Technical advisory committee for Credit Union regulatory and supervisory initiatives
The Technical Advisory Committee for Credit Union Regulatory and Supervisory Initiatives (“the Advisory Committee”) will facilitate the dialogue with, and seek input from, sector stakeholders on key regulatory and supervisory initiatives such as guidance related to the new Risk Based Supervisory Framework (RBSF) and Business and Investment Powers approach, and Resolution Planning. The Advisory Committee will play an important role in providing input in order to improve FSRA’s regulatory efficiency and promote safety and soundness of the credit union sector.
- FSRA is establishing the Advisory Committee as a standing multi-year committee that will provide expert insight and advice to FSRA on key credit union sector initiatives, as we seek to improve regulatory efficiency and effectiveness, as well as promote the safety and soundness of the credit union sector;
- The Advisory Committee will provide advice to inform FSRA on regulatory initiatives, such as guidance and rules. This includes, among other things, guidance relating to the new RBSF, Business and Investment Powers approach, Resolution Planning and other initiatives as required.
Advisory committee membership
FSRA will post the open call process for nominating individuals on its website and ask for qualified individuals to apply.
FSRA will appoint members based on the skills and experience of the nominees, with an emphasis on ensuring adequate diversity by geography and organization size for a (2) two-year term.
10 – 15 members for the Advisory Committee (not including FSRA participants). FSRA may choose to add or remove a member at any time.
Members of the Advisory Committee should be executive or very senior members of their respective organizations or professions, who can represent their organizations or professions on relevant issues related to regulatory compliance, credit union operations, consumer protection and risk management.
In particular, FSRA is seeking members with direct experience and/ or expert knowledge related to:
FSRA is seeking representation mainly from, but not limited to, credit unions, legal firms, regulatory compliance professionals, consumer advocates (which may include members of FSRA’s Consumer Advisory Panel) and risk management experts.
FSRA expects members to:
FSRA’s Director, Policy – Credit Union will Chair the Advisory Committee. FSRA’s Director, Policy Support and Approvals, Credit Union and Prudential, will participate on the committee and other FSRA staff will participate as required/appropriate.
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 safe, sound, vibrant and sustainable credit union system.
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 his or her views concerning the work of the Advisory Committee.
Meetings, agendas and deliverables
The Advisory Committee is expected to hold meetings at least four times per year at minimum (with possibility of more as required). Meetings will be held by videoconference, teleconference or in person where appropriate.
FSRA will provide meeting agendas and related materials at least one week in advance of each regular meeting. FSRA will also prepare a summary of each meeting and distribute it, including any accompanying written submissions, to Advisory Committee members no later than three weeks following a meeting. FSRA also intends to publish a high-level summary of the Advisory Committee’s work on FSRA’s website.