New Framework For Federal Credit Unions Taking Shape

On July 5, 2012, the Finance Minister announced the release of guidelines and a package of five proposed regulations to implement the regulatory framework applicable to federal credit unions. The release and publication of these proposed guidelines and regulations constitute next-to-final steps taken by the Canadian government to establish the framework it had initially proposed in the 2010 federal budget to allow, under the Bank Act, provincial credit unions to be continued federally as a new form of credit union bank and new federal credit unions to be established.

The proposed guidelines and regulations were published in the Canada Gazette on July 7, 2012, in draft form and are subject to a 30-day review and comment period. They include consequential amendments to the Bank Act regulations and the following: