FSRA Promoting Sound Residential Mortgage Lending Standards for Credit Unions and Borrowers
TORONTO, September 9, 2020 – The Financial Services Regulatory Authority (FSRA) is launching a consultation on its Draft Residential Mortgage Lending - Interpretation and Approach Guidance.
FSRA is developing principles-based guidance on residential mortgage lending to update existing standards and to ensure credit unions continue to adhere to best practices and operate with effective controls that may be applied in a flexible manner, as appropriate for this diverse sector.
Credit union leaders are responsible for situationally appropriate and effective credit and risk management frameworks that balance the varied needs of their depositor and borrower members. This will ensure that borrowers can achieve home ownership without putting the borrower or credit union at unnecessary risk.
We are seeking public and stakeholder input to the proposed guidance on residential mortgage lending. We invite you to submit feedback on FSRA's website until November 11, 2020.
For more information, please read our Residential Mortgage Guidance FAQ.
FSRA is continuing to work with those we regulate to ensure financial safety, fairness and choice for consumers and members. Learn more at www.fsrao.ca.
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Senior Communications Officer
Financial Services Regulatory Authority