Ontario credit unions are regulated through a comprehensive regulatory framework which involves the
Ministry of Finance, the
Financial Services Commission of Ontario (FSCO) and the
Deposit Insurance Corporation of Ontario (DICO) . The credit union sector is governed by the
Credit Unions and Caisses Populaires Act, 1994 (the Act),
Ontario Regulation 237/09 and
Ontario Regulation 238/09 .
The Ministry of Finance is responsible for developing and proposing the laws that credit unions must follow.
The Superintendent of Financial Services is responsible for ensuring that credit unions operate in accordance with the requirements of the Act and Regulations, particularly with respect to issues involving market conduct relating to members and the general public. FSCO is responsible for incorporating credit unions and caisses populaires, approving changes to their charter, as well as for certain approvals under the Act, and for reviewing complaints against credit unions and caisses populaires.
DICO is responsible for overseeing compliance with solvency rules and for providing deposit insurance protection for deposits held in
Ontario credit unions up to prescribed limits. As part of this responsibility, DICO has the authority to issue by-laws to ensure that insured institutions operate in accordance with
Sound Business and Financial Practices.
About the Act and Regulations
Information for Credit Unions