On Friday, September 29, CCUA submitted a response to the industry consultation regarding the draft Climate Risk Returns for Federally Regulated Financial Institutions (FRFIs). This consultation is being conducted by the Office of the Superintendent of Financial Institutions (OSFI) in conjunction with the Bank of Canada (BoC) and the Canada Deposit Insurance Corporation (CDIC), and CCUA is delighted to be invited to participate. The Canadian credit union sector supports the inclusion of physical climate risk into portfolio management and the collection of financed emissions. We acknowledge the increasing severity of climate risks and are taking necessary measures to align our climate journey with international best practices.

Please see our complete response below.

Please contact Bolu Omidiji (bomidiji@ccua.com) if you have any questions or inquiries.