BCFSA Launches Consultation on Credit unions’ Corporate Governance and Risk Management Guidelines

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BCFSA has launched a 90-day consultation on its draft Corporate Governance Guideline and draft Risk Management and Resilience Guideline (Guidelines) for B.C. credit unions.

Credit unions and their industry partners are asked to provide feedback on the draft guidelines during the consultation from Nov. 24, 2025 until Feb. 24, 2026.

Corporate governance and risk management are foundational in supporting a modern and effective regulatory regime. Both are essential to the safety, integrity, and public confidence of B.C.’s credit union segment.

Included as appendices to each Guideline is a Practice Handbook, which provides illustrative examples of how the principles in the Guideline may be applied in practice across B.C. credit unions.

Interested parties are welcome to review the proposed Guidelines and their accompanying Practice Handbooks, and submit their feedback using an online consultation feedback form. Publication of the final Guidelines is scheduled for spring 2026.

Responses and comments will form the basis of a consultation summary report and will be considered when finalizing the draft Guidelines. Feedback submissions are treated as confidential records and BCFSA will not publish individual submissions or attribute content. However, please note that all submissions are subject to the Freedom of Information and Protection of Privacy Act.

About BCFSA

BC Financial Services Authority (BCFSA) is the province’s regulator for the financial services sector to help protect British Columbians during some of the most important financial decisions of their lives. As a Crown agency of the Government of British Columbia, BCFSA oversees credit unions, trust companies, insurance companies, pension plans, mortgage services, real estate services, real estate development and money services. BCFSA also administers the Credit Union Deposit Insurance Corporation of British Columbia (CUDIC). BCFSA has a mandate to instill confidence in the financial services sector by focusing on the safety and soundness of regulated entities and consumer protection.

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