We protect deposits held in Saskatchewan credit unions.

Every province in Canada has a deposit protection program.

We are the deposit guarantor and primary regulator for Saskatchewan’s Provincially Regulated Financial Institutions (PRFIs). PRFIs include Saskatchewan credit unions and Credit Union Central of Saskatchewan (SaskCentral).

As part of our role, we establish:

• Regulatory requirements for credit unions through the Standards of Sound Business Practice (the Standards)
• Prudential Standards for SaskCentral
• Regulatory guidelines and directives for PRFIs

Changes to legislation and developments in the financial services industry drive regulatory requirements. New requirements are also put in place to provide PRFIs with guidance in the areas of:

• Corporate governance
• Risk management
• Capital and liquidity management
• Financial and business practices

These requirements are often based on national standards, such as those from the Office of the Superintendent of Financial Institutions (OSFI) who regulates all banks in Canada, federal credit unions, and all federally incorporated trust and loan companies.

We give advance notice to PRFIs and key stakeholders when issuing regulatory requirements.

Through regular reviews, we monitor adherence to these regulations against Assessment Criteria. If we find an institution showing elevated risk, we take action based on our Supervisory Framework.