In 2016 the Federal Government proposed a two-year extension[3] to the review deadline.
[4] In 2010, the Parliament of Canada passed amendments to the Act to allow federal credit unions to exist as a new class of financial institution.
Credit unions differ from banks in that they are member-owned, democratically controlled and governed by co-operative principles.
The announcement was criticised by credit unions, who believed that it would make it difficult to market their services in a comparable manner to banks, as well as the costs of updating marketing materials to comply with the mandate.
The OSFI suspended the advisory in August 2017, after the federal government stated that it would review the rules.