The Credit Union Prudential Supervisors Association (CUPSA) is an interprovincial association composed of credit union deposit insurers, prudential and market conduct supervisors across Canada. CUPSA facilitates information sharing and collaboration amongst Canada’s credit union and caisse populaire regulators in support of effective supervision and regulation.

Executive Meetings

CUPSA’s Executive members meet quarterly (Fall – September, Winter – November, Spring – February, Summer – May/June), with Summer and Winter meetings held in person.

Working Groups

CUPSA collaborates on initiatives affecting multiple CUPSA members and/or Credit Unions in more than one province through Working Groups. These groups focus on key areas such as Market Conduct, Consumer Driven Banking, Risk Data, and Deposit Insurance.

International Network

CUPSA members are part of ICURN, an international network of financial cooperative supervisors offering training and global collaboration.

Common Principles

While not a rule-setting body, CUPSA occasionally develops shared principles or best practices to support aligned supervision.

CUPSA members also participate in a number of Communities of Practice to share information.

Mehrdad Rastan (Current Chair)

Mehrdad Rastan is a passionate leader with 30 years of experience and currently leads FSRA’s Credit Unions and Insurers regulation and supervision with a focus on cross-jurisdictional regulatory cooperation to promote well-functioning and safe financial services systems. He has led the transformation of the regulatory regime for Ontario Credit Unions and Insurers that includes the creation and implementation of the integrated Risk Based Supervisory Framework (RBSF) under FSRA’s new Principles Based Regulation (PBR) regime.

Prior to his regulatory roles Mehrdad held strategic and risk management positions in investment, hedge, and pension funds, and founded and developed start-ups in construction, entertainment, and technology. Mehrdad holds degrees in physics and finance and the Financial Risk Manager (FRM), Chartered Financial Analyst (CFA), and Chartered Director (C.Dir.) designations.

Mike Hurley (Vice Chair)

Mike Hurley is the Chief Executive Officer of the Nova Scotia Credit Union Deposit Insurance Corporation (CUDIC). Nova Scotia CUDIC has a tri-mandate including Deposit Insurance, Credit Union Regulation & Risk Management, and Atlantic Central Regulation. Mike is a Chartered Professional Accountant (CPA) and holds a Master of Business Administration (MBA) from Saint Mary’s University in Halifax, Nova Scotia, Canada.

CUPSA is a member of Canada’s strong and well-regulated financial services sector. Consumers are protected by a variety of compensation plans in the event that a Canadian financial institution fails.

Several of CUPSA’s members are responsible for administering deposit insurance protection for eligible deposits. In the unlikely event of the failure of a financial institution, deposit insurance provides protection for insured deposits while maintaining the stability of the financial system. Deposit insurance schemes differ among CUPSA members.

To learn more about each province’s deposit insurance coverage, please visit: www.financeprotection.ca