Credit Unions

Effective January 2017, FIRB assumed the sole responsibility for the prudential supervision of Credit Union Central of Manitoba (CUCM) from the federal Office of the Superintendent of Financial Institutions (OSFI).  The new responsibility involves the establishment of a risk-based approach to oversee CUCM; participation in the Credit Unions Prudential Supervisors Association (CUPSA), an inter-provincial forum for credit union regulators; greater coordination within the credit union sector to ensure predictable and stable liquidity; and, the engagement of stakeholders to review and ensure that standards remain relevant in a changing environment.

FIRB is finalizing standards applicable to CUCM that were developed based on OSFI’s existing standards in consultation with CUPSA.  These standards are:

  • Liquidity Principles
  • Interest Rate Risk (IRR) Management
  • Pledging (of assets)
  • Stress Testing
  • Prudent Person Approach (to investing)
  • Derivatives Disclosure
  • Derivatives Sound Practices
  • Capital Adequacy Requirements
  • Internal Capital Adequacy Assessment Process (ICAAP)
  • Corporate Governance Guidelines
  • Regulatory Compliance Management (RCM)
  • Background Checks on Directors and Senior Management of FREs
  • Operational Risk Management
  • Outsourcing of Business Activities, Functions, and Processes