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.
|Line of Business||Received||Approved||Declined|
|HELOC (Term Portion)||71,979||71,425||332|
|HELOC (Revolving Portion)||32,570||32,504||12|
|Line of Credit||120,390||124,055*||167|
*Some approvals reflect deferrals offered proactively by banks.
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