Pending Engagement on New Regulations for The Protection from Human Trafficking (Coerced Debts) Amendment Act, 2023

Saskatchewan Justice has advised CCUA that they will soon be working on the new regulations for the Coerced Debts legislation. CCUA has been tracking the regulatory framework for this legislation since its passage last year. It will permit Saskatchewan Justice officials and Victim Services to work with victims of human trafficking to mitigate their credit history. Saskatchewan Justice’s Victim Services officials will provide a certificate that can be used when dealing with financial institutions.  CCUA will be engaging with Saskatchewan Justice officials on the details of the new regulatory framework and will amplify communications on the new measures for Saskatchewan credit unions.  For more information, please contact Leslie Trobak.


CCUA Hosting Meeting for Saskatchewan Credit Union Agriculture Lenders Next Week
On May 20 at 2 PM, CCUA is coordinating a meeting of Saskatchewan credit union agriculture lenders to discuss several items.  Our proposed agenda includes AgriStability, the Impact of tariffs (Canola, farm equipment supply and pricing, input costs, livestock exports and FCC’s trade disruption measures.  Plus, we would like to discuss potential items for a future meeting with the Saskatchewan Minister of Agriculture. 

If team members at your credit union would be interested in this session, or if you have other items you would like to see on the agenda, please contact Sherrisse Kiefer.

Innovation Federal Credit Union’s Proposed Merger with ABCU Credit Union Receives Clarity with Regulatory Changes in Alberta

 The Government of Alberta recently amended its Credit Union Act regulations to provide more information about the process for provincially regulated credit unions to achieve federal continuance.  This is one of the steps required for ABCU Credit Union in pursuit of its merger with Innovation Federal Credit Union.  The regulatory amendments also state that the credit union deposit guarantee assessments paid by a credit union seeking approval to become federal would remain with the fund.   

Under the new regulations, a provincially regulated credit union would have to receive approval from members through a special resolution to achieve federal continuance, and it must prove to the Minister of Finance that it has informed members of the proposed federal continuance. It needs a sound business case. Alberta Credit Union Deposit Guarantee Corporation will then work with the Minister to review the proposal and assess the potential impact of the credit union's federal continuance on the credit union sector.  Once all the provincial approvals, including the Ministers, are obtained, then the credit union must apply to OSFI.