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BCFSA Launches Consultation on Credit Unions’ Commercial Lending
Credit unions, industry partners are asked to provide feedback on proposed Commercial Lending Guideline.
BCFSA has launched a consultation requesting feedback from B.C. credit unions and other industry partners on its draft Commercial Lending Guideline (“Guideline”), which promotes prudent commercial lending practices that contribute to financial stability and consumer protection.
BCFSA has prioritized the release of the Guideline to ensure credit unions continue to appropriately manage the risks associated with commercial lending in the current market climate.
The consultation aims to gather feedback on proposed high-level principles and specific expectations for all B.C. credit unions participating in commercial lending.
Interested parties are encouraged to review the proposed Guideline on BCFSA’s website and submit their feedback using an online consultation feedback form. The 75-day consultation is open until January 31, 2025.
Responses and comments submitted will form the basis of a consultation summary report and will be considered when finalizing the draft Guideline. 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.
