Category Archives: Banks
Canada’s big banks treat Indigenous, visible minority customers unequally: watchdog
Pressure sales tactics. Ill-fitted suggestions. Misleading information. Visible minority and Indigenous customers at Canada’s big banks more often received inappropriate treatment from sales staff, part of a wider trend of "concerning" interactions bet...
Budget 2022: Ottawa raising taxes on big banks and life insurance companies
Ottawa is raising taxes on Canada’s big banks and life insurance companies. The government says the country’s major financial institutions made significant profits during the pandemic and have recovered faster than other parts of the economy — in part...
Liberals expected to raise taxes on big banks, insurance companies in budget
OTTAWA — The final message to Scotiabank shareholders from its president and CEO's annual address: a higher tax on the country’s biggest banks is a tax on you. Brian Porter called a tax hike that's widely expected to be included in
Ontario to regulate use of financial advisor, planner titles: regulator
TORONTO — Ontario’s financial regulator will soon force anyone using the financial planner or advisor title in the province to be overseen by a credentialing body and subject to a complaints and discipline process. The Financial Services Regulatory Aut...
MPs told of confusion, panic after Liberals vowed financial crackdown on convoy
OTTAWA — The voice of Canadian credit unions says their members watched people make significant withdrawals after the federal government vowed a financial crackdown on the so-called "freedom convoy." The government's use of the emergency powers in Febr...
Banking industry says it will need to diligently implement emergency orders
TORONTO — Canada's banking industry says it will follow through with the federal government's emergency orders targeting the trucker protesters as discussions on how best to implement them continue. The government published details late Tuesday on th...
Feds go after blockade financing with expanded Fintrac powers, directions to banks
OTTAWA — The federal government is broadening the scope of anti-money laundering rules and directing banks to cut off services to those suspected of aiding the trucker protesters as it looks to put an end to what it says are
Brainard vows to help combat inflation as No. 2 Fed official
WASHINGTON (AP) — Lael Brainard pledged in written remarks Wednesday to help the Federal Reserve fight a spike in inflation while still supporting the economic recovery — a tricky balancing act she would face if confirmed as the Fed's No.
Desjardins settles 2019 data breach class-action lawsuit for up to nearly $201M
MONTREAL — Financial services firm Desjardins Group will pay up to nearly $201 million to settle a class-action lawsuit related to a data breach in 2019 that affected nearly 9.7 million Canadians. The agreement, which is subject to approval by the
Federal banking regulator OSFI holds domestic stability buffer at 2.5%
OTTAWA — The federal banking regulator is holding the domestic stability buffer at 2.5 per cent as it says the economy continues its recovery and Canada's largest banks remain robust. The Office of the Superintendent of Financial Institutions, which re...