Regulation - LGIC

Modernizing the Credit Unions and Caisses Populaires Act - A Consultation Draft of Amendments to Legislation and Capital and Lending Regulation

Regulation Number(s):
Ontario Regulation 76/95
Ontario Regulation 237/09
Ontario Regulation 238/09
Instrument Type:
Regulation - LGIC
Bill or Act:
Credit Unions and Caisses Populaires Act, 1994, S.O. 1994, c. 11
Summary of Decision:
This consultation was part of the legislative review that culminated in amendments to the Act and regulations that came into force on October 1, 2009.
Further Information:
Click to open Ministry of Finance
Click to open Credit Unions and Caisses Populaires Act, 1994
Click to open Credit Unions and Caisses Populaires Act, 1994
Click to open Ontario Regulation 238/09
Click to open Ontario Regulation 237/09
Proposal Number:
06-MOF002
Posting Date:
August 18, 2006
Summary of Proposal:
With over $23 billion in assets, credit unions and caisses populaires play a vital role in the economic life of communities in Ontario. The government is consulting on proposals to amend and modernize the rules governing credit unions and caisses populaires. The proposals are intended to strengthen governance, increase operating efficiency, improve consumer protection and update rules for how credit unions and caisses populaires manage risk.

The Ministry of Finance has released draft regulations to amend the rules for capital adequacy and lending currently contained in O. Reg 76/95, and proposes to amend the Credit Unions and Caisses Populaires Act. The Ministry is interested in receiving input that will assist in finalizing proposals to update the Act and regulations.

Contact Address:
Luba Mycak
Senior Manager
Industrial & Financial Policy Branch
Ministry of Finance
777 Bay Street, 10th Floor
Toronto, ON M5G 2C8
Tel: 416-326-9227
Fax: 416-327-0941
Effective Date:
October 1, 2009
Decision:
Approved

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