Credit Unions & Caisses Populaires

Credit Unions 


Ontario credit unions are regulated through a comprehensive regulatory framework which involves the Ministry of Finance [New Window], the Financial Services Commission of Ontario (FSCO) and the Deposit Insurance Corporation of Ontario (DICO) [New Window]. The credit union sector is governed by the Credit Unions and Caisses Populaires Act, 1994 [New Window] (the Act), Ontario Regulation 237/09 [New Window] and Ontario Regulation 238/09 [New Window].


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 [New Window] 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 [New Window].