Stricter regulations aimed at tightening mortgage lending to take some of the risk out of the market will be finalized by the end of the month, the federal financial regulator said Tuesday. Final changes to the Office of the Superintendent of Financial Institutions’ (OSFI) residential mortgage lending guidelines, also known as B-20, will come into […]
Fintech and blockchain technology have raised questions about whether the industrial organization of the financial system is ready for an overhaul. But according to Bank of Canada staff — who recently penned a discussion paper titled, “Fintech: Is This Time Different? A Framework for Assessing Risks and Opportunities for Central Banks” — fintechs have incentives […]
If your client has an account at a credit union, she might have to get used to some new terminology. That’s because the Office of the Superintendent of Financial Institutions (OSFI) is cracking down on who gets to use the words “bank,” “banker” and “banking.” The crackdown is part of Advisory 2017-01, which OSFI issued […]
And other changes are slated for promotions, transfers
For the second quarter, CIBC reports net income of $1.05 billion, compared with $941 million for the second quarter a year ago, and $1.41 billion for the prior quarter. Adjusted diluted earnings per share were $2.64, compared with $2.40 for the second quarter a year ago, and $2.89 for the prior quarter. Reported return on […]
Bill Downe, Bank of Montreal CEO, is going to retire on October 31, 2017.
TD Bank says it is reviewing concerns about its sales practices in light of reports that some employees allegedly broke the law in order to meet sales targets and keep their jobs. Read: Banks under FCAC microscope after allegations of upselling CEO Bharat Masrani says the bank received “a few hundred complaints” last year regarding […]
Interest income accounts for more than 40% of the banking industry’s revenues, which means banks were forced to look for alternative income streams in recent years. Key streams include banking fees, as well as insurance and investment management services, reveals an outlook report on the banking industry by the Conference Board of Canada. Read: Investor […]
Some of the country’s biggest banks have clarified what they require for employees who use the word “advisor” in their titles.
To address rapid changes in business and consumer behaviour, not to mention a decades-old payments system, banks are making innovation a top priority, reveals a report by PwC. They want to improve the client banking experience and provide web and mobile services that don’t require trips to bricks-and-mortar buildings. Read: Win the wealthy clients of […]