Sector: Credit Unions and Caisses Populaires
Current Rule: Proposed revised Unclaimed Deposits Rule closed its second consultation on February 10, 2025.
FSRA is proposing a new rule that will better protect credit union members and their deposits by requiring credit unions to transfer deposits to FSRA after the account has been inactive for 10 years and attempts to notify/locate the member have not been successful.
To support the rule, FSRA is also releasing a new guidance for consultation. The guidance provides transparency on how FSRA will administer the rule. It also includes interpretation of the requirements in the rule for both credits unions and those filing a claim.
History of the Unclaimed Deposits Rule
The following is a timeline of the Unclaimed Deposits Rule process, and the related documents published as per legislative requirements under the FSRA Act.