On November 5, 2025, the Minister of Justice, Tim McLeod, introduced The Credit Union Amendment Act, 2025. We would like to thank the Credit Union Modernization Working Group and the GR Advisory Group for their feedback on the consultation. We would also like to extend our thanks to the credit unions who provided their input and met with their local MLAs to highlight the need for modernizing the Act. 

The legislation contained many of the items that were in the Modernization of The Credit Union Act, 1998 Consultation. Our top three items from our list of amendments to update The Credit Union Act, 1998 were included: 

1.Threshold to Pass a Special Resolution 

The proposal to amend the Act to require two-thirds approval of members or delegates who are entitled to vote and properly vote on a special resolution was implemented. Previously, the Act required a three-fourths approval of members or delegates to a special resolution. 

2. Records Retention 

The proposal to revise the records retention model to recognize that electronic records are becoming the norm. Changes to records retention in the Act were include which will create flexibility for credit unions. Once the regulations are released, CCUA will review them. 

3.Streamlining Membership Termination 

The process for terminating memberships has been clarified, allowing the Board to terminate a membership. Key updates include: 

• In certain situations, the board of a credit union may specify the form of submissions that a terminated member can make when appealing a membership termination decision to the members of the credit union. 

• When a membership termination is appealed, the board will be authorized to replace the appeal to the members with an appeal to the court, if the board reasonably believes an appeal to the members cannot be done in any form without violating certain obligations of the credit union or an order of the court. 

• The 2025 amendments also reference The Saskatchewan Employment Act in subsection 69(6)(a), linking membership termination decisions to workplace safety obligations. This connection creates a dual duty for credit unions to protect employees and members from harm, and to ensure due process in termination decisions. 

Other amendments included are: 

• Allowing the board to authorize an employee to release the member list of the credit union. 

• Clarification that a member is on request entitled to one paper copy of the articles and bylaws. On request members can request further paper copies at a reasonable fee. 

• Allowing the board to authorize an employee to approve memberships. 

• Clarification on voluntary withdrawal of a membership. In addition to written notice of a membership withdrawal, a member can provide oral notice. 

• Provide a definition for the term "professional adviser" to remove ambiguity about the eligibility for an individual to be on a credit union's board of directors. 

• Clarify how deposits are paid out when a membership is terminated. 

We were pleased to work alongside the Financial and Consumer Affairs Authority of Saskatchewan (FCAA) and officials from Ministry of Justice to get these amendments introduced. Please see the official government news release here. A copy of the legislation can also be found here.