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The Provincial Regulatory Board Considers Getting More Strict Regulatory Policies for CU’s

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It seems that mortgage is part of people’s lives today. It is considered as one of their options when it comes on financing their financial needs. Aside from financial institution like banks, people who are planning to get mortgage can boron money from other financial institutions like Credit Unions. However, borrowers must be aware that Credit Unions are not actually bank lenders.

 

People must be aware that borrowing from Credit Unions is also a good choice or option. However, you must determine first if the Credit Union you are patronizing is accredited and regulated by provincial regulatory board.

 

Most of Credit Unions that offer mortgage are regulated by the provincial regulatory board or team. Each province in Canada has provincial regulatory board in charged with monitoring and regulating operations of different Credit Unions in the province. To protect your mortgage, it is important that you know policies on getting mortgage from Credit Unions. It is highly recommended that you check the list of accredited Credit Unions in any Canada’s province.

 

The Federal Government is actively trying to monitor and come up with more strict regulatory policies for Credit Unions in order to protect the interest of people who get mortgage from Credit Unions. They are trying to make provincial Credit Unions into bigger and overseen counterparts. By means of allowing them be seen directly, the can now accept application of B21 and B20. They will be also allowed to enjoy almost 80% of HELOC.

 

Based from the CMT, t­he regulator will introduce new and strict regulations in order to manage and organize lending process in the province. BC regulator and FICOM or Financial Institutions Commission proposed written guidelines for Credit Unions.

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