Ontario to Modernize Credit Union Sector



    McGuinty Government Seeking Input On Draft Regulations

    TORONTO, Feb. 6 /CNW/ -

    NEWS

    Ontario launched public consultations on draft regulations today under
the province's credit union legislation.
    The public consultations will provide an opportunity for individuals,
credit unions, organizations and associations to submit comments on proposed
changes to help modernize Ontario's credit union sector.
    The government is following through on its commitment to ensure financial
regulation remains current and keeps pace with the rapid change in today's
marketplace. The objectives of the draft regulations are to:

    
    -  strengthen governance in the sector
    -  enhance the ability of credit unions to manage risk
    -  streamline regulatory requirements while promoting effective
       regulatory oversight
    -  create flexibility to pursue growth and innovation, and
    -  make sure updated consumer protection standards are in place.

    QUOTES

    "Our government is serious about financial services regulation in
Ontario," said Finance Minister Dwight Duncan. "The aim of these changes is to
balance the needs of credit unions to remain competitive with the need for
regulatory prudence, an important goal in light of the current global
financial turmoil."

    QUICK FACTS

    -  Click here to view the consultation document
(http://www.fin.gov.on.ca/english/consultations/cu-cp/cu-cp09.html).
    -  Send comments and submissions by mail and via email
(mailto:cucpconsultations.fin@ontario.ca) by March 31, 2009.
    -  The Credit Unions and Caisses Populaires Act, 1994
(http://www.e-laws.gov.on.ca/html/statutes/english/elaws_statutes_94c11_e.htm)
sets out the
       legislative framework according to which credit unions operate in
       Ontario.
    -  Ontario's 198 credit unions and caisses populaires have approximately
       $28 billion in assets and 1.7 million members. They operate in more
       than 600 locations across the province.

    LEARN MORE

    Read more about the key changes
(http://www.fin.gov.on.ca/english/consultations/cu-cp/cu-cp09.htmlNo._Toc21779
2025) to the regulations governing the credit union sector.
    Learn more about Ontario's five-point
(http://www.premier.gov.on.ca/economicplan/Default.asp?Lang=EN) plan for the
    economy.

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                                                     ontario.ca/finance-news
                                                      Disponible en français
    





For further information:

For further information: Alicia Johnston, Minister's Office, (416)
325-3645; Scott Blodgett, Ministry of Finance, (416) 325-0324

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