FSRA takes steps to better protect credit union members and their deposits

Final Guidance will improve credit union risk management in Ontario

Additional steps are being taken to promote the protection of credit union members and their deposits. The Financial Services Regulatory Authority of Ontario (FSRA) is releasing final guidance for credit unions to effectively manage operational risk. This guidance will Improve the sector’s ability to monitor its current environment, anticipate future threats, and respond effectively to stress events.

“Individuals and families deposit their hard-earned money in credit unions and trust that it will be available when they need it,” said Mehrdad Rastan, EVP Credit Unions and Insurance Prudential. “Through this guidance we are helping to reduce the risk for credit union members and ensuring the sector remains strong, viable and well managed well into the future.”

FSRA thanks all stakeholders who participated in the consultation, including its Technical Advisory Committee on Regulatory and Supervisory Initiatives, for their valuable input into the final Guidance.

Learn more:

• Operational Risk and Resilience final Guidance
• Consultation on proposed guidance on Operational Risk and Resilience

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.

For media inquiries:

Russ Courtney
Sr. Media Relations and Digital Officer
Financial Services Regulatory Authority
C: 437-225-8551
Email: [email protected]