Ontario’s credit union sector remains stable in Q3, but economic uncertainty poses a risk

The Financial Services Regulatory Authority of Ontario (FSRA) is releasing its third quarter outlook report for the credit unions and caisses populaires sector. The report found that credit quality was stable but likely to deteriorate based on continued inflation, housing and mortgage affordability challenges, and rising interest rates.

Key highlights from the Q3 report include:

  1. Profitability was 46 basis points (bps), 20 bps below last year and 19 bps lower than last quarter. 
  2. Sector assets totaled $89.3 billion, reflecting a year-over-year increase of $8 billion (up 9.8%).
  3. Year-over-year growth in retained earnings (7.6%) did not keep pace with this growth in total assets (9.8%). 
  4. Liquidity in Q3 remained strong at 11.1%.

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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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