several years and the maturity of the sector with risk-based and principles-based supervision and regulation.
FSRA’s new strategic framework was presented, with an emphasis on building FSRA to be a mature and modern regulator through transforming capabilities, embracing and embedding principles-based regulation (PBR), and promoting proactive and collaborative partnerships.
A Committee member asked if the new strategic framework would result in additional capabilities, talent, and full-time employees. FSRA management noted that FSRA does not intend to increase fees related to new initiatives or staff footprint for regulating Credit Unions.
Following a question from a Committee member regarding FSRA’s stance on taking a hands-on approach to achieving the priorities (e.g., PBR) similar to other provincial regulators, FSRA management noted it does not anticipate changing the existing approach, but if Credit Unions – or a group of Credit Unions – are posing risk to the sector FSRA may become more prescriptive. FSRA management advised that PBR is outcomes-focused and about finding the most effective way to address issues through collaboration, openness and transparency between the institution and the regulator, and relying on the relationships we have within the sector which have proved to be very effective.
The Committee looked to FSRA to explain how the work with the Ontario Government aligns with our priorities. During discussion FSRA management confirmed there is open dialogue with the Ministry of Finance to ensure they are aware of and aligned with our plans when it comes to FSRA effectively developing policy and our regulatory framework. FSRA management pointed to the Mandate Letter from the Government, which sets out the objectives for FSRA as a regulatory agency. FSRA management confirmed that some of the recent Government policy initiatives, like inter-provincial trade, is something being considered during policy development.
In relation to Priority 3.3 – Refine and Amplify FSRA’s External Perception, a Committee member questioned whether there was anything being done to amplify messaging around deposit insurance levels. FSRA management commented that while a great majority of the public doesn't know we exist, it is beneficial for Ontarians to know that their provincial financial services sectors are being regulated, to have awareness of deposit insurance levels, and to understand who FSRA is and what we do. These will be part of the larger strategy when it comes to communicating FSRA’s impact and regulatory approaches with stakeholders and the public.
An overview of the five strategic priorities that flow from the strategic framework pillars was presented along with an environmental scan.
Environmental scan
FSRA management highlighted the plan to revise the capital regime to support sustainable growth of the sector. This enhanced Capital Rule will be informed and supported by quality and complete data via Enhanced Data Collection (EDC). Without the data, risks will not be well identified and quantified and Credit Unions will need to be more conservative.
Consumer Driven Banking (including Real-time Rail, Stablecoin, AI, etc.) was another topic of interest for FSRA and the Committee. An update was provided on the work being done via the Bank of Canada and FSRA’s participation in working groups and steering committees with various organizations and associations to ensure Credit Unions do not have duplicate regimes overlayed on them and are not disadvantaged.
The Committee discussed the current state of extra-provincial expansion. FSRA management summarized recent legislation (Bill 2, the Protect Ontario Through Free Trade Within Canada Act, 2025) which provides the mechanism for Credit Unions to operate cross-provincially. FSRA management noted it has been providing input to the Ministry of Finance as they have been working with other jurisdictions across Canada to determine how this would be operationalized.
A Committee member noted their Credit Union provided feedback through the Canadian Credit Union Association (CCUA). They mentioned the challenges FSRA and the Ontario sector could face with regards to differences in deposit insurance regimes across the provinces. FSRA management advised this may be addressed through reciprocal agreements between provinces. It was noted that this is an ongoing initiative, and information will be shared with the sector as it becomes available.
FY2026-27 Credit Union priorities
FSRA management presented four of the five proposed FY2026-27 priorities for the Credit Union sector. FSRA highlighted the following:
EDC: The continuation of the EDC initiative would drive improvements in DIRF modelling and the capital regime, pending data availability and quality.
A Committee member had questions around the cadence of information requests and referenced the CRE thematic review questionnaire and data call in March 2024 where outcomes were shared by FSRA a year later. FSRA management advised that delivering the value (e.g., reporting) back to the sector is very important. By end of September 2026, FSRA is aiming to turn insights back to the sector (e.g., CRE, DIRF, Tariff) within weeks, but in order to do this there has to be confidence in the data for our analytics systems to generate those insights quickly.
FSRA management noted that EDC is currently in the onboarding stage for Phase 2 and the analytics workstream is underway. During the discussion, a Committee member questioned if there would be an adjustment to the frequency of some data reporting (to daily or weekly). FSRA management commented that under normal circumstances we would not expect changes to reporting frequency, but this could be needed during a stress situation (e.g., daily liquidity reporting during the Silicon Valley Bank event).
FSRA management asked the Committee to share any reports and/or areas of reporting that they would find beneficial to ensure the reporting going back to the sector is useful.
Resolution powers: Additional resolution powers, once proclaimed into force, would allow FSRA to proceed with the Eligible Financial Contracts Rule, which defines Eligible Financial Contracts (EFCs) for the purposes of s. 234.1 of the CUCPA 2020. This would mirror what is in place at the federal level under CDIC, and better support FSRA should a Credit Union need to be placed into Resolution.
Financial stability structures: FSRA management noted in-house modelling was improving through additional data via EDC, allowing FSRA to have the best determination of deposit insurance reserve fund adequacy. Discussion was had on the availability of financial stability structures, and a Committee member questioned whether the Bank of Canada’s Emergency Lending Assistance (ELA) and Standing Term Liquidity Facility (STLF) would be available to Credit Unions to support resilience and confidence in the sector. FSRA management mentioned it is currently unknown which Credit Unions will have access to ELA and STLF – this decision ultimately sits with the Bank of Canada – but believes it will be limited and not applicable for all Credit Unions. Further progress on this initiative is expected during F26\27.
FSRA management advised there is a $2 Billion Line of Credit currently in place with the Ontario Financing Authority to address difficulties in the Credit Union sector in addition to the DIRF. These supports are available to the entire sector, even those that are unable to access ELA/STLF.
Capital: FSRA management mentioned the upcoming Credit Union Policy Initiatives Technical Advisory Committee (TAC) meeting in December to discuss the proposed changes to the Capital Rule.
A Committee member questioned whether FSRA believed capital was the biggest impediment to the sector’s growth and whether or not it should be weighed at a higher level of importance in FSRA’s plans. FSRA management commented that while this was a key priority, it does not see Capital as the biggest impediment to growth. The new regime will help the sector calibrate their risk more accurately and ensure Credit Unions aren’t holding more capital than they need, especially when the current environment is tough and could get worse.
FSRA management shared that they are looking to continue working with individual Credit Unions to calibrate the Capital model and the Quantitative Impact Study both at the sector and individual level will continue to improve with the data.
Following a question on the regime being consistent with other regulators or specific to Ontario only, FSRA management confirmed the regime will somewhat align with other jurisdictions, including BCFSA and the AMF. FSRA management noted there is value in aligning with other regimes, especially when considering extra-provincial expansion, but noted harmonization is almost impossible.
FSRA management advised that it was currently seeking feedback from the TAC and is in the process of completing its Quantitative Impact Study. Once this work is completed, the next step would be to release the proposed changes to the Capital Rule for public consultation.
Next steps
FSRA management confirmed the SOP consultation would be going live shortly and provided a timeline overview of the process, which is anticipated to finish in April 2026 once Minister approval is received.