Category: Banking

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Year in Review: Legislation and Guidance for Financial Institutions in 2016

January 18, 2017

The regulation of federally regulated financial institutions (FRFIs) continued intensifying in 2016 with a new wave of legislative and regulatory initiatives impacting mortgage lending, the bank resolution regime, the life insurance capital framework, anti-money laundering legislation, deposit insurance, and corporate and operational-risk governance, among many other areas. The key initiatives introduced or implemented in 2016 are outlined in this, our…

Moving the Goalposts: U.K. and U.S. Trends in Fintech Bank Licensing

January 9, 2017

The dominant fintech narrative for the Canadian banking industry shifted in 2016 from a new entrant versus incumbent storyline to one of collaboration, as major Canadian banks continued to partner with new technology entrants. The intent of these partnerships varies but they generally aim to expand the incumbent bank’s customer service offerings, improve its customer/user experience (or UX) or accelerate…

OSFI Releases Draft Guidance on Model Risk Management

January 4, 2017

On December 21, 2016, the Office of the Superintendent of Financial Institutions (OSFI), released for comment a new draft Guideline E-23 on enterprise-wide model risk management (Guideline). The draft Guideline aims to address the increasing reliance by financial institutions on internal models in management decision making and sets out OSFI’s minimum standards for managing and controlling model risk. The comment…

A New Financial Consumer Framework – Does this Change Everything?

October 26, 2016

On October 25, 2016, Bill C-29, Budget Implementation Act, 2016, No. 2, received first reading. Division 5 of Bill C-29 will, if passed, consolidate the consumer provisions under the Bank Act. This is a result of successive governments’ promises to enact a comprehensive federal “consumer code” for banks, federal credit unions and foreign bank branches. It also reflects a response…

Proposed Supervision Framework and Publishing Principles for FCAC Decisions Released for Consultation

October 19, 2016

The Financial Consumer Agency of Canada (FCAC) recently published the following two documents for comment: Proposed Supervision Framework and Publishing Principles for FCAC Decisions (Consultation). The consultation period runs until November 14, 2016, and written comments can be submitted here. The FCAC last updated its Compliance Framework in 2011 (2011 Compliance Framework) and the current Consultation aims to address the…

Canada Deposit Insurance Corporation Looks to Modernize Deposit Insurance Information By-law

September 30, 2016

On September 12, 2016, the Canada Deposit Insurance Corporation (CDIC) published for comment a consultation paper (Consultation Paper) proposing amendments to modernize CDIC’s Deposit Insurance Information By-law (By-law), which governs how the CDIC member financial institutions are required to inform Canadians about deposit protection. This consultation is in addition to the consultation paper titled Deposit Insurance Review that was published…

Deposit Insurance Review: Improving the Current Framework

September 23, 2016

On September 16, 2016, Canada’s Department of Finance (Finance Canada) published for comment the Deposit Insurance Review (Consultation Paper). The Consultation Paper ensues from the Budget 2014 announcement of the launch of a comprehensive review of Canada’s deposit insurance framework to ensure that the framework provides adequate protection for the savings of Canadians. The consultation period runs until November 30,…

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