COVID-19: FCAC tracking of bank relief measures

During these unprecedented times, FCAC has been monitoring and tracking the relief measures that banks have been providing to consumers impacted by the COVID-19 pandemic. This has formed part of FCAC’s commitment to work closely with federally regulated financial entities to protect the health and financial well-being of bank employees, consumers, and our communities.

Since April 2020, FCAC has been receiving weekly reports from regulated entities on the payment deferrals that they have approved for mortgages and other credit products for periods of up to 6 months. FCAC is treating these measures as public commitments and is monitoring that they are being implemented in a fair and appropriate manner.

FCAC data shows that, while each regulated entity has its own qualifying criteria, consumer requests are generally approved in a timely manner provided the consumer’s account is in good standing and they self-declare that they have been negatively impacted by the pandemic. 

In cases where the consumers' requests have been declined, regulated entities have been offering alternative relief measures, which can vary from one regulated entity to another and are determined on a case-by-case basis as there may be other options consumers can explore. 

This is a challenging time for many Canadians. To protect financial consumers, FCAC will continue to monitor the evolution of COVID-19 and its implications for Canadians in close collaboration with stakeholders, government partners, and regulated entities.

Cumulative number of deferrals approved (as of July 10, 2020)
Line of business Received Approved Declined
Mortgage 753,301 747,327 2,571
HELOC (Term portion) 69,295 68,746 264
HELOC (Revolving portion) 30,712 30,285 11
Loan 125,244 123,994 513
Line of credit 114,550 116,749* 138
Credit card 600,304 575,070 13,839
Auto finance 287,503 287,146 141

*Some approvals reflect deferrals offered proactively by banks.

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