FSRA Seeks Public Feedback on the Proposed Guidance on Recovery Planning—Consultation Opens Today
The Financial Services Regulatory Authority of Ontario (FSRA) continues to make the protection of member’s deposits and the stability of the credit union sector a priority.
To align with these efforts, FSRA is enhancing crisis preparedness and resiliency of the credit union sector.
FSRA is consulting on proposed guidance on recovery planning to help credit unions increase their resiliency. By preparing recovery plans, credit unions will have strategies in place to respond effectively in the event of a crisis.
This proposed guidance is our Interpretation of legal requirements under the Credit Unions and Caisses Populaires Act, 1994, as well as a statement of FSRA’s Approach to assessing the quality of credit union recovery planning frameworks.
FSRA is inviting sector stakeholders and the general public to submit feedback on the proposed guidance. The consultation will close on March 19, 2021.