More than 10,000 Canadians received a medically-assisted death in 2021: report
Quebec Superior Court suspends Bill 96’s translation requirement until constitutionality determined
The Ontario government has given Maggie an ultimatum: the disabled teen can lose her funding or her independence
FBI took 11 sets of classified material from Trump’s Mar-a-Lago home while investigating possible Espionage Act violations (US)
Ontario class action settlement reclassifies volunteers as employees, setting new precedent
Availability of Judicial Review in SABS Disputes
Are masking policies still valid?
Justice Canada releases commission report on impact of lack of legal aid in family law disputes
Harmonized sales tax part of maximum amount of attendant care benefits owed by insurer: court
New rules coming next month to help Canadians with cancelled and delayed flights
Stephen King set to testify for govt in books merger trial (US)
New law program in Quebec to begin next fall, a first in 50 years
The Impact of the Lack of Legal Aid in Family Law Cases
SCC rules that when someone is required by their partner to wear a condom but do not, they could be guilty of sexual assault.
Big Plastic suing feds over single-use ban — again
Tim Hortons offers coffee and doughnut as proposed settlement in class action lawsuit
The SCC has refused to hear the appeal to declare the renewal of the state of health emergency by the Quebec government invalid
Federal privacy commissioner investigating controversial ArriveCAN app
Kraken, a U.S. Crypto Exchange, Is Suspected of Violating Sanctions (US)
Ontario court certifies class action on former patients’ anxiety from notice of risk of infection
The stakes couldn’t be higher as Canada’s top court decides whether to hear climate class action lawsuit
Professor Barnali Choudhury selected by EU as trade and sustainable development expert
The Supreme Court decision on the ‘Ghomeshi’ amendments will help sexual assault victims access justice
AFN Reaches $20 B Final Settlement Agreement to Compensate First Nations Children and Families

New legislation modernizing framework for credit union sector comes into effect

New legislation replaces Credit Unions and Caisses Populaires Act, 1994.

 


PHOTO: Stock

 
 

Ontario’s new legislation modernizing the existing framework for the credit union sector across the province has come into effect, the Ministry of Finance announced.

The Credit Unions and Caisses Populaires Act, 2020 aims to reduce the regulatory burden for credit unions, increase their business and investment powers, and improve consumer experience and protection. The new legislation was first introduced in the 2020 Budget and replaced the Credit Unions and Caisses Populaires Act, 1994.

“Now more than ever is the time to ensure that the credit union sector is healthy, strong and competitive – and not constrained by outdated or overly prescriptive legislation and regulations that limit its growth opportunities,” Minister of Finance Peter Bethlenfalvy said. “Our government is enabling modernization in this important sector, which plays a critical role in communities across the province by helping Ontario families and businesses invest in their future.”

In particular, the new legislation removes current restrictions limiting credit unions’ ability to invest and offer services to consumers. It also permits the sale of property and casualty insurance in branches and online to allow insurance intermediaries and credit unions to build mutually beneficial business relationships that reduce costs and increase competition.

The new legislation authorizes the Financial Services Regulatory Authority of Ontario (FSRA) to operate as a principles-based regulator to ensure a more stable credit union industry. Moreover, it enables the FSRA to exercise oversight powers through an industry-led market code of conduct and improved compliance regime to enhance consumer protection.

“The proclamation of the new Credit Unions and Caisses Populaires Act now positions Ontario credit unions to be more competitive in the current financial services landscape,” said Canadian Credit Union Association President and CEO Martha Durdin.

GOOGLE ADVERTISEMENT

 


PHOTO: Stock

 
 

Ontario’s new legislation modernizing the existing framework for the credit union sector across the province has come into effect, the Ministry of Finance announced.

The Credit Unions and Caisses Populaires Act, 2020 aims to reduce the regulatory burden for credit unions, increase their business and investment powers, and improve consumer experience and protection. The new legislation was first introduced in the 2020 Budget and replaced the Credit Unions and Caisses Populaires Act, 1994.

“Now more than ever is the time to ensure that the credit union sector is healthy, strong and competitive – and not constrained by outdated or overly prescriptive legislation and regulations that limit its growth opportunities,” Minister of Finance Peter Bethlenfalvy said. “Our government is enabling modernization in this important sector, which plays a critical role in communities across the province by helping Ontario families and businesses invest in their future.”

In particular, the new legislation removes current restrictions limiting credit unions’ ability to invest and offer services to consumers. It also permits the sale of property and casualty insurance in branches and online to allow insurance intermediaries and credit unions to build mutually beneficial business relationships that reduce costs and increase competition.

The new legislation authorizes the Financial Services Regulatory Authority of Ontario (FSRA) to operate as a principles-based regulator to ensure a more stable credit union industry. Moreover, it enables the FSRA to exercise oversight powers through an industry-led market code of conduct and improved compliance regime to enhance consumer protection.

“The proclamation of the new Credit Unions and Caisses Populaires Act now positions Ontario credit unions to be more competitive in the current financial services landscape,” said Canadian Credit Union Association President and CEO Martha Durdin.

Want direct access to the latest LITN content?

Stay in the loop ➞ Subscribe to LITN instant notifications.
Receive the latest content delivered directly to your device.
Unsubscribe at anytime.

Leave a Reply

Your email address will not be published. Required fields are marked *

I agree to LITN's Terms & Conditions.

Latest News

Subscribe

Join the LITN Newsletter ➞ the latest news delivered to your inbox. Unsubscribe at any time.


GOOGLE ADVERTISEMENT

Instagram Feed