CCUA recently met with FCAC, who confirmed that it will be updating its bulletins and guidance over the course of this summer. While the changes will be mostly administrative, there may be narrow opportunities for feedback in the months ahead. 

Although the guidelines are specifically applicable to federally regulated credit unions, provincially-regulated credit unions may want to familiarise themselves with the guidelines or adopt similar standards to maintain best practices and ensure consumer protection.  

The first of these changes includes a bulletin on Information box examples for the Financial Consumer Protection Framework Regulations, the Cost of Borrowing Regulations and the Prepaid Payment Products Regulations. This bulletin combines previous Guidelines CG-4 and CG-6, and introduces new requirements for prepaid payment products. An information box is a standardized, clear presentation of key terms, conditions, and costs associated with financial products.