The Ontario Government reviews the Credit Unions and Caisses Populaires Act (CUCPA) every five years in order to strengthen the regulatory framework, protect consumers and enable credit unions and caisses populaires to continue to meet the needs of their members.
In the fall of 2014 consultations across the province were initiated to seek input from the public. Laura Albanese, the Parliamentary Assistant to the Minister of Finance, was appointed to lead this review and submit final recommendations to the government by the fall of 2015.
The Ministry of Finance has extended the deadline for written submissions to FEBRUARY 5th, 2015.
DICO - Who We Are and What We Do
The Deposit Insurance Corporation of Ontario (DICO) is an Ontario Provincial Agency established under the Credit Unions and Caisses Populaires Act, 1994 . DICO’s role is to protect depositors of Ontario credit unions and caisses populaires from loss of their deposits. Deposit insurance is part of a comprehensive depositor protection program for all Ontario credit unions which is backed by provincial legislation.
DICO helps keep Ontario’s credit unions safe and sound by providing deposit insurance and regulating their activities.
Are Your Deposits Insured?
Credit unions can go out of business. It does not happen often, but it has and can happen. If your credit union goes out of business your insured deposits are protected up to $100,000. If your deposits are not covered by deposit insurance there is a risk that you may lose them.
Protecting depositors is part of our job. DICO automatically insures many types of deposits but, there are some deposits that we do NOT insure. For further details of deposit insurance coverage please refer to the brochure which provides an overview of typical insurance coverage.
Use this website to see if YOUR deposits are covered
Please note: For brevity, Credit Unions and Caisses Populaires will be referred to in English as “credit unions” and in French as “caisses populaires”