Credit Unions and Caisses Populaires Act Amendments and New Regulations Approved

September 24, 2009


Chief Executive Officers / General Manager Chairs, Board of Directors

Amendments to the Credit Unions and Caisses Populaires Act, 1994

The Ontario government has worked with representatives from the credit union and caisse populaire system to modernize the Credit Unions and Caisses Populaires Act, 1994 (CUCP Act) and its regulations. These changes will enable credit unions and caisses populaires to better serve their members and will enhance the sectorís stability and competitiveness.

As part of the CUCP Actís modernization, amendments were made that transfer the responsibility of solvency regulation of credit unions and caisses populaires from the Financial Services Commission of Ontario (FSCO) to the Deposit Insurance Corporation of Ontario (DICO). However, FSCO maintains certain responsibilities under the CUCP Act. In addition, some administrative responsibilities have been transferred to the credit union or caisse populaire board of directors. Most changes will come into effect on October 1, 2009. Please refer to the attached Bulletin and associated attachments for more information about these amendments.

For further information, please contact your regional manager at DICO by
Telephone: 1-800-268-6653 Toll Free
416 325-9444 in Toronto or
Email: info at DICO

Alternately, you may wish to contact FSCO by
Telephone: 1 800 668 0128 Toll Free
416 250 7250 in Toronto or
Email: contactcentre

Sincerely,

Philip Howell, Chief Executive Officer and Superintendent of Financial Services

Andy Poprawa, President and Chief Executive Officer, Deposit Insurance Corporation of Ontario

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