Confederation Life and RBC

Regulatory oversight and reporng of the canadian

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Unformatted text preview: many of the same services as banks (like savings, chequing and credit cards). •  They are much smaller than banks, and prevented from opera)ng in more than one province. What is a credit union? •  Caisse Populaire de Levis was the first credit union in North America •  Credit unions started in rural Germany in the 19th century as a way to raise needed capital on a community level to spur on investment. •  Most exist to provide affordable credit to their members and assist with community development. •  The Building & Loan from “It’s a Wonderful Life?” that would be a credit union. •  Canada boasts the highest level of credit union per capita usage with one- third of Canadians belonging to a credit union. Regulatory Oversight and Repor)ng of the Canadian Financial Services Sector •  Both the federal and provincial governments share jurisdic)on over the financial services sector. •  Banks are regulated by the federal Bank Act (way back in Week 1). •  90% of life and health insurance companies are regulated under the federal Insurance Companies Act, but are also required to follow regula)ons of each province they do business in. Regulatory Oversight and Repor)ng of the Canadian Financial Services Sector •  The federal government oversees financial ins)tu)ons through the Office of the Superintendent of Financial Ins)tu)ons (OSFI). •  This is mainly on deposit taking ins)tu)ons, insurance companies and private pension plans. Office of the Superintendent of Financial Ins)tu)ons (OSFI) •  OSFI was established in 1987. •  It was created through the merger...
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