FSRA submits its proposed credit union rules designed to strengthen the credit union sector to the Minister for approval

TORONTO, Feb. 4, 2022 /CNW/ - The Financial Services Regulatory Authority of Ontario (FSRA) submitted its Sound Business and Financial Practices Rule, Capital Adequacy Requirements Rule and Liquidity Adequacy Requirements Rule to the Minister of Finance for approval. The rules position the credit union sector as a leader of FSRA's evolving principles-based and outcomes-focused regulatory approach. If approved, the rules will strengthen the credit union sector and better align with international standards.

The proposed rules modernize the credit union framework and the Sound Business and Financial Practices Rule replaces the Deposit Insurance Corporate of Ontario (DICO) By-Law No. 5. If approved, the rules would take effect on the latter of 15 days after the Minister's approval, or the date that the Government of Ontario proclaims the CUCPA 2020 to come into force.

The following documents are available for review on FSRA's website:

• Sound Business and Financial Practices Proposed Rule
  
  
• Capital Adequacy Requirements Proposed Rule
  
  
• Liquidity Adequacy Requirements Proposed Rule

FSRA is proud to be building a stronger regulatory framework so credit unions can expand their business activities prudently and safely.

Learn more:

• Sound Business and Financial Practices Rule Consultation Summary Report
  
  
• Capital Adequacy Requirements Rule Consultation Summary Report
  
  
• Liquidity Adequacy Requirements Rule Consultation Summary Report

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.

SOURCE Financial Services Regulatory Authority of Ontario

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