FSRA approves Ontario's first new credit union in more than a decade

TORONTO, March 23, 2022 /CNW/ - The Financial Services Regulatory Authority of Ontario (FSRA) has approved Lighthouse Credit Union, the first new credit union in the province in over a decade. Lighthouse Credit Union will primarily serve the Greater Toronto Area's diverse Jewish community and will offer residential mortgages and traditional financial services, while promoting and supporting community philanthropy and financial literacy.

"This is an important development in Ontario's credit union and caisses populaires sector. New entrants are a sign that the sector is thriving and growing and is playing a meaningful role in serving the financial needs of over 1.7 million people across the province," said Mehrdad Rastan, FSRA Executive Vice President, Credit Union and Insurance Prudential. "FSRA determined that the founders of Lighthouse presented a strong business case and demonstrated a need for these services within the community."

Like all credit unions and caisses populaires in Ontario, insurable deposits at Lighthouse Credit Union are protected by FSRA's deposit insurance program. Deposit insurance is part of a comprehensive regulatory framework that protects consumers and helps promote the safety and soundness of the sector in Ontario. Click here to learn more about FSRA's deposit insurance program and coverage.

FSRA regulates and supervises all credit unions and caisses populaires in Ontario. FSRA's mandate includes:

• Contributing to the stability of the sector;
• Enhancing public confidence in the sector; and
• Protecting depositors.

In line with its mandate, FSRA also reviews and assess applications to incorporate new credit unions. Prior to issuing a certificate of incorporation, applicants must demonstrate to FSRA that:

• Their plans are feasible and sound;
• They will operate the business in accordance with co-operative principles and in a way that safeguards member deposits; and
• The incorporation of the credit union serves the best interests of the co-operative financial system in Ontario.

The full criteria can be found in section 13(2) of the Credit Unions and Caisses Populaires Act, 2020 (CUCPA, 2020).

Learn more:
Lighthouse CU becomes Ontario's newest credit union following FSRA approval

SOURCE Financial Services Regulatory Authority of Ontario

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