Other Powers

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 administrative penalties. DICO has committed to administer these responsibilities in a fair and transparent manner, in accordance with established criteria.

Under the Act , DICO has a number of other powers that it may use as the circumstances require. These include the power to:

  • Impose conditions of deposit insurance;
  • Impose an administrative penalty for failure to perform specified requirements;
  • Apply to the court to set aside a restricted party transaction; and
  • Require a meeting of the directors of an Ontario credit union.