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The Financial Services Regulatory Authority of Ontario (FSRA) is proposing updates to the way it calculates annual deposit insurance premiums for credit unions.
This new approach would make the premiums more equitable, and fair by linking the “riskiness” of an individual credit union with the level of deposit insurance premiums paid by that credit union.
It would also recognize the changes arising from the implementation of the Risk Based Supervisory Framework and the adoption of three new FSRA rules.
The Deposit Insurance Reserve Fund (DIRF) is funded through deposit insurance premiums that credit unions pay to FSRA and is designed to protect the deposits of credit union members.
To help inform this work, FSRA is seeking sector input into the proposed new approach.
The consultation paper with questions for stakeholders is now open for feedback until January 23, 2023.
FSRA is planning a transition period for implementing any changes until all institutions are assessed under the Risk Based Supervisory Framework at least once.
FSRA consulted the DIRF Technical Advisory Committee and thanks the Committee for their input.
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