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Credit Union Filing Requirements
Credit Union Filing Requirements
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Pursuant to the Financial Institutions Act (“FIA”), Section 20 of the Capital Requirements Regulation (“CRR”), and Section 6 of the Liquidity Requirement Regulation (“LRR”), a credit union is required to file electronically the following items with BCFSA by the specified deadline.
Filing Requirements for Credit Unions
Every credit union that held a business authorization for this Province at the end of its latest fiscal year is required to submit regulatory filings to this office and pay an annual fee. The filings must be submitted electronically by the specified due dates.
The BC Financial Services Authority (BCFSA) has a new Integrated Regulatory Information System (IRIS) to further support BCFSA as a modern, efficient, and effective regulator for BC’s financial services sector.
For reporting purposes, credit unions will identify itself as a Large, Medium-sized I, Medium-sized II or Small credit union based on the total assets reported in the annual FSR for fiscal year 2020, annually thereafter.
Monthly
| Filing Requirements | Due Date | Large (Assets > $1B) | Medium-sized I (Assets > $500M and ≤ $1B) | Medium-sized II (Assets > $300M and ≤ $500M) | Small (Assets ≤ $300M) | Preferred Format |
|---|---|---|---|---|---|---|
| Financial and Statistical Return (MFSR) FIA s127(3) | Within 20 days of month end | X | X | X | X | Excel |
| Capital Adequacy Return (CAR) FIA s127(3) | Within 20 days of month end | X | X | _ | _ | Excel |
| Liquidity Adequacy Return (LAR) FIA s127(3) | Within 20 days of month end | X | X | X | X | Excel |
| Liquidity Coverage Ratio (LCR) FIA s127(3) | Within 30 days of month end | X | X | _ | _ | Excel |
| Regulations Reporting — Justice for Victims of Corrupt Foreign Officials Act Criminal Code s83.11(2) & Justice for Victims of Corrupt Foreign Officials Act s7 | By the 15th of each month | X | X | X | X | Fillable PDF |
Quarterly
| Filing Requirements | Due Date | Large (Assets > $1B) | Medium-sized I (Assets > $500M and ≤ $1B) | Medium-sized II (Assets > $300M and ≤ $500M) | Small (Assets ≤ $300M) | Preferred Format |
|---|---|---|---|---|---|---|
| Financial and Statistical Return (QFSR) | Within 20 days of quarter end | X | X | X | X | Excel |
| Capital Adequacy Return (CAR) FIA s127(3) | Within 20 days of quarter end | _ | _ | X | X | Excel |
| Liquidity Coverage Ratio (LCR) FIA s127(3) | Within 30 days of quarter end | _ | _ | X | X | Excel |
| Net Cumulative Cash Flow (NCCF) FIA s127(3) | Within 30 days of quarter end | X | _ | _ | _ | Excel |
| Residential Mortgage Loans Report (RMLR) FIA s127(3) | Within 30 days of quarter end | X | X | X | X | Excel |
Annual
| Filing Requirements | Due Date | Large (Assets > $1B) | Medium-sized I (Assets > $500M and ≤ $1B) | Medium-sized II (Assets ≥ $300M and ≤ $500M) | Small (Assets ≤ $300M) | Preferred Format |
|---|---|---|---|---|---|---|
| ICAAP Report - ICAAP Report - ICAAP Key Metrics Report - Directors’ Resolution Approving the ICAAP Report FIA s127(3)(a) | Within 120 days of fiscal year end | X | X | X | - | PDF Excel |
| Financial and Statistical Return (AFSR) FIA s127(1) | Within 90 days of fiscal year end | X | X | X | X | Excel |
| Annual Supplemental Information Form FIA s127(1) | Within 90 days of fiscal year end | X | X | X | X | Webform |
| Capital Adequacy Return (CAR) FIA s127(1) and CRR s20 | Within 90 days of fiscal year end | X | X | X | X | Excel |
| Liquidity Adequacy Return (LAR) FIA s127(3)(a) | Within 90 days of fiscal year end | X | X | X | X | Excel |
| Auditor’s Report on the Capital Adequacy Return (CAR) FIA s127(1) and CRR s20 | Within 90 days of fiscal year end | X | X | X | X | |
| Audited Financial Statements for the Credit Union (incl. Auditor’s Report) FIA s127(1)(b) and (c) | Within 90 days of fiscal year end | X | X | X | X | |
| Non-consolidated Financial Statements for the Credit Union and its each Subsidiary (incl. any Auditor’s Report) FIA s127(1)(b) | Within 90 days of fiscal year end | X | X | X | X | |
| Directors’ Resolution Approving the Year-End Filings FIA s127(1)(d) | Within 90 days of fiscal year end | X | X | X | X | |
| Condensed (or Summarized) Financial Statements (if any) FIA s128(3)(4) & CUIA s39.48(1) | Within 125 days of fiscal year end | X | X | X | X | |
| Annual Report (if published) FIA s127(3)(c) | Within 150 days of fiscal year end | X | X | X | X | |
| Notice of Annual General Meeting CUIA s74 and 78 | Within 120 days of fiscal year end | X | X | X | X | |
| Corporate Information Form FIA s127(3)(c) | Within 90 days of fiscal year end | X | X | X | X | Fillable PDF |
| List of Directors and Senior Officers FIA s127(3)(d) | Within 90 days of fiscal year end | X | X | X | X | |
| Credit Unions Market Conduct Annual Report FIA s127(3)(b) | Within 31 days of calendar year end | X | X | X | X | |
| Central Credit Unions Market Conduct Annual Report FIA s127(3)(b) | Within 31 days of calendar year end1 |
Other Statutory
The following filings are required to be filed by credit unions as needed.
| Filing Requirements | FIA / CUIA Section | Due Date | All Credit Unions | Preferred Format |
|---|---|---|---|---|
| Notice of Special General Meeting and Special Resolution | CUIA s78 | Minimum 18 days prior to the meeting | X | |
| Investment and Lending Policy Amendment -Amended Investment and Lending Policy -Directors’ Resolution Approving the Amended Investment and Lending Policy | FIA s127(2)(c) | Within 5 days from approval of amendment | X | |
| Personal Information Return (PIR) for Directors, Senior Officers, Subscribers, and Shareholders1 | FIA s13(2)(e) s22(2)(c) and s105 | Before commencing duties | X | Fillable PDF |
| -Most recent resume for PIR | N/A | Before commencing duties | X | |
| -Criminal Record Check for PIR | N/A | When it becomes available | X | |
| -Bankruptcy and Insolvency Check for PIR | N/A | When it becomes available | X | |
| Statement of Financial Conditions | FIA s127(2)(a) | Within 5 days of filing a statement | X | |
| Written Notice of the Resignation, Removal, Election or Appointment of a Director or Senior Officer | FIA s99(4) | Immediately after the effective date | X | |
| Written Statement from Director Outlining the Reasons for Resignation | FIA s109(1) | Immediately after receiving the statement | X | |
| Written Notice of the Appointment, Removal or Resignation of an Auditor | FIA s117(1) | Promptly after | X | |
| Written Statement Outlining the Reasons for the Auditor’s Resignation | FIA s119(2) | Promptly after | X | |
| Amended Financial Statements | FIA s121(a) | Promptly after | X | |
| Form 19: Special Resolution | CUIA s80(1) | As needed | X | |
| Certificate on Subordinated Note | FIA s87(1) | Immediately prior to issuing the subordinated note | X | |
| Code of Market Conduct | FIA s94.2 | June 30, 2022 | X | |
| Amended Code of Market Conduct | FIA s94.2 | Promptly after | X |
CRR Capital Requirements Regulation
CUIA Credit Union Incorporation Act
FIA Financial Institutions Act
Penalties for Non-Compliant Filing
Please note that some of the above filing submissions are subject to Non-Compliant Filings Administrative Penalty Guideline under the Financial Institutions Act.
Questions
If you have questions, please contact BCFSA at [email protected].
Reporting Templates and Instructions
| Liquidity Adequacy Return (“LAR”) |
|---|
| LAR Regulatory Statement | LAR Summary of Changes |
| LAR Reporting Instructions | LAR Validation Rules |
| LAR Template | LAR Mapping between Current and Revised Templates |
| Liquidity Coverage Ratio (“LCR”) |
|---|
| LCR Regulatory Statement | LCR Summary of Changes |
| LCR Reporting Instructions | LCR Validation Rules |
| LCR Template | LCR Mapping between Current and Revised Templates |
| Net Cumulative Cash Flow (“NCCF”) |
|---|
| NCCF Regulatory Statement | NCCF Summary of Changes |
| NCCF Reporting Instructions | NCCF Validation Rules |
| NCCF Template | NCCF Mapping between Current and Revised Templates |
| Financial and Statistical Return (“FSR”) |
|---|
| FSR Regulatory Statement | FSR Summary of Changes |
| FSR Reporting Instructions | FSR Validation Rules |
| FSR Template | FSR Mapping between Current and Revised Templates |
| Capital Adequacy Return (“CAR”) |
|---|
| CAR Regulatory Statement | CAR Summary of Changes |
| CAR Reporting Instructions | CAR Validation Rules |
| CAR Template | CAR Mapping between Current and Revised Templates |
| Residential Mortgage Loans Report (“RMLR”) |
|---|
| RMLR Regulatory Statement | RMLR Summary of Changes |
| RMLR Reporting Instructions | RMLR Validation Rules |
| RMLR Template | RMLR Mapping between Current and Revised Templates |
| Annual Supplemental Information Form |
|---|
| BCFSA Internal Capital Adequacy Assessment Process (“ICAAP”) |
|---|
Credit Union Performance (“CUP”) Report: Calculation Reference
This document provides the calculations for each CUP Report line with reference to the underlying reporting template lines.
CUP Report Calculation Reference