Category: Banking

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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,…

Canada’s Financial Sector: Legislation for the Future

August 29, 2016

On August 26, 2016, Canada’s Department of Finance (Finance Canada) launched a consultation process to review the legislative and regulatory framework of the federal financial sector. This follows the extension of the sunset provisions under the Bank Act, the Insurance Companies Act and the Trust and Loan Companies Act from 2017 to 2019.   As the first of a two-stage…

Assumption Reinsurance Refresher

August 22, 2016

On August 9, 2016, the Office of the Superintendent of Financial Institutions (OSFI) posted revised transaction instructions on its website for reinsurance on an assumption basis (Assumption Reinsurance). OSFI stated that the information requirements and administrative guidance contained in the revised transaction instructions have been updated in line with OSFI’s current expectations and views regarding Assumption Reinsurance. Notably, in the…

FCAC Issues New and Amended Code of Conduct Guidance

August 4, 2016

On July 29, 2016, the Financial Consumer Agency of Canada (FCAC) published the following guidance documents on its website: Amended Commissioner’s Guidance 10 (CG-10) – Increased Disclosure in Sales and Business Practices and Cancellation of Contracts without Penalty Commissioner’s Guidance 15 (CG-15) – Information Summary Box examples for the Code of Conduct for the Credit and Debit Card Industry in…

Amendments to Canada’s Anti-Money Laundering Legislation: The First Step

June 27, 2016

On June 17, 2016, the federal government quietly released the final version of the long-awaited amended general regulations (Regulations) under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). For the most part, the final Regulations are similar to the July 2015 draft regulations. They will be published in the June 29, 2016 Canada Gazette, Part II. Currently,…

Default Interest Rates on Mortgages Structured as Discounts for Timely Payment Prohibited by Section 8 of Interest Act

May 31, 2016

Section 8 of the Interest Act (Canada) (Section 8) prevents lenders from charging a higher rate of interest after default on a mortgage of real property than that charged prior to default. In other words, if a mortgage with a rate of interest of five per cent during its term is increased to 10 per cent should the borrower fail…

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