Ottawa, December 21, 2012
The Honourable Ted Menzies, Minister of State (Finance), today welcomed final regulations that establish a legal framework for providing credit unions the option to be incorporated and regulated at the federal level.
“These regulations ensure that an appropriate framework is in place for credit unions that wish to grow beyond their provincial borders,” said Minister Menzies. “This means consumers can benefit from greater choice, confident that credit unions that elect to incorporate federally are doing so according to the high standards required under federal regulations.”
The regulations enable credit unions that choose federal incorporation to operate more seamlessly across provincial borders and to benefit from oversight by the Office of the Superintendent of Financial Institutions. The regulations, which build on steps taken since 2010 to provide a federal option for credit unions, have benefitted from extensive consultations with credit unions from across Canada.
“Credit Union Central of Canada welcomes today’s announcement as a major milestone in providing credit unions a new option to seek growth opportunities and enhance member service,” said David Phillips, President and Chief Executive Officer, Credit Union Central of Canada. “We congratulate the federal government for taking this action.”
The regulations are available online in the Canada Gazette, Part II.
Office of the Minister of State (Finance)
Department of Finance