We are pleased to announce that the new Credit Unions and Caisses Populaires Act, 2020 (CUCPA 2020) has come into force effective Monday March 1^st. It has been a multi-year process and CCUA would like to thank everyone for your invaluable contributions in getting this over the finish line.

We look forward to working with all the credit unions on the opportunities to come as we transition to this new regulatory framework in Ontario. Here is the link to the official news release from the Ministry of Finance.
The Act is accompanied by the following Regulations:

• O. Reg. 105/22: General Regulations
• O. Reg. 104/22: Sale of Insurance Regulations
• O. Reg. 108/22: The Cost of Borrowing and Disclosure to Borrowers Regulation

The proclamation also brings into force the following FSRA Rules, which had been approved by the Minister last month:

• 2021-001 Sound Business and Financial Practices Rule English | French
• 2021-002 Capital Adequacy Requirements Rule English | French
• 2021-003 Liquidity Adequacy Requirements Rule English | French

We are currently in the process of planning training exercises with respect to the announced changes. We will share more details with you on this in the near future.
For now, please find the following comparison documents, highlighting the key differences from previous versions of the Regulations and Rules:

• General Regulations
• Sale of Insurance Regulation (Track Changes Version)
• Sound Business and Financial Practices Rule
• Capital Adequacy Rule
• Liquidity Adequacy Rule

 If you have any questions, please contact Andrei Belik and Sabena Sandhu.