Consultation on Draft Corporate Governance Guideline and Risk Management and Resilience Guideline for B.C. Credit Unions

BCFSA has consulted on a draft Corporate Governance Guideline and Risk Management and Resilience Guideline (Guidelines) for B.C. credit unions.

Responses and comments received during the consultation will be reviewed by BCFSA and will inform the final version of the Guidelines.

BCFSA values the feedback it receives during consultations and will treat submissions 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.

Publication of the final Guidelines is scheduled for spring 2026.  

Background

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.

Corporate governance is how boards of credit unions safeguard members’ interests, guide strategy, oversee risk, and uphold the values of a cooperative financial institution. It’s also key to successful risk management. Risk management, meanwhile, is necessary for credit unions to ensure that they are able to understand and mitigate their risks. Inadequate, incomplete, or lack of risk management can result in serious consequences for both industry and consumers and adversely affect the operation and solvency of credit unions.

Consultation Timeline

1. Phase 1: Public Consultation (Complete)
   (November 2025 — February 2026)
2. Phase 2: Implementation
   (2026)

Phase 1: Public Consultation

BCFSA invited stakeholder input from B.C. credit unions, industry partners and the public from November 24, 2025 to February 24, 2026.

• Draft Corporate Governance Guideline for B.C. Credit Unions 
• Draft Risk Management and Resilience Guideline for B.C. Credit Unions