FSRA Releases Recovery Planning Guidance
On July 5, FSRA released its final Recovery Planning Guidance. While the Guidance came into effect immediately, there will be a transition period. FSRA is requesting that credit unions provide an interim submission detailing the key components of their recovery plans by January 14, 2022 – feedback will be provided before credit unions are required to submit their recovery plans by January 13, 2023.

If you have any questions, please contact Nick Best.

Roundtable on the Sale of Insurance
On July 7, CCUA participated in a roundtable meeting with the Ministry of Finance on the sale of insurance in credit union branches and on their websites. We discussed:

• Existing barriers and risks that need to be removed.
• The types of insurance that should be permitted to be sold in in credit unions.
• How credit union members are protected with the sale of insurance within a credit union.

The Ministry expects the regulations to be posted for consultation this summer and for the regulations to be finalized in late 2021/early 2022.

If you have any questions, please contact Sabena Sandhu.

Ongoing Consultations
There are several policy files that are currently being consulted on, which are relevant to Ontario’s credit union sector. Below is a friendly reminder for deadlines to comment:

To FSRA:

• Market conduct: August 12 
• Capital adequacy requirements: September 14
• Liquidity adequacy requirements: September 14
• Standards of sound business practices (By-Law 5): September 14

To the Ministry of Government and Consumer Services:

• White paper on modernizing privacy: August 3

CCUA will be responding to each of the consultations on behalf of the sector.

If you have any questions or feedback to incorporate, please contact Nick Best or Sabena Sandhu.