Changes to the Credit Union Act

Nova Scotians can be confident in the continued safety and stability of the credit union system with amendments to the Credit Union Act introduced today, March 6.

“Amending the legislation will help maintain a level of thorough regulation and oversight of credit unions and strengthen the safety and stability of the system,” said Finance and Treasury Board Minister Karen Casey.

A regular review and update is required every seven years to ensure that oversight of the credit union sector remains current and relevant. Changes are intended to modernize and streamline operations and governance.

Since the last review, the federal government changed its legislative and regulatory framework making oversight of Atlantic Central, a Nova Scotia incorporated company, a provincial responsibility.

Atlantic Central provides Atlantic credit unions with liquidity, payment and trade services. The proposed amendments to the act update and clarify the oversight requirements of Atlantic Central to appropriate prudential standards.

The review also identified changes necessary to update and modernize membership rules, improve efficiencies and align Nova Scotia legislation with the other Atlantic provinces. The legislation will take effect upon proclamation.