Improving quality assurance and reconsideration to promote trust and protect member deposits
In response to stakeholder feedback, FSRA is improving the transparency of its quality assurance and reconsideration processes for credit unions.
These processes will help ensure that FSRA's assessments are timely, accurate and consistent, promoting trust, confidence, and stability in the credit union sector while protecting member deposits.
FSRA is describing the review process of up to five levels of quality assurance, depending on the credit union’s size, complexity and risk profile.
Credit unions can have an assessment reconsidered when criteria outlined in the new appendix are met.
The processes included in this new appendix (Appendix E) will enhance and further clarify FSRA’s Risk Based Supervisory Framework for Credit Unions.
FSRA thanks the commenters for their feedback. FSRA carefully considered all comments before finalizing Appendix E.
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FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone.
Learn more at www.fsrao.ca.