This is a result of the increased appraisal reporting standards and the new requirement that appraisals used must be ordered by a federally regulated financial institution
As the use of credit and debit cards continues to increase, today, FCAC issued a compliance bulletin to reiterate its expectation that federally regulated financial institutions
must fully investigate allegations of unauthorized transactions on these cards.
He currently serves as deputy superintendent of the Office of the Superintendent of Financial Institutions, an executive position he has held since August 2013, with responsibility for the supervision of more than 400 federally regulated financial institutions
unnecessarily ban appraisals prepared by appraisers working for federally regulated financial institutions
and other lenders with independent appraisal operations (those reporting to risk management vs.
In Canada, the comparable organizations performing similar tasks for federally regulated financial institutions
are; the Canadian Deposit Insurance Corporation (CDIC), the Office of the Superintendent of Financial Institutions (OSFI) and the Bank of Canada.
Conflicts between the federal law and the NAIC model have resulted in a regulatory tree that is supposed to have two strong limbs off the same trunk, one for federally regulated financial institutions
and one for insurance.
As of today, all federally regulated financial institutions
will be forbidden from sending unsolicited promotional or convenience cheques to their customers for use as cash advances.
Federally regulated financial institutions
(FRFIs) can no longer send these cheques to their customers in an unsolicited manner thanks to new requirements, which form part of the existing Credit Business Practices Regulations.