FSRA is actively reviewing all DICO regulatory direction, including but not limited to forms, guidelines and FAQs.

Until FSRA issues new regulatory direction, all existing regulatory direction remains in force.


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Depositor Protection Programs

Sector Release 66, July 19 (2011)
Notice of a Change in the Intervention Criteria for Supervision and Administration


Credit unions that exhibit a higher than normal risk profile are monitored more closely. This involves more frequent reporting and examinations to ensure that any deteriorating trends are actively monitored and appropriately corrected.


Credit unions which meet certain risk-based criteria may be placed under Supervision. The Act  provides the Supervisor statutory authority to order the credit union's board of directors to correct its practices or to refrain from undertaking activities that may harm the credit union. DICO follows the practice of providing credit unions with time to correct deficiencies in their operations, as identified through examination prior to being placed under Supervision. The length of time provided is dependent on the seriousness of the deficiency and the likelihood of correction.


In some circumstances, the Act  provides DICO the authority to place a credit union under Administration. Administration allows the credit union to continue to operate under DICO's direct control while providing sufficient time to develop and implement the most appropriate strategy to protect depositors.


When a credit union goes out of business, a liquidator is appointed to manage the orderly wind up of operations. In most cases, the DICO is appointed as liquidator in order to pay depositors and wind up the affairs in an orderly manner to minimize the impact on the credit union's depositors while maximizing the recovery of assets.