Ontario will be reviewing the Credit Unions and Caisses Populaires Act, 1994, in an effort to help boost the Ontario economy as well as provide financial protection for its people.
Credit unions are savings and loans financial institutions that belong to their members, i.e. account holders.
Parliamentary Assistant Laura Albanese has been assigned to take charge in leading the review and provide final recommendations by fall of next year.
The review is part of the government’s economic plan for Ontario, which involves spending more on public infrastructure, creating a secure savings plan so that people can afford to retire, and establishing an environment where businesses can thrive.
Laura Albanese, Parliamentary Assistant to the Minister of Finance, said:
“I’m honoured to be leading the review of Ontario’s credit unions and caisses populaires legislation. With branches across the province serving the needs of their communities, the credit union sector is an important part of the province’s economy. It’s imperative we have the right rules and regulations in place to ensure that everyone’s best interests are safeguarded.”
Ontario’s credit unions and caisses populaires has over 6,000 employees in the province, with nearly 1.6 million members. They have provided just over $33.4 billion in loans to households and businesses across the province (as of the end of 2013).
The review occurs every five years, and includes consultations to look for ways to improve the regulatory framework, protect consumers, and allow credit unions and caisses populaires to adequately meet the needs of their members.
Charles Sousa, Minister of Finance, said:
“The review of the Credit Unions and Caisses Populaires Act, 1994 reflects our government’s long-term commitment to continuously update and adapt Ontario’s financial services regulation. These institutions are an essential part of our province’s economic fabric. Laura Albanese has extensive experience with legislative economic and financial committees and I’m pleased that she will lead this review to bring about changes that will further protect consumers and help this sector grow and thrive.”