The government, in collaboration with the Financial Services Commission of Ontario (FSCO) and the Deposit Insurance Corporation of Ontario (DICO), has modernized the Credit Unions and Caisses Populaires Act, 1994 (CUCP Act). The amendments will enable credit unions and caisses populaires to better serve their members and will enhance the sector’s stability and competitiveness.
On October 1, 2009, the new amendments to the CUCP Act came into effect. A new General Regulation under the CUCP Act also came into force on the same date. New Cost of Borrowing and Disclosure to Borrowers requirements are effective as of October 1, 2010.
The changes also include:
- New filing requirements for by-law amendments. Credit unions should send two original copies of the amended by-laws to the attention of the Licensing and Registration Analysis Unit at FSCO within 30 days of receipt of confirmation of a by-law amendment by a special resolution of the members. Please note that failure to file by-law amendments may result in an administrative monetary penalty.
- New requirements for a credit union intending to identify itself by a name other than its corporate name, ie. use a trade name. The credit union must file a request for approval with the Superintendent pursuant to section 19.1(1) of the Act. The request must be forwarded to the Licensing and Registration Analysis Unit at FSCO.
About the Act and Regulations
How FSCO regulates the industry and protects consumers