Important updates Credit Unions and Caisses Populaires need to be aware of

The Financial Services Regulatory Authority of Ontario’s (FSRA) deposit insurance program protects insurable deposits held with Ontario credit unions and caisses populaires.

Today, FSRA is releasing updates to its Deposit Insurance Coverage for Ontario Credit Unions and Caisses Populaires website and brochure content. The updated content now includes the following statement:

The liability of FSRA to insure deposits held at Ontario credit unions is limited to the assets of the Deposit Insurance Reserve Fund.

An updated version of the Deposit Insurance Reserve Fund (DIRF) Advertising Brochure is now available for download. FSRA will also be provided printed copies of the brochure at a later date.

All credit unions that hold member deposits that are insured by the DIRF are required to display and distribute the updated brochure, as per the Credit Union Deposit Insurance Advertising Rule

Non-compliance with rule

A recent review of Ontario credit union website content identified that deposit insurance information displayed is not presented in accordance with the requirements of the Rule.

The review identified that: 

  • 55% (33) of credit unions do not properly present the required FSRA decal;
  • 22% (13) of credit unions do not provide a functional link to FSRA website information on Deposit Insurance or the brochure;
  • 82% (49) of credit unions present non-compliant Deposit Insurance messaging.

In response, FSRA requires all Ontario credit unions and caisses populaires to review their current deposit insurance advertising practices, including all electronic and print messaging, to ensure that they are compliant with the Rule.

As a follow up, each credit union is required to provide FSRA with confirmation that they are in compliance with all of the requirements set out in the Rule. Credit unions and caisses populaires that find themselves non-compliant with the rule are asked to:

  • Immediately remove and/or replace all non-compliant messaging.
  • Submit to FSRA a remediation plan identifying how your credit union will address all non-compliant deposit insurance advertising practices no later than October  14, 2022.

FSRA will complete a follow up review of Deposit Insurance advertising practices beginning in December 2022. FSRA may contact credit unions to ensure compliance has been demonstrated.

For more information or to inquire about these requirements, please contact: [email protected].

Learn more:

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

Learn more at