Frequently Asked Questions for Credit Unions and Caisses Populaires

This web page provides credit unions and caisses populaires answers to frequently asked questions.

 

  1. Who should resolve complaints for my credit union and what title should they have?
  2. What does FSCO mean by a "complaint"?
  3. What are credit unions or caisses populaires required to do with unclaimed deposits?

1. Who should resolve complaints for my credit union and what title should they have?

Under sub-section 116(1) of Ontario Regulation 237/09 [New Window], each credit union and caisse populaire is required to designate one of its officers or employees to receive and attempt to resolve complaints made by members and depositors. The title for this position should be determined by the credit union or caisse populaire. In addition, the credit union or caisse populaire is responsible for communicating the name and title of this officer or employee to its members and depositors, so that they know who to direct their complaints to.

 

A list of these officers or employees is available on the web page entitled Officers Designated to Resolve Complaints Contact Information.

2. What does FSCO mean by a "complaint"?                               

The Financial Services Commission of Ontario's (FSCO's) Market Risk Assessment Unit is responsible for reviewing and/or investigating any allegations that involve a contravention of the Credit Unions and Caisses Populaires Act, 1994 [New Window] (the Act). FSCO describes a complaint as a written allegation against another person or organization. It usually involves the following:

 

  • criticism against an organization;
  • real or potential harm that a consumer has experienced, or could experience; and
  • a request for remedial action.   

3. What are credit unions or caisses populaires required to do with unclaimed deposits?

Section 182 of the Act deals with a deposit account where at least two years have passed since the depositor's last transaction, or since the depositor last requested or acknowledged an account statement. These types of accounts are often described as "inactive accounts". Under section 182, if an account has been inactive for 10 years, the credit union or caisse populaire must forward the unclaimed amount from the account to the Minister of Finance. This must be done in accordance with the minister's directions, starting on the date that is specified by the minister.

 

However, credit unions or caisses populaires should not make any payments to the Minister of Finance at this time. Once the Minister of Finance has set a date and provided directions, this will be communicated by FSCO to credit unions and caisses populaires.

 

Under the law, credit unions and caisses populaires are required to mail notices on an individual account basis to depositors with inactive accounts.