Pursuing a more innovative Ontario Credit Union sector: Barriers and opportunities report

Ontario’s Financial Services Regulator (FSRA) is actively working with the Credit Union sector to foster new innovation ideas and emerging business models, with a focus on supporting stability of the sector and protecting members.

In the last year, FSRA’s Innovation Office held consultations with stakeholders to hear about emerging opportunities and regulatory barriers to innovation in their sector.

To summarize this feedback, FSRA is releasing a publication entitled, Pursuing a More Innovative Ontario Credit Union Sector: Barriers and Opportunities Report.

Key takeaways of the report include:

  • The Credit Unions and Caisses Populaires Act, 2020 does not particularly restrict innovation due to the discretion available in the Act.
  • FSRA can play a role to support opportunities to enable potential innovation, such as during the implementation of open banking and examining the possible applicability of FSRA’s Test and Learn Environment (TLE) for lending structures.

FSRA’s Innovation Office and Credit Union relationship managers will continue to be open to feedback from FSRA’s stakeholders on opportunities, in a shared pursuit of an innovative, thriving Credit Union sector.

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FSRA launched its Innovation Office in 2020 to collaborate with entrepreneurs and businesses and help ensure consumers have access to the latest advancements in financial services while protecting the public interest.

FSRA’s Innovation Office, Credit Union Supervision Team and Relationship Managers want to hear from you! What innovations, opportunities, barriers and trends are you seeing in the Credit Union sector that could benefit consumers or improve business efficiency for industry players?

Contact [email protected] or your relationship manager to share your ideas or if you or your firm has interest in participating in a FSRA Test and Learn Environment.

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

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