Technical Advisory Committee for Credit Union Policy initiatives
Introduction
The Technical Advisory Committee for Credit Union Policy Initiatives (“the Advisory Committee”) will facilitate the dialogue with, and seek input from, sector stakeholders on key regulatory and supervisory initiatives related to FSRA’s proposed guidance and rules. The Advisory Committee will play an important role in providing input in order to support FSRA’s goals of promoting sector resilience and stability, protecting insured deposits and improving regulatory efficiency.
Mandate
- FSRA is establishing the Advisory Committee as a standing committee that will provide expert insight and advice to FSRA on key credit union sector initiatives
- The Advisory Committee will provide advice to inform FSRA on regulatory initiatives, such as guidance and rules. FSRA’s multi-year Credit Union Rules and Guidance Development Plan sets out the initiatives that are expected to come forward to the Advisory Committee. The following topics are expected to be discussed in the coming two (2) years:
- capital and liquidity adequacy requirements and practices
- corporate governance requirements and practices
- market conduct requirements and practices
- market conduct requirements and practices
Advisory committee membership
| Nomination Process | FSRA will post the open call process for nominating individuals on its website and ask for qualified individuals to apply. |
|---|---|
| Appointments | FSRA will appoint members based on the skills and experience of the nominees relevant for upcoming guidance/rule initiatives over the next two years (noted above), with an emphasis on ensuring adequate diversity by geography and organization size for a two-year term. |
| Committee Size | 10 – 15 members for the Advisory Committee (not including FSRA participants). FSRA may choose to add or remove a member at any time. |
| Member Qualifications | Members of the Advisory Committee should be executive or senior members of their respective organizations, who can represent their organization on relevant issues related to regulatory compliance, credit union operations (including business lines and strategy), consumer protection and risk and crisis management.
FSRA is seeking members with direct experience and/ or expert knowledge related to:
A member should have expertise in at least one of the topics noted above but can involve other individuals from their organization to provide expertise on other topics. FSRA is seeking representation from credit unions, Centrals, and industry associations. |
| Member Responsibilities | FSRA expects members to:
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| FSRA Members | FSRA’s Director of Policy will Chair the Advisory Committee. FSRA’s Director, Policy and Director, Risk Governance and Financial Stability will participate on the committee and other FSRA staff will participate as required. |
Advisory committee outcomes
The Advisory Committee is expected to deliver the following outcomes, resulting from the committee meetings:
- Advice to inform FSRA initiatives which are intended to improve credit union regulation and supervision in Ontario, with a particular focus on guidance, rules and other supervisory and regulatory initiatives;
- Advice on potential implications of regulatory initiatives and promoting a resilient and well-governed credit union sector.
Confidentiality
The Freedom of Information and Protection of Privacy Act, R.S.O. 1990, c.F.31, as amended, will generally apply to information provided to the Advisory Committee and to material prepared by or for the Advisory Committee.
Members of the Advisory Committee are permitted to obtain assistance from co-workers or industry collaborators. However, until the Advisory Committee’s mandate is complete, Advisory Committee members and those that assist them are requested to maintain confidentiality (with the exception of information made public by FSRA). Following completion of the Advisory Committee’s mandate, an Advisory Committee member may communicate views concerning the work of the Advisory Committee.
Meetings, agendas and deliverables
The Advisory Committee is expected to hold meetings about three times per year. Meetings will be held by videoconference, teleconference, or in person as determined.
FSRA will provide meeting agendas and related materials at least one week in advance of each regular meeting. FSRA also intends to publish a high-level summary of the Advisory Committee’s work on FSRA’s website.
Media inquiries / Public appearances
Members of the Committee are not authorized to engage with the media or conduct media interviews in their capacity as Committee members. If contacted by the media, Committee members must direct all inquiries to FSRA’s Sr. Manager, Media Relations, who will determine the appropriate spokesperson and/or response. Committee members do not represent FSRA publicly; their role is to provide confidential advice to FSRA management and the Board.
FSRA’s Sr. Manager, Media Relations, in consultation with the Chief Public Affairs Officer and the responsible EVP will determine the most appropriate spokesperson and/or response to any media inquiries or public speaking requests related to the Committee.