Ontario To Modernize Credit Union Sector

 
 

February 5, 2009 10:43 AM

McGuinty Government Seeking Input On Draft Regulations

Ontario launched public consultations on draft regulations today under the province's credit union legislation.

The public consultations will provide an opportunity for individuals, credit unions, organizations and associations to submit comments on proposed changes to help modernize Ontario's credit union sector.

The government is following through on its commitment to ensure financial regulation remains current and keeps pace with the rapid change in today's marketplace. The objectives of the draft regulations are to:

  • strengthen governance in the sector
  • enhance the ability of credit unions to manage risk
  • streamline regulatory requirements while promoting effective regulatory oversight
  • create flexibility to pursue growth and innovation, and
  • make sure updated consumer protection standards are in place.

QUICK FACTS

 
  • Send comments and submissions by mail and via email by March 31, 2009.
  • The Credit Unions and Caisses Populaires Act, 1994 sets out the legislative framework according to which credit unions operate in Ontario.
  • Ontario’s 198 credit unions and caisses populaires have approximately $28 billion in assets and 1.7 million members. They operate in more than 600 locations across the province.



Ministry of Finance
ontario.ca/finance


 

"Our government is serious about financial services regulation in Ontario. The aim of these changes is to balance the needs of credit unions to remain competitive with the need for regulatory prudence, an important goal in light of the current global financial turmoil."

 – Dwight Duncan
Minister of Finance

 
 
 
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