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On June 28, 2022, BCFSA launched the Capital Modernization Framework Project with an information session for all B.C. credit unions. The Project to modernize the capital framework for B.C.’s credit unions is a multi-year initiative to ensure that capital adequacy requirements for credit unions continue to reflect underlying risks and, as appropriate, developments in international standards and best practices. The ultimate outcome of this initiative is expected to be a new Capital Rule that will replace the existing Capital Requirements Regulation.
BCFSA will engage proactively with credit unions and other stakeholders throughout the Capital Modernization Framework Project to help ensure that the unique characteristics of the B.C. credit union sector are considered as part of the work to adopt a capital framework, based on Basel III, that will align more closely with international standards. The first of a series of public consultations to gather feedback throughout the phases of this project will be held later in 2022.
Learn more about the project on our website.