Consultations
Credit Unions and Caisses Populaires Act
Modernizing the Credit Unions and Caisses Populaires Act
A Consultation Draft of
Amendments to Legislation and Capital and Lending Regulation
PROPOSED BY THE MINISTRY OF FINANCE
AUGUST 2006
Dear Stakeholder:
The Ministry of Finance is pleased to enclose for your review and comment a Consultation Draft of proposed amendments to the Credit Unions and Caisses Populaires Act, 1994 and a Consultation Draft of proposed amendments to O. Reg. 76/95 concerning capital and lending.
The government, in collaboration with the Financial Services Commission of Ontario and the Deposit Insurance Corporation of Ontario, has been working with representatives of credit unions and caisses populaires to identify improvements to the Credit Unions and Caisses Populaires Act, 1994. This exercise is part of the government's commitment to modernize financial sector regulation and support a new generation of economic growth.
The proposals described in this document are intended to enable credit unions and caissess populaires to serve their customers better and enhance the sector's stability, which is an essential component of its competitiveness.
The ministry is interested in receiving input from individual credit unions and caisses populaires, their members and others. Your views will assist the ministry in finalizing proposals to update the Act and regulations.
The enclosure contains information on how you can submit comments on these proposals. Submissions will be accepted until September 11, 2006.
Thank you for contributing to this important review.
Wayne Arthurs
Parliamentary Assistant to the Minister of Finance
