Tuesday, August 22, 2017

Canadian Regulator Suspends Advisory Restricting Use of Terms Bank, Banker, and Banking to Only Banks

The Canadian Office of the Superintendent of Financial Institutions on August 11 suspended its compliance expectations regarding the use of the terms "bank", "banker", and "banking" set forth in a June 30, 2017 advisory.

The Bank Act limits the use of these terms to only banks.

The decision to suspend compliance expectations arose from the issuance of a second consultation paper by the Department of Finance, which seeks views on the Bank Act restrictions on the use of the words "bank", "banker", and "banking".

Canadian credit unions have stated that they would be at a competitive disadvantage, if the could not use banking-related terms to describe their business activities.

Read the press release.

Read the second consultation paper.
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