Credit Union Capital Treatment of Loans under the Federal Government Business Credit Availability Program Français
TORONTO, May 7, 2020 /CNW/ - On March 27, 2020, the Government of Canada launched the Business Credit Availability Program to support small and medium size enterprises through the current economic challenges. This program includes the Canada Emergency Business Account, the Export Development Canada Loan Guarantee, and the Business Development Bank of Canada Co-lending Program.
FSRA is continuing to protect depositors and contribute to the stability of the sector, while working together with the credit union sector to ensure credit unions can serve their members during this time of rapid change and disruption.
FSRA is releasing interpretation guidance to clarify capital and liquidity requirements for loans under these programs in accordance with the Credit Unions and Caisses Populaires Act, 1994 (CUCPA). Some Ontario credit unions and caisses populaires are participating in these programs, and are already providing loans to members who qualify.
For more information contact:
For information about FSRA's Credit Unions and Caisses Populaires – Capital Treatment of Loans under the Federal Government Business Credit Availability Program, please visit https://www.fsrao.ca/industry/credit-unions-and-caisse-populaires-sector/standards-and-guidelines (link for Pdfs will be created under the "Lending" section) .
Credit Unions should reach out to their FSRA relationship managers with any questions on the application of capital adequacy requirements under the CUCPA.
To learn more about how FSRA is responding to the needs of industry and consumers during COVID-19 pandemic, please visit https://www.fsrao.ca/industry/credit-unions-and-caisse-populaires-sector
SOURCE Financial Services Regulatory Authority of Ontario
FOR MEDIA INQUIRIES: Malon Edwards, Senior Communications Officer, Financial Services Regulatory Authority, C: 647-296-5479, Email: [email protected]
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