Recovery planning guidance for credit unions published by regulator
- Published: Wednesday, 07 July 2021 09:57
After a consultation period, The Financial Services Regulatory Authority of Ontario (FSRA) has published guidance on recovery planning to help credit unions increase their resiliency. The new Guidance came into effect on July 5, 2021, and regulated credit unions have until January 13, 2023 to submit their final plans.
FSRA is asking for interim submissions with key elements of the plans by January 14, 2022, so feedback can be provided before the 2023 deadline.
The Recovery Planning Guidance sets out the principles of effective recovery planning. It also describes how FSRA will assess the quality of risk management and credibility of recovery options.