Consultation on the Internal Capital Adequacy Assessment Process (ICAAP) Guideline for B.C. credit unions

As part of its Capital Modernization Project, BCFSA is consulting on updates to its Internal Capital Adequacy Assessment Process (ICAAP) Guideline for B.C. credit unions. The consultation is open from July 29 to September 30, 2026.

BCFSA will review all feedback it receives during the consultation and use it to inform the final version of the Guideline.

Feedback submissions will be treated as confidential and will not be published or attributed to individual respondents. Please note, however, that all submissions are subject to the Freedom of Information and Protection of Privacy Act.

Background

The draft Guideline has been updated to align with the principles described in Part 3 of the Basel II Framework. The proposed Guideline emphasizes a principles-based framework, establishing broad expectations while allowing individual credit unions flexibility in how they meet those expectations.

This approach maintains consistency with the Credit Union Capital Requirements Rules while promoting flexibility, innovation, and accountability, and supporting a framework that can adapt to evolving regulatory expectations and industry practices.

Consultation timeline

Phase 1: Public consultation (in progress)

(July 2026 — September 2026)

Phase 2: Implementation

(January 2027)

Phase 1: Public consultation

BCFSA welcomes feedback from all interest holders. B.C. credit unions, industry partners, and members of the public can provide their input from July 29, 2026 to September 30, 2026, through the Consultation Feedback Form or by emailing us at CUCapital@bcfsa.ca.

• Draft ICAAP Guideline (will open in a new tab)
• Draft ICAAP Submission Instructions (will open in a new tab)

Information Session

BCFSA held an information session for interest holders on September 10, 2026.

• Information session recording (will open in a new tab)
• Information session slide deck (will open in a new tab)