Consultations: Modernizing Ontario’s Credit Union Legislative Framework - Consultations

A Modern Framework for Credit Unions in Ontario: Reducing Red Tape and Increasing Investment

Mr. Doug Downey, Parliamentary Assistant to the Minister of Finance, was appointed to conduct a legislative review of the Credit Unions and Caisses Populaires Act, 1994 (CUCPA) and lead the development of new legislation for the credit union and caisse populaire sector. Subsequent to Doug Downey’s appointment as Attorney General in June 2019, Stan Cho became the Parliamentary Assistant to the Minister of Finance and was appointed to continue conducting the legislative review. As part of the review, Mr. Cho will consult with the public and stakeholders on finding efficiencies and reducing unnecessary regulatory burden, so that credit unions can focus on serving their members.

Your advice is important. All input is welcomed and appreciated. Providing the reasons behind your views will help provide a better understanding of your perspective. All comments received may be used in the course of the review to inform recommendations for the new act and its regulations. This will involve disclosing some or all comments or materials, or summaries of them, to other interested parties during and after the consultation. The collection, use and disclosure of information is subject to the Freedom of Information and Protection of Privacy Act.

If you would like to learn more about these topics, you can read the entire consultation paper here or download the full PDF online at www.fin.gov.on.ca/en/consultations/cu-cp/cucpa-review.pdf

Please provide your written submissions no later than August 16, 2019.

You may send your comments by e-mail to David.Manley@ontario.ca, or by mail to:

David Manley
Senior Policy Advisor
Financial Services Policy Division
Ministry of Finance
95 Grosvenor St. - 4th Floor
Toronto, ON M7A 1Z1

Once the feedback has been reviewed, Mr. Downey will make recommendations to the Minister regarding any proposed changes to the act and regulations. The recommendations will be made available to the public.

Other links:

Minister's Letter

Credit Unions and Caisses Populaires Act, 1994

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