Consultations: Modernizing Ontario’s Credit Union Legislative Framework - Consultations

Consultation Paper on a Proposed Capital Adequacy Framework

Please note that the deadline for comments on the Consultation Paper on a Proposed Capital Adequacy Framework has been extended to February 28^th

In the 2016 Ontario Budget, the government announced its intention to implement the recommendations contained in the November 2015 report on the review of the Credit Unions and Caisses Populaires Act, 1994 (“CUCPA”). One of the recommendations in the report was to adopt updated capital adequacy requirements for Ontario credit unions based on Basel III principles, with appropriate adjustments to reflect the capital structure of credit unions.

This consultation paper sets out a detailed proposal prepared by Ministry of Finance staff for implementing this recommendation. The purpose of this paper is to seek feedback from the credit union sector and other interested parties. This paper does not necessarily represent the views of the Government of Ontario.

Interested parties are invited to make written submissions by February 28^th, 2018. You may send comments by mail or e-mail to:

Modernizing the CUCPA
c/o Financial Services Policy Division
Ministry of Finance
95 Grosvenor St, Frost Building North 4^th Floor
Toronto, ON M7A 1Z1

E-Mail: CUCPA.consultation@ontario.ca

Modernizing Ontario’s Credit Union Legislative Framework
Consultation Paper on a Proposed Capital Adequacy Framework

Credit Unions and Caisses Populaires Act, 1994 – Review Completed

Laura Albanese, the Parliamentary Assistant to the Minister of Finance, has completed a review of the Credit Unions and Caisses Populaires Act, 1994. The review, which is required to take place every five years, included consultations across the province 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.  Please click on the link below to view the Parliamentary Assistant's report containing recommendations to the government.

Credit Unions and Caisses Populaires Act, 1994 – Legislative Review, Report to the Minister of Finance

Other links:

Credit Unions and Caisses Populaires Act, 1994 – Five-Year Review Consultation Paper 2014

The Parliamentary Assistant's Oct. 29 Invitation Letter (PDF)

Credit Unions and Caisses Populaires Act, 1994

Submissions received from interested parties are available upon request. Please email FinanceCommunications.fin@ontario.ca