Credit Unions – Manitoba Financial Services Agency

The Financial Institutions Regulation Branch of the Manitoba Financial Services Agency was established in 2000. It administers The Insurance Act, The Credit Unions and Caisses Populaires Act, and Part XXIV of The Corporations Act. Financial Institutions is also responsible for the administration of certain requirements of The Cooperatives Act, namely the functions that relate to the supervision of the financial matters of cooperatives, the issuing of securities by cooperatives, and appeals of membership terminations in a housing cooperative.

In addition, Financial Institutions oversees the Insurance Council of Manitoba in its delegated role to license and supervise the activities of insurance agents, brokers and adjusters. Financial Institutions also authorizes trust and loan corporations to conduct business in Manitoba and has ultimate oversight responsibility for the credit union and caisses populaires sector in Manitoba and specific oversight responsibility for the Deposit Guarantee Corporation of Manitoba (DGCM).

Financial Institutions Regulation Branch administers The Credit Unions and Caisses Populaires Act. Under this legislation, it oversees compliance and ensures the public interest is protected. Financial Institutions is also responsible for reviewing policy matters and legislation and for directly overseeing the Deposit Guarantee Corporation of Manitoba. The DGCM guarantees deposits in credit unions and caisses populaires and promotes the development of sound business practices to protect credit union and caisse populaire members against financial loss.

The DGCM is the primary regulator of the credit union and caisse populaire system and of Credit Union Central of Manitoba (CUCM). The DGCM monitors the financial health of the system, inspecting loans and taking remedial action where needed. The DGCM administers the guarantee fund that is approximately one percent of credit union and caisses populaire member deposits to support its guarantee.

Additionally, Financial Institutions is responsible for credit union and caisse populaire policy and recommendations for legislative changes. Most of Financial Institutions research is done in cooperation with the Credit Union Prudential Supervisors Association and trade associations representing credit unions and caisses populaires locally and nationally.