Strengthening Credit Unions While Protecting Consumers
Ontario to Review Credit Unions and Caisses Populaires Act
Ontario is beginning a review of the Credit Unions and Caisses Populaires Act, 1994 to help improve the province's economy while safeguarding the financial well-being of Ontarians.
Parliamentary Assistant Laura Albanese has been appointed to lead the review and submit final recommendations by the fall of 2015.
The review, which takes place every five years, will include consultations across the province this fall to seek input from the public on ways to strengthen the regulatory framework, protect consumers and enable credit unions and caisses populaires to continue to meet the needs of their members.
Credit unions and caisses populaires are member-owned financial institutions that accept deposits and provide loans and other financial services to their members. These institutions operate in accordance with co-operative principles by providing services primarily for the benefit of their members, ensuring democratic control and active participation by members. Caisses populaires additionally promote the interests of the French-speaking community in Ontario by operating and providing services in French.
The review of the Credit Unions and Caisses Populaires Act, 1994 is part of the government's economic plan for Ontario. The four-part plan is building Ontario up by investing in people's talents and skills, building new public infrastructure like roads and transit, creating a dynamic, supportive environment where business thrives, and building a secure savings plan so everyone can afford to retire.
- With almost 1.6 million members, Ontario’s credit unions and caisses populaires have provided $33.4 billion in total loans to Ontario households and businesses as of the end of 2013.
- The province’s credit unions and caisses populaires employ approximately 6,000 Ontarians.
- Laura Albanese was first elected to the Ontario legislature in 2007 as the MPP for York South-Weston. She was re-elected in 2011 and 2014.
- • Today is International Credit Union Day. Held around the world on the third Thursday of October each year, the day recognizes the credit union movement’s contributions to society.
“The review of the Credit Unions and Caisses Populaires Act, 1994 reflects our government’s long-term commitment to continuously update and adapt Ontario’s financial services regulation. These institutions are an essential part of our province’s economic fabric. Laura Albanese has extensive experience with legislative economic and financial committees and I’m pleased that she will lead this review to bring about changes that will further protect consumers and help this sector grow and thrive.”
“I’m honoured to be leading the review of Ontario’s credit unions and caisses populaires legislation. With branches across the province serving the needs of their communities, the credit union sector is an important part of the province’s economy. It’s imperative we have the right rules and regulations in place to ensure that everyone’s best interests are safeguarded.”