CANADA, November 6 - Released on November 5, 2025

The Government of Saskatchewan has introduced proposed amendments to modernize certain portions of The Credit Union Act, 1998 (the Act). The amendments were introduced in the Saskatchewan Legislature on November 5, 2025.

"Saskatchewan credit unions are an integral part of Saskatchewan's economy and The Credit Union Amendment Act, 2025 will help credit unions keep up with the rapid changes in the financial institution sector," Justice Minister and Attorney General Tim McLeod, K.C. said. "These amendments are meant to streamline and clarify requirements, making it easier for Saskatchewan credit unions to operate. This benefits both credit unions and consumers."

The Credit Union Amendment Act, 2025 will: 

• Amend the threshold required for members to pass a special resolution from the current three-quarters to two-thirds, to align with all other provinces except for certain matters in Quebec;
• Authorize certain responsibilities to be delegated by a credit union board to employees; 
• Provide a definition for the term "professional adviser" to remove ambiguity about the eligibility for an individual to be on a credit union's board of directors; 
• Create future flexibility by allowing regulations to prescribe certain requirements or timeframes; 
• Clarify how deposits are paid out when a membership is terminated;
• Revise the membership termination and appeal processes to clarify requirements;
• Allow the board of the credit union, in certain situations, to specify the form of submissions that a terminated member may make when appealing a membership termination decision to the members of the credit union; and
• Authorize the board, when a membership termination is appealed, to replace the appeal to the members with an appeal to the court, if the board reasonably believes an appeal to the members cannot be done in any form without violating certain obligations of the credit union or an order of the court. 

The Ministry of Justice and Attorney General and the Financial and Consumer Affairs Authority of Saskatchewan (FCAA) consulted with the Canadian Credit Union Association (CCUA), Credit Union Central of Saskatchewan (SaskCentral), Credit Union Deposit Guarantee Corporation (CUDGC), Saskatchewan credit unions, through CCUA, and the public, by posting consultation materials on the FCAA website.

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