Compliance Orders


Effective October 1, 2009 DICO has the authority to issue specified compliance orders requiring a credit union to resolve specified weaknesses and deficiencies. In certain cases, DICO may also impose conditions of deposit insurance and impose administrative penalties. DICO has committed to administer these responsibilities in a fair and transparent manner, in accordance with established criteria.

Conditions of deposit insurance and compliance orders will only be issued by DICO upon careful investigation and analysis of any identified material weaknesses and deficiencies of a credit union. DICO will issue a written notice of its intention to issue a compliance order or impose conditions of deposit insurance and provide full details of the criteria and evidence used for the decision. Credit unions will normally be provided with at least 15 days notice and an opportunity to respond and have the right to appeal all compliance orders. Compliance orders issued by DICO will be published on DICOís website.

Under the Act , DICO has the authority to issue a Compliance Order requiring an insured institution to undertake specific actions outlined in the Order where:

  • there are reasonable grounds to believe that the insured institution is not complying with the requirements of the Act and the regulations; or
  • DICO considers it is necessary to protect the interests of the members, shareholders or depositors; or
  • DICO considers it necessary to ensure the financial security and integrity of the insured institution