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Canada Deposit Insurance Corporation Deposit Insurance Information By-law

Version of section 7.2 from 2016-03-04 to 2018-09-29:

  •  (1) A federal credit union shall prepare a statement of transitional coverage that contains the following information, the accuracy of which has been verified by the Corporation:

    • (a) the purpose of the statement;

    • (b) a description of the deposit insurance coverage provided by the Corporation that applies to the pre-existing deposits of the federal credit union during the transition period;

    • (c) the day on which the deposit insurance coverage referred to in paragraph (b) expires; and

    • (d) a description of the deposit insurance coverage provided by the Corporation that will apply to the deposits of the federal credit union after the transition period expires.

  • (2) The federal credit union shall, beginning on the day on which it becomes a member institution and ending on the day on which the transition period expires,

    • (a) make the statement of transitional coverage available by way of a hyperlink on every page of its website that references deposit products; and

    • (b) make a copy of the statement of transitional coverage available at each of its branches and offices to depositors.

  • (3) The federal credit union shall, for a period of six months after the day on which it becomes a member institution, prominently display, at each branch and office where customers are served, a sign that refers customers to the statement of transitional coverage and indicates how they can obtain a copy of that statement.

  • (4) Subject to subsection (5), the federal credit union shall, not earlier than 12 weeks but not later than four weeks before the end of the transition period, provide to a depositor in respect of any pre-existing deposit that exceeds $100,000 and is to be repaid on a fixed day, a copy of the statement of transitional coverage or an indication of how they can obtain a copy of that statement.

  • (5) A federal credit union that has, under subsection (4), provided to a depositor a copy of the statement of transitional coverage in respect of a pre-existing deposit described in that subsection, or given to a depositor an indication of how that copy can be obtained, is not required to provide to the same depositor in respect of any other such pre-existing deposit a copy of the statement or an indication of how the copy can be obtained.

  • SOR/2016-33, s. 1
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