FSRA proposes to improve the transparency of its credit union supervision process

In response to stakeholder feedback, FSRA is proposing to improve the transparency of its quality assurance and reconsideration processes for credit unions.

These processes will ensure that FSRA's assessments are accurate and consistent, promoting trust, confidence, and stability in the credit union sector while protecting member deposits.

FSRA is describing the review process of up to five levels of quality assurance, depending on the credit union’s size, complexity and risk profile.

Credit unions can have an assessment reconsidered if they do not agree with the results.

The processes will be included in a new appendix, which will enhance and further clarify FSRA’s Risk-Based Supervisory Framework for Credit Unions.

FSRA welcomes feedback from all stakeholders. The consultation will close on February 8, 2024.

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FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone.

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