Credit Union Structure and FSRA

CREDIT UNION STRUCTURE AND FSRA

The Police Credit Union is a co-operative financial institution, owned by its members. The organizational structure is designed with the members at the top, who are represented by a democratically elected Board of Directors. These Directors volunteer their time to ensure that the Credit Union is operated in the best interests of the members. The Police Credit Union has been fortunate in attracting high-calibre individuals to serve on the Board throughout its history.

The Annual Meeting is the most important function of the Credit Union year.

Financial Services Regulatory Authority of Ontario (Formerly DICO)

As of June 8th, 2019, the Financial Services Regulatory Authority (FRSA) assumed the regulatory functions of the Financial Services Commission of Ontario (FSCO) and the Deposit Insurance Corporation of Ontario (DICO).  This amalgamation brings together conduct and prudential regulation for all credit unions, providing more efficient and effective regulation than ever before.

What Remains the Same

Your deposits are still insured.  At The Police Credit Union, all Canadian dollar deposits are insured up to $250,000 per member, with an additional $250,000 for any joint account or trust account you may also hold.  All deposits made to registered plans are fully insured with no limit on the maximum amount.  Registered plans include RRSP’s, RRIF’s, RESP’s and TFSA’s

What’s Changing

Content from the DICO website will gradually migrate to www.fsrao.ca.  The DICO website, https://www.dico.com, will continue to be the source or regulatory and guidance information for the credit union sector for now.

For further information on deposit insurance coverage, please call FRSA at 1-800-668-0128 or visit FSRA’s website http://www.fsrao.ca

CENTRAL 1

The Police Credit Union is a member of Central 1. In partnership with its members, Central 1 develops and delivers innovative products and services to ensure Credit Union strength, stability and growth.

Central 1's primary financial role is to maintain a large pool of funds, or liquidity pool, for its member Credit Unions. This liquidity arrangement means that Credit Union members' deposits are backed by a larger organization and by the combined strength of a network of more than 600 affiliated Credit Unions in Canada. Each Credit Union has access to the liquidity pool to ensure it has the cash flow to meet member needs.

Membership in Central 1 Credit Union has many advantages, including access to the innovative products, services and technologies that financial institutions require to retain and expand market share in a highly competitive marketplace. Member Credit Unions also benefit from Central 1's affiliation with national and international organizations, including the Canadian Payments Association and the INTERAC® network.

The organization has more than $8 billion in assets, with 475 employees based at offices in Vancouver and Mississauga serving nearly 200 Credit Unions with some 2.7 million members.

Central 1 is governed by a 16-member Board of Directors drawn from Credit Unions in the two provinces. Headquarters are in Vancouver.

 

 

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