First Nation Fiscal Management Act
Steps to become a borrowing member:
FNFA was established under the First Nations Fiscal Management Act (FNFMA), 2005, which states “[f]or greater certainty, nothing in this Act shall be construed so as to abrogate or derogate from any existing Aboriginal or treaty rights of the Aboriginal peoples of Canada under section 35 of the Constitution Act, 1982.”
The FNFMA also established two additional institutions: The First Nations Tax Commission (FNTC) and the First Nations Financial Management Board (FMB). Among other items, the FNFMA spells out the processes to work with any or all of these organizations.
All First Nations that apply to become FNFA borrowing members and support their loans using own-source revenues must work with the FMB initially. However, FNFA can provide templates to a First Nation to help start the membership process.
Those First Nations that operate a property tax regime and would like to borrow from FNFA using these property tax revenues must work with both the FMB and the FNTC. The text of the FNFMA and the regulations can be accessed here.