Legislative and Regulatory Tracker

CCUA actively monitors legislative and regulatory developments that may impact the credit union sector. The legislative and regulatory tracker provides up-to-date information on proposed bills and regulatory changes, helping members stay informed on issues that matter most to our industry.

Updated Aug-8-2025

Parliament / Jurisdiction	Legislation / Regulation	Notes
Canada	Bill C-8: An Act respecting cyber security, amending the Telecommunications Act and making consequential amendments to other Acts  Short Title: N/A Introduced: June 18, 2025  Stage: First Reading	If passed, Bill C-8 would (among other things) enact the Critical Cyber Systems Protection Act (CCSPA).    Bill C-8 is significantly similar to Bill C-26, the proposed cyber security legislation tabled under the previous administration, which died in the Order Paper when Parliament was prorogued in January 2025. The primary difference between Bill C-8 and Bill C-26 is that there are minor changes to the judicial review process for orders.     The CCSPA aims to require industries providing “vital services” or “vital systems” to implement a cyber security program in an effort to be proactive against growing cybersecurity concerns.   If passed, this legislation would capture FCUs and Central 1 (via their federal subsidiary). A sector brief is available here.
Canada	Bill C-2: An Act respecting certain measures relating to the security of the border between Canada and the United States and respecting other related security measures    Short Title: The Strong Boarders Act  Introduced: June 3, 2025  Stage: Second Reading	Bill C-2, also known as the Strong Borders, Strong Canada Act, represents a significant overhaul of Canada’s AML and ATF regime. The bill seeks to modernize and strengthen enforcement by introducing tougher penalties, closing loopholes, and expanding oversight. It proposes substantial increases in both administrative monetary penalties (AMPs) and criminal fines for non-compliance with the aim of enhancing deterrence across all regulated sectors. Bill C-2 would also prohibit cash transactions and donations over $10,000, except in prescribed circumstances, and restrict third-party cash deposits to mitigate risks associated with large, anonymous transactions. In addition, the bill would ban the use of fictitious or anonymous names on accounts, a measure designed to improve transparency in beneficial ownership. All entities subject to AML obligations, regardless of size or sector, would be required to register with FINTRAC, reinforcing its supervisory reach. The legislation also enhances FINTRAC’s role by making its director a member of the Financial Institutions Supervisory Committee (FISC) and enabling greater information sharing among federal regulators, law enforcement, and intelligence agencies. It introduces new due diligence obligations for financial intermediaries, bolsters investigative powers for law enforcement, and seeks to align Canada’s AML framework more closely with international standards, particularly those of the Financial Action Task Force (FATF). By tightening compliance expectations, expanding reporting obligations, and facilitating inter-agency coordination, Bill C-2 aims to strengthen the integrity of Canada’s financial system while targeting the illicit movement of funds through cash-intensive businesses, real estate, and other high-risk sectors.
Canada	Bill C-5: An Act to enact the Free Trade and Labour Mobility in Canada Act and the Building Canada Act    Short Title:  One Canadian Economy Act  Introduced: June 6, 2025  Stage: Royal Assent	There are no direct credit union implications; however, the issue of reducing interprovincial barriers is one that we are closely monitoring.
British Columbia	Business Practices and Consumer Protection Act (BPCPA) Introduced: TBC  Stage: Consulting	The Ministry of Attorney General is consulting on potential changes to the Business Practices and Consumer Protection Act (BPCPA) respecting credit-related products and services in the following policy areas: • Access to credit reporting information: Improving access to credit reports, credit scores, and timely correction of inaccurate reporting information. • Access to credit fraud protections: Application of ‘security alerts’ and ‘credit freezes’ to credit reports, and lender obligations regarding consumer identity verification. The Ministry highlighted possible impacts on credit unions here; however, the changes are not expected to materially impact credit unions, as it is required across Canada. • Harmful credit repair service provider practices: Preventing misleading or false advertising claims and the practice of charging fees before providing a service. Previously, in November 2022, the Ministry of Public Safety and Solicitor General shared a discussion paper regarding possible changes to the BPCPA focused on credit-related products and services. In early 2025, responsibility for consumer protection policy and legislation transitioned from the Ministry of Public Safety and Solicitor General to the Ministry of Attorney General.
Saskatchewan	Short Title: The Credit Union Act, 1988 Introduced: August 20, 2025 Stage: Consulting	The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) and the Ministry of Justice and Attorney General are seeking input on proposed updates to The Credit Union Act, 1998. Topics include: 1. Lowering the threshold required to pass a special resolution from three-quarters to two-thirds 2. Clarification of the process for membership termination and appeals 3. Clarification of credit union obligations respecting the payment of certain deposits 4. Delegation of responsibilities to designated employees 5. Other modernization and housekeeping updates The consultation paper is available here. All provincially-regulated credit unions in Saskatchewan are governed by the Act. Feedback is due Sept. 19, 2025.
Saskatchewan	Short Title: The Protection From Human Trafficking (Coerced Debts) Amendment Act, 2024 Introduced: May 8, 2024 Stage: Consulting on Regulations	The Ministry of Justice had an embargoed consultation on draft regulations in July CCUA provided a submission and included questions on how the regulations would be implemented. They have advised that implementation will be deferred to the fall. The Government of Saskatchewan introduced legislation in late 2024 to protect victims of human trafficking from the impact of coerced debts. The Protection from Human Trafficking (Coerced Debts) Amendment Act, 2023, amends existing legislation and will prohibit lenders from including information about coerced debts in credit reports and from taking coerced debts into account when evaluating a potential loan. The legislation implements a private, trauma-informed certification process for victims to access through the Ministry of Justice’s Victims Services, which will confirm a victim’s history and debts incurred as a result. Once it has confirmed an applicant’s history, Victims Services will provide a certificate to use when working with a credit reporting agency. While credit reporting agencies may choose to remove information about coerced debts without certification, this process will allow victims to confirm the information, if necessary, without the need to reveal private and potentially traumatizing information to a credit reporting agency
Saskatchewan	Short Title: Financial Planners and Financial Advisors Act, 2020 Introduced: TBC Stage: Draft Regulations	Financial and Consumer Affairs Authority (FCAA) is drafting new regulations for financial planners and advisors in Saskatchewan. The legislation will require anyone wanting to use the titles to hold appropriate credentials from an approved credentialing body.
Ontario	Bill 41 – Coerced Debts due to Human Trafficking Introduced: Dec 4, 2023 Stage: Royal Assent	In June 2025, the Ministry of the Attorney General released a consultation on the implementation of Bill 41. CCUA submitted comments, as there is a direct impact on credit unions. The submission is available here. Previously, in 2023, the CCUA team spoke with credit unions, received feedback/concern, and shared that feedback with the Ministry of Finance.
Ontario	Bill 2 – Protect Ontario Through Free Trade Within Canada Act, 2025 Introduced: Jun 5, 2025 Stage: Royal Assent	This bill directly impact credit unions, as it creates opportunities for reciprocal agreements between provinces to open up free trade and labour mobility. CCUA has spoken with the Ministry of Finance and the Ministry of Economic Development, Job Creation and Trade in April and May 2025. As of August 2025, the Ontario Ministry of Finance is in talks with their counterparts in BC, AB, and QC regarding extra-provinciality operations for credit unions. Talks have paused due to the deposit insurance issue, and the Ontario MoF is surveying credit unions in Ontario to understand their views on having credit unions in provinces with unlimited deposit insurance (UDI) come into Ontario with UDI.
Ontario	Bill 12, Cutting Taxes on Small Businesses Act, 2025 Introduced: May 6, 2025 Stage: First Reading	The proposed Bill amends the Taxation Act, 2007, increasing the Ontario small business deduction rate from 8.3 per cent to 9.9 per cent. The business limit for a taxation year for the purposes of the small business deduction would be increased from $500,000 to $600,000. CCUA has voiced support for the Bill by sending a letter to both the Minister of Finance and MPP Bowman.
Ontario	Bill 46 – Protect Ontario By Cutting Red Tape Act Introduced: Jun 4, 2025 Stage: Second Reading	The CCUA team has reviewed Bill 46, noted that there are some Consumer Reporting Act changes, and has no concerns.
Ontario	Bill 24 – Plan to Protect Ontario (Budget Measures) Introduced: Jun 5, 2025 Stage: Royal Assent	Bill 24 relates to the 2025 Ontario Budget announcement, where the Government noted that it will launch consultations on providing Ontario credit unions the ability to raise capital outside of their membership by selling investment shares to non-members. The full budget analysis can be found here.
Ontario	Bill 17, Protect Ontario by Building Faster and Smarter Act, 2025 Introduced: Jun 5, 2025 Stage: Royal Assent	CCUA has reviewed Bill 17 and can confirm that there is nothing explicitly credit union-focused. Overall, the bill is focused on housing and infrastructure development processes, municipal planning and permitting, and development charges.
Newfoundland & Labrador	Short Title: Newfoundland & Labrador Regulation 30/25 Introduced: March 12, 2025 Stage: In Force	The Newfoundland & Labrador Regulations were amended to enable access to government funding in response to U.S. tariffs. Prior to this change, the Credit Union Regulations, 2009, restricted the availability of unsecured commercial loans in excess of $25,000, with an exception for the Canada Emergency Business Account (CEBA) program during the COVID-19 pandemic. As of March 12, 2025, the Regulations have been changed to allow credit unions and their members to avail of any relevant Federal or Provincial Government programs meant to alleviate financial hardship for businesses.
Prince Edward Island	Short Title:  Credit Unions Act, RSPEI 1988, c C-29.1 Introduced: January 1, 2025  Stage: Royal Assent	Amendments to the Credit Union Act came into force in January. We are monitoring the new process for unclaimed balances.
Nova Scotia	Short Title: Credit Union Act, SNC, 1994,c4 Introduced: TBC Stage: Consulting	A review of the Credit Union Act in Nova Scotia is currently being undertaken. The following areas are being considered: • Merger options: Introducing new amendments for federal continuance, federal-provincial mergers, and making acquisitions easier • Amend s. 5 Application for Incorporation: increase the number of individuals to 1,000 and add a clause requiring a minimum initial deposit, like NB and NL’s respective Acts • s. 24 (2) Examination of Records: repeal all clauses that allow members/other actors to request a list of the members registry • s.64 Place of meetings: amend to explicitly allow electronic meetings. Currently, the Act requires meetings to take place in the province, and there are differing opinions from CUs on how this clause is interpreted. • s. 58(2) Associates: amend to allow the number of associates in the bylaws. Currently, it restricts CUs to only having ¼ of total members as associates, which limits growth opportunities.