TORONTO, Dec. 11, 2023 /CNW/ - In response to stakeholder feedback, the Financial Services Regulatory Authority of Ontario (FSRA), is proposing to improve the transparency of its quality assurance and reconsideration processes for credit unions.
These processes will ensure that FSRA's assessments are accurate and consistent, promoting trust, confidence, and stability in the credit union sector while protecting member deposits.
FSRA is describing the review process of up to five levels of quality assurance, depending on the credit union's size, complexity and risk profile.
Credit unions can have an assessment reconsidered if they do not agree with the results.
The processes will be included in a new appendix, which will enhance and further clarify FSRA's Risk-Based Supervisory Framework for Credit Unions.
FSRA welcomes feedback from all stakeholders. The consultation will close on February 8, 2024.
- Consultation on Appendix E: Quality Assurance and Reconsideration Process
- Risk Based Supervisory Framework for Credit Unions
FSRA continues to work with stakeholders, including consumers, to ensure financial safety, fairness, and choice for Ontarians. Learn more at www.fsrao.ca.
FOR MEDIA INQUIRIES:
Russ Courtney
Sr. Manager of Media Relations
Financial Services Regulatory Authority
C: 437-225-8551
Email: [email protected]
SOURCE Financial Services Regulatory Authority of Ontario
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