Is working with the FMB optional? Can our Nation pull out at anytime?
Yes. The services offered by the FMB are entirely optional. A First Nation must provide a signed Council Resolution and non-binding Letter of Cooperation if they choose to work with the FMB.
How much does the FMB charge for its services?
We do not charge for our services. Our services come at no cost to First Nations.
Can self-governing non-Indian Act First Nations work with the FMB?
No. At present our services are only available to First Nations governments under the Indian Act. However, we would like to see a regulation created under The First Nations Fiscal Management Act that would allow us to work with self-governing and ‘modern day’ treaty First Nations that currently operate outside of the Indian Act. Discussions are underway with the federal government to make this possible.
Can our First Nation’s economic development corporation or other business entities work with the FMB?
No. The FMB is here to provide support and services to the First Nations government entities only. While many First Nations have created or made investments in wholly owned or controlled government business enterprises or government business partnerships, typically each of these separate business entities will have different business objectives and separate governance structures (e.g. for-profit with separate Board of Directors and by-laws.)
What's the difference between FNFA and FMB?
The FNFA provides First Nations with investment options, capital planning advice, and access to long-term loans with preferable interest rates.
The FMB provides capacity development support to First Nations seeking to strengthen their governance and finance practices. The FMB creates examples of good governance and finance practices and offers certification for those Nations wanting to show that they are following those practices. Nations do need certain certifications offered by the FMB to be eligible to access loans from the FNFA.
Does the FMB do default management?
Yes, the FMB has intervention authority under the First Nations Fiscal Management Act (FMA) to provide support to Nations in default or non-compliance of activities falling under the FMA.
Visit Intervention for more details.
Does the FMB loan money to First Nations governments?
No, the FMB does not loan money to First Nations governments. The First Nations Finance Authority (FNFA) is the organization that provides First Nations governments access to loans.