Government of Nova Scotia

01/15/2020 | Press release | Distributed by Public on 01/15/2020 07:44

Regulatory Changes Coming for Nova Scotia’s Credit Unions

Nova Scotians can be confident in the continued safety and stability of credit unions as updated regulations and legislation take effect on July 1.

Regulatory changes have been finalized and will come into effect with the Credit Union Act and amendments that will include modernizing membership rules, such as clarifying the process for notifying members prior to a branch closure and requiring bylaws to include the appeal process for member termination. The regulations are being released now to provide credit unions with time to make the appropriate adjustments.

'We are pleased that the regulations and oversight of credit unions will continue to foster a strong financial sector and support communities,' says Finance and Treasury Board Minister Karen Casey.

Credit unions and Atlantic Central will now be able to foster growth across provincial boundaries to encourage diversification and to manage risk, in keeping with recent federal changes. The federal government changed its legislative and regulatory framework making oversight of Atlantic Central, a Nova Scotia incorporated company, a provincial responsibility.

Credit unions are an important part of the financial sector in Canada, offering a wide range of products in direct competition with other financial institutions.

Quick Facts:

  • a regular review and update of the Credit Union Act and regulations is required every seven years to ensure that oversight of the credit union sector remains current and relevant
  • the regulations will improve efficiencies and align Nova Scotia legislation with other Atlantic provinces
  • Atlantic Central provides Atlantic credit unions with liquidity, payment and trade services