On October 1, 2009, the amended Credit Union and Caisses Populaires Act, 1994 (the Act) and Regulations went into full effect. When the Act and Regulations went into effect, the solvency regulations responsibilities were transferred from Financial Services Commission of Ontario (FSCO) to Deposit Insurance Corporation of Ontario (DICO) and certain responsibilities were transferred from the regulators to credit unions in Ontario.
This web page provides Credit Unions answers to frequently asked questions and question related to the amended Credit Unions and Caisses Populaires Act, 1994 and Regulations.
- Can you provide me with a copy of the Act and Regulations?
- Changes to the Act - Highlights
- Changes to the Regulations - Highlights
- Transfer of Solvency Regulation Responsibilities
- Filing of documents
- FSCO Reference Documents
- DICO Guideline and Reference Documents
- FSCO new complaint processes
- How can I incorporate a credit union?
- Title of the position for an officer designated to resolve complaints
- What does or does not comprise a "complaint"?
- What are the credit unions or the caisses populaires required to do for unclaimed deposits?
1. Can you provide me with a copy of the Act and Regulations?
The Act and Regulations are also available at the e-Laws website
2. Changes to the Act - Highlights
The Amendments to the Act and Regulations resulted in:
- Transfer of the solvency regulation responsibilities from Financial Services Commission of Ontario (FSCO) to Deposit Insurance Corporation of Ontario (DICO), and
- Transfer of administrative responsibilities from regulators to the credit unions
3. Changes to the Regulations - Highlights
- Regulation 76/95, Regulation 77/95 and Regulation 78/95 have been merged into one regulation, Regulation 237/09.
- Regulation 79/95 Stabilization Funds has been repealed
- Regulation 238/09 is a new regulation.
- The majority of provisions under Regulation 237/09 take effect October 1, 2009, while Regulation 238/09, in its entirety, takes effect October1,2010
4. Transfer of solvency regulation responsibilities
As a result of amendments of the Credit Unions and Caisses Populaires Act, 1994, certain statutory responsibilities were transferred from FSCO to DICO.
5. Filing of documents
As a result of transferred of solvency regulation responsibilities from FSCO to DICO, certain documents previously filed with FSCO should now be filed with DICO
FSCO and DICO have prepared a bulletin
that highlights changes to the Act and Regulations and other relevant matters.
7. What reference documents has FSCO prepared?
8. Where can I find the DICO Guideline & Reference Document?
DICO has prepared the following Guidelines for Lending and Capital Adequacy:
9. FSCO new complaint processes
FSCO has prepared Complaint Reference Document and Form for the complainant to file a complaint.
An officer or employee designated to receive and attempt to resolve complaints must be in place effective October 1, 2009. A list of officers
or employees designated with their contact information is available on the FSCO website
10. How can I incorporate a credit union?
11. Title of the position for an officer designated to resolve complaints:
- Ontario Regulation 237/09: ss.116.(1) requires that "a Credit Union/Caisse Populaire shall designate an officer or employee of the Credit Union/Caisse Populaire to receive and attempt to resolve complaints made by members and depositors".
- The title for the position should be decided by the Credit Union/Caisse Populaire. The name and title of the officer or employee should be communicated to the members and depositors so that they know who to direct their complaints to.
- Please note that FSCO has listed the name of the officer or employee provided by each of the Credit Union/Caisse Populaire under the heading: "Officer Designated to Resolve Complaints".
12. What does or does not comprise a "complaint"?
- A complaint is a written allegation against a party.
- Definition of a "complaint", also used in other financial sectors:
- A reproach against an organization
- Real or potential harm that a consumer has experienced or may experience
- A request for remedial action
- FSCO’s Market Conduct & Analysis Section is responsible for reviewing any allegations that involve a contravention of the CUCP Act.
13. What are the credit unions or the caisses populaires required to do for unclaimed deposits?
Section 182 of the Credit Union and Caisses Populaires Act deals with a deposit account where at least two years have elapsed since a depositor’s last transaction or since the depositor last requested or acknowledged an account statement. Such accounts are defined as inactive accounts. Under section 182, if 10 years have elapsed on an inactive account, credit unions or caisses populaires must forward the unclaimed amount from the account to the Minister of Finance in accordance with the minister’s directions, commencing on the date the minister specifies.
Credit unions or caisses populaires are not to make any payments to the Minister of Finance at this time. FSCO will advise when the Minister of Finance has set the date and provided directions. The law requires credit unions and caisses populaires to mail notices on an individual account basis to depositors with inactive accounts.