Consultation on CUDIC Deposit Data Requirements

The Credit Union Deposit Insurance Corporation of British Columbia (“CUDIC”) has consulted on updates to the Deposit Data Requirements (“Data Requirements”) intended to ensure that BC Financial Services Authority (“BCFSA”) receives the necessary deposit data for CUDIC to complete accurate and timely deposit insurance determinations for depositor reimbursement in an event of a credit union failure.

The period for giving feedback has now closed.

Over the 90-day consultation period, CUDIC received feedback from credit unions on the enhancements in the Data Requirements related to the six Primary Payout System Extracts. From March 21 to June 21, 2022, credit unions were invited to review the draft of the Data Requirements, participate in an information session, and provide written feedback.

As a follow up to the consultation, BCFSA hosted a virtual information session for credit unions to present details on how the feedback was used to help clarify and strengthen the Data Requirements.

The CUDIC Team has reviewed the feedback that was received during the consultation. Please see our Consultation Summary Report detailing the feedback we received and our responses. The Consultation Summary Report provides an overview of key themes received from the credit union feedback.

BCFSA treats submissions of feedback as confidential records and 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.