Canada Bank Act June 30 2025. The bank act allows that federal credit unions may either be created by five persons (of which three must be individuals), or through the continuance of one or more credit unions existing within provincial jurisdiction. Extension (2) the governor in council may, by order, extend by up to six months the time during which bank holding companies may continue to carry on business.
So the budget proposes to delay the automatic review of the bank act by two years to 2025, braid. Sunset dates in the financial institutions statutes, currently set at june 30, 2025, provide an opportunity to regularly review canadaโs financial sector framework.
