Regulatory Statement

Purpose

This Regulatory Statement establishes the form, content, and filing intervals for the Loan Data Report (“LDR”) that credit unions must file with the Superintendent of Financial Institutions (“Superintendent”) under section 127(3) of the Financial Institutions Act (“FIA”).

Effective June 1, 2026, B.C. credit unions are required to complete and file the LDR (using the attached LDR reporting templates and instructions) quarterly with the Superintendent at BC Financial Services Authority (“BCFSA”), beginning with the June 2026 reporting period.

Background Information

Collecting and analyzing risk data with the appropriate level of granularity is an essential component of BCFSA’s risk-based supervision. Granular data enables effective and efficient risk monitoring and assessment to fulfill BCFSA’s supervisory mandate.

Regular reporting of granular loans and leases data provides a more comprehensive picture of a credit union’s lending operations. Reporting by credit unions enables BCFSA to monitor underwriting standards and to monitor and identify vulnerabilities of credit unions’ loan and lease portfolios regarding existing and emerging risks. In addition, regular reporting ensures that credit unions collect, maintain and report appropriate data and that its quality supports their risk management and reporting best practices.

Section 127(3)(a) of the FIA requires credit unions to file financial affairs reports with the Superintendent in the form established and at intervals specified by the Superintendent.

Requirements

The Superintendent requires all credit unions (including Central 1 Credit Union but excluding Stabilization Central Credit Union) to file the LDR, using the attached LDR reporting templates and instructions for personal and commercial loans and leases, on a quarterly basis pursuant to section 127(3)(a) of the FIA.

Due Dates and Frequency

All credit unions are required to submit the applicable LDR for personal and commercial loans and leases quarterly within 20 days of each quarter end. Credit unions with no commercial loan or lease exposure or no personal loan or lease exposure will submit only the LDR relevant to their exposure. Credit unions are not required to file nil reports.

Completion of the LDR

For LDR reporting, the required data may vary by the following credit union tiers based on asset sizes:

• Tier 1 credit unions with over $5 billion in assets;
• Tier 2 credit unions with assets between $1 billion and $5 billion;
• Tier 3 credit unions with assets between $300 million and $1 billion; and
• Tier 4 credit unions with $300 million in assets or less.

Tier 1 credit unions (with more than $5 billion in assets) must complete all personal and commercial loan attributes for each real estate (“RE”) secured and non-RE secured loan, line of credit, and lease in the entire portfolio of the credit union and its subsidiaries.

Tier 2–4 credit unions (with up to and including $5 billion in assets) must complete:

• All personal and commercial loan attributes applicable to their tiers based on asset sizes (i.e., Tier 2–4) for each RE secured loan and line of credit; and
• A subset of personal and commercial loan attributes for non-RE secured loans, lines of credit, and leases that are defaulted (or in the write-off process) in the portfolio of the credit union and its subsidiaries, as set out in the attached LDR reporting templates and instructions.

In addition, LDR reporting follows a phased-in approach to allow transition time for credit union data collection. LDR reporting phases are:

• Phase 1–beginning with the June 2026 reporting period (must report selected loan attributes, and may report additional loan attributes); and
• Phase 2–beginning with the June 2027 reporting period (must report all applicable loan attributes – full reporting).

Credit unions must begin reporting the personal and commercial loan attributes that are applicable by their tiers (i.e., Tier 1–4) and selected for Phase 1. Then, from Phase 2, all applicable personal and commercial loan attributes must be reported, which includes full reporting of Phase 1 plus Phase 2 loan attributes applicable by credit union tiers (i.e., Tier 1–4). Credit unions may begin reporting all applicable loan attributes in Phase 1, if available.

The attached LDR reporting templates and instructions list the applicable reporting phases and credit union tiers to each data field (loan attribute).

The LDR must be prepared for the credit union on a consolidated basis using the two attached LDR reporting templates for personal and commercial loans and leases provided by BCFSA. Data fields, descriptions, or any other aspects of the templates must not be altered. Further details are provided in the attached LDR reporting templates and instructions.

Amounts must be reported in Canadian dollars and rounded to the nearest dollar. Foreign currency amounts must be converted to the Canadian dollar equivalent as at the reporting date. Percentages must be reported in decimal format, including minimum four decimal places.

Credit unions should note that total assets reported in the Financial and Statistical Return (“FSR”) as at the credit union’s most recent fiscal year end are used to derive the Tier 1–4 thresholds. Central 1 Credit Union is included in Tier 1. After full reporting from June 2027, when a credit union crosses the threshold for a tier, it has one year to implement the requirements of its new category. For example, if the credit union’s total assets are greater than the $5 billion Tier 1 threshold as at its December 2027 fiscal year end, the credit union must report all personal and commercial loans and leases data starting December 2028.

Filing of the LDR

The completed LDR must be submitted electronically in Excel format via BCFSA’s Integrated Regulatory Information System (“IRIS”), a secure portal through which regulated entities may provide information to BCFSA.

Late Filing

Late submissions of the LDR may result in a penalty under section 253.1 of the FIA and the Administrative Penalties Regulation, as described in BCFSA’s Non-Compliant Filings Administrative Penalty (“NFAP”) Guideline. Credit unions should notify BCFSA as soon as possible of expected delays in LDR submissions.

Legislation

FIA, ss. 127(3)(a), 253.1
Administrative Penalties Regulation
Copies of the legislation are available from www.bclaws.gov.bc.ca.

Related Forms

LDR Reporting Template — Personal Loans and Leases

LDR Reporting Template — Commercial Loans and Leases

LDR Reporting Instructions

Other Information

For questions on completion and submission of the LDR, please contact your BCFSA Relationship Manager or email filings@bcfsa.ca.

Regulatory Statements establish the form and content of a regulatory submission; prescribe the manner of meeting or enforcing a requirement existing in an enactment; and/or provide the regulator’s view of the laws that BC Financial Services Authority administers. Regulatory Statements are made pursuant to a requirement or power contained in provincial legislation. Compliance with a Regulatory Statement is therefore mandatory. Regulatory Statements may refer to law, practice, or background existing at the time of publication. If relying on the legal information contained in a Regulatory Statement, confirm that any references to the law, including enabling legislation, are up to date and obtain independent legal advice, when needed. Regulatory statements are effective on the date of their publication, unless stated otherwise.