FSRA is consulting on new Resolution Planning Guidance to contribute to public confidence in and the stability of the credit union sector
FSRA is consulting on proposed Resolution Planning Guidance. The Guidance applies to large credit unions with assets greater than $1 billion.
The proposed Guidance sets out the principles of effective resolution planning. Key aspects covered are: a credit union’s resolution strategy, feasibility of operational continuity and mitigation plans and the roles and responsibilities of credit union management and the board.
It also describes how FSRA will assess whether credit union resolution strategies and plans meet the goals of:
- removing material barriers to effective resolution
- contributing to public confidence in and the stability of the sector
- providing members and consumers with insurance against the loss of deposits
- ensuring the continuity of critical functions
- minimizing exposure to the Deposit Insurance Reserve Fund (DIRF) to loss
FSRA invites stakeholders and the public to provide feedback until February 18, 2022.
FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone.
Learn more at www.fsrao.ca.