Ontario credit unions and caisses populaires are regulated through a comprehensive regulatory framework in addition to their own by-laws and articles of incorporation. This is in accordance with the Credit Unions and Caisses Populaires Act (CUPCA) and Capital Adequacy Guideline, which hold the power of law.

Credit unions are also expected to adhere to preiodically issued Guidance Notes that outline sound business and financial practices. FSRA ensures compliance through our prudential regulation activities. [link to Prudential Oversight/Regulation]

Acts & Regulations

The Credit Union and Caisses Populaires Act (CUCPA) sets out FSRA’s objectives, powers and duties, along with general terms for deposit insurance and other governing parameters.

FSRA By-laws

By-law No. 3 - Deposit Insurance Advertising [PDF]
This prescribes what Credit Unions can and cannot say when advertising their services.

By-law No. 5 – Standards of Sound Business and Financial Practices [PDF]
This provides best practices for Ontario credit unions, including policies and procedures for risk management. It defines the roles of the Board of Directors, the Audit Committee and management personnel, to help them implement sound business and financial practices.

By-law No. 6 – Reserves and Monthly Provision for Doubtful Loans [PDF]
This prescribes guidelines for the reporting and accounting of impaired loans, in accordance with International Financial Reporting Standards (IFRS) 9.

Guideline

The following Capital Adequacy Guideline provides additional information on Capital Adequacy for Ontario’s credit unions and caisses populaires.
Capital Adequacy Guideline (2013) [Word]

Guidance

In addition to the regulatory framework outlined above, FSRA issues other related publications such as guidance notes, applications guides and reference manuals. These outline FSRA’s expectations around sound business and financial practices. 

ICAAP (Internal Capital Adequacy Assessment Process) [PDF]

Guidance Note: Internal Capital Adequacy Assessment Process (ICAAP) –Credit Unions with Total Assets Greater than $500Million

Sector Release #83 - Liquidity and Stress Testing Guidance Notes and Tools [PDF]

Sector Release #76 - Implementation of ICAAP and Stress Testing for Credit Unions with assets in excess of $500 million [PDF]

Application Guide: Internal Capital Adequacy Assessment Process (ICAAP) for More Complex Credit Unions [PDF]

ICAAP Submission Template - Summary Key Metrics Report

Guidance Note: Stress Testing for Credit Unions with Assets Greater Than $500 Million [PDF]

Guidance Note: Lending [PDF]

Commercial Lending Policy Development Guide

Guidance Note: Liquidity (2018) [PDF]

Completion Guide: Liquidity Coverage Ratio [PDF]

Template: Liquidity Coverage Ratio

Completion Guide: Net Cumulative Cash Flow [PDF]

Template: Net Cumulative Cash Flow

Completion Guide: Net Stable Funding Ratio [PDF]

Template: Net Stable Funding Ratio

Guidance Notes, Corporate Governance, Accompanying Letter (2018) [PDF]

Guidance Note: Corporate Governance for Board of Directors (2018) [PDF]

Guidance Note: Corporate Governance for Audit Committee (2018) [PDF]

Guidance Note: Corporate Governance for Management (2018) [PDF]

Assessment Workbook: Corporate Governance for Board of Directors (2018) [PDF]

Assessment Workbook: Corporate Governance for Audit Committee (2018) [PDF]

Assessment Workbook: Corporate Governance for Management (2018) [PDF]

Director Training

Guidance Note: Director Training and Qualifications for Less Complex Credit Unions (2018) [PDF]

Guidance Note: Director Training and Qualifications for More Complex Credit Unions (2018) [PDF]

Application Guide: Director Competencies for Less Complex Credit Unions (2018) [PDF]

Application Guide: Director Competencies for Complex Credit Unions (2018) [PDF]

Director Training, Policy Development Guide (2012) [PDF]

Handbooks

Director's Handbook (2016) [PDF]

Director Training, Director Candidate Information Guide (2012) [PDF]

Director Training Self-Assessment Tool (2015) [PDF]

Audit Committee Handbook (2016) [PDF]

Enterprise Risk Management

Guidance Note: Enterprise Risk Management (ERM) for Complex Credit Unions (2018) [PDF]

Enterprise Risk Management (ERM) Framework (2018) [PDF]

Enterprise Risk Management (ERM) Application Guide [PDF]

Investments

Guidance Note: Investments (2018) [PDF]

Securitization

Guidance Note: Securitization (2018) [PDF]

Application Guide: Securitization [PDF]

Securitization Reporting Template

Structural

Guidance Note: Structural (Interest Rate) Risk (2018) [PDF]

Others

Sound Business and Financial Practices Reference Manual [PDF]

Deposit Insurance Advertising and Pre-Approved Advertising Messages (2018) [PDF]

Decal Installation Guide [PDF]

Request for Additional Brochures and Decals [PDF]