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BCFSA is issuing an open call to B.C. credit unions, inviting applications to join a working group as part of its Capital Modernization Framework Project. 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 working group will bring together a diverse group of representatives from up to 14 B.C. credit unions with varying risk capacity and tolerance levels. Working group members will provide feedback to BCFSA at various points during the project, to identify the impacts of the proposed changes to B.C.’s capital framework on business strategies, the level of risk exposures in B.C., and any issues that require consideration.
Working group members will participate in focused discussions and will be invited to provide feedback and impact analysis on targeted topics. Feedback from the working group will inform the development of a discussion paper to be released for public consultation in 2023. The call to apply to become a member of the working group is open until September 14, 2022.
BCFSA is committed to engaging 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.
Learn more about the Capital Modernization Framework Project.