Home Credit union FSRA Submits Draft Credit Union Rules to Strengthen Credit Union Sector to Minister for Approval

FSRA Submits Draft Credit Union Rules to Strengthen Credit Union Sector to Minister for Approval

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TORONTO, February 4, 2022 /CNW/ – The Financial Services Regulatory Authority of Ontario (ARSF) has submitted its Sound Business and Financial Practices Rule, Capital Requirements Rule and Liquidity Requirements Rule to the Minister of Finance for approval. The rules position the credit union sector as a leader in FSRA’s evolving principles-based, results-driven regulatory approach. If approved, the rules will strengthen the credit union sector and bring it more in line with international standards.

The proposed rules modernize the framework for credit unions and the sound business and financial practices rule replaces the Ontario (SOAD) By-Law No. 5. If approved, the Rules will come into force no later than 15 days after Minister’s approval or on the date the Government of the Ontario proclaims the entry into force of the CUCPA 2020.

The following documents can be viewed on the FSRA website:

FSRA is proud to build a stronger regulatory framework so that credit unions can expand their business activities with caution and safety.

Learn more:

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

Learn more at www.fsrao.ca.

SOURCE Financial Services Regulatory Authority of Ontario

For further information: For media inquiries: Russ Courtney, Senior Media Relations and Digital Officer, Financial Services Regulatory Authority, C: 437-225-8551, Email: [email protected]