Effective September 1, 2018 Ontario Credit Unions must now provide greater oversight and risk management protocols with respect to credit securitization. MNP, a leading Canadian business consulting, tax, and accounting firm, recently summarized the changes in a bulletin entitled Credit Union, Internal Auditors Prepare for New Securitization Guidelines.
The bulletin points out that Credit Unions will need to look inward to determine whether they have the skill sets to deliver the scrutiny now required by DICO. Read more here.