QSA's Week in Finance (#5, 2024)
OSFI expands risk mandate; National Bank's acquisition of CWB under review; FINTRAC's AML focus; Canada's tax cooperation efforts; Tax-Free First Home Savings milestone.
Start Date: 2024-11-02
End Date: 2024-11-08
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OSFI Discusses Expanded Risk Mandate and Mortgage Regulations
The Standing Senate Committee on Banking, Commerce and the Economy met to discuss OSFI's expanded mandate, including non-financial risks. Superintendent Peter Routledge addressed anti-money laundering lapses and the easing of the B-20 stress test for uninsured mortgages. The meeting touched on fraud prevention and the role of banks, inspired by U.K. practices. Discussions also included collaboration with FINTRAC and a new national security unit. Cyber risks and the impact of bank fees on consumers were examined, indicating potential shifts in the regulatory landscape for financial institutions.
Sources: ['Transcripts: senparlvu.parl.gc.ca']
