The Financial Services Regulatory Authority of Ontario (FSRA) is consulting on proposed guidance to better protect the rights and interests of credit union depositors, members and consumers.
The Proposed Approval or Authorization of Business and Investment Activities Approach Guidance provides the sector with more clarity, transparency and certainty on FSRA’s consideration criteria before any credit union engages in new and expanded business and investment activities.
The Credit Unions and Caisses Populaires Act, 2020 will broaden the scope of business and investment activities not previously available to credit unions under the 1994 Act, which must be approved by FSRA in some cases. This proposed Guidance sets out FSRA’s approach for approving or authorizing business and investment activities.
FSRA invites stakeholders and the public to provide feedback until March 31, 2022.
In the near future, FSRA will also be publishing an operational guide for submitting applications to provide credit unions with more guidance on specific documentation and considerations.
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