Consultations: Credit Unions and Caisses Populaires Act

Modernizing the Credit Unions and Caisses Populaires Act
Additional Draft Regulations for Consultation

PROPOSED BY THE MINISTRY OF FINANCE
FEBRUARY, 2009

Please note that the consultation period has been extended. The new deadline for submissions is April 15, 2009.

This Consultation Draft is intended to
facilitate constructive dialogue concerning its contents.

Note that these regulations will become law only if the Lieutenant Governor in Council proclaims legislative changes and  approves the regulations

February, 2009

Dear Stakeholder:

I am pleased to enclose for your review and comment a copy of
Modernizing the Credit Unions and Caisses Populaires Act: Additional Draft Regulations for Consultation. The enclosed draft regulations form the final package of proposals associated with the project to modernize the Credit Unions and Caisses Populaires Act, 1994. The first package of regulations consulted on in 2006, which updated selected portions of the capital and lending rules was implemented in 2007.

It is expected that this final package of proposed regulations would, if approved, be accompanied by an order to proclaim the 2007 amendments that were made to the Credit Unions and Caisses Populaires Act, 1994 by the Budget Measures and Interim Appropriation Act, 2007.

The proposals described in this document are intended to enable credit unions and caisses populaires to serve their members better and support the sector’s competitiveness in delivering financial services. 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 these regulations.

The enclosure contains information on how you can submit comments on these proposals. Submissions will be accepted until April 15, 2009.

Thank you for taking the time to read this consultation draft. Your input is appreciated and will be taken into consideration.
Sincerely,

signature of Wayne Arthurs

Wayne Arthurs
Parliamentary Assistant to the Minister of Finance