Credit Unions / Caisses Populaires
The Financial Services Commission of Ontario regulates registration of credit unions and caisses populaires under the Credit Unions and Caisses Populaires Act, 1994 (CUCP Act). On October 1, 2009, the new amendments to the CUCP Act came into effect. A new General Regulation under the CUCP Act also came into force on the same date. New Cost of Borrowing and Disclosure to Borrowers requirements will take effect on October 1, 2010. The changes also include new filing requirements for by-law amendments. Credit unions should send two original copies of the amended by-laws to the attention of the Licensing and Registration Analysis Unit at FSCO within 30 days of receipt of confirmation of a by-law amendment by a special resolution of the members. The legislative reference may be viewed at: http://www.e-laws.gov.on.ca/html/statutes/english/elaws_statutes_94c11_e.htm#BK130. Please note that failure to file by-law amendments may result in an administrative monetary penalty. The changes enhance consumer protection and update and streamline regulations. The amendments have the effect of transferring many statutory responsibilities from the Financial Services Commission of Ontario (FSCO) to the Deposit Insurance Corporation of Ontario (DICO). Many administrative responsibilities are being transferred from regulators (FSCO and DICO) to credit unions and caisses populaires also.
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