Appearance before the Standing Committee on Finance (July 7, 2020): Environment scan: Canadian banks during COVID-19


Canada’s big 6 banks have been at the center of the economic response from the beginning of the COVID-19 pandemic. The banks are working on a case-by-case basis with their clients to find flexible solutions to help them manage their finances. Furthermore, the Government of Canada and the Bank of Canada have worked closely with banks to quickly administer benefit and loan programs for Canadians in need.

The media and the public have been watching the banks’ actions throughout the pandemic. Below is a summary of the discussion about Canadian banks and their response to COVID-19.

COVID-19 bank measures

Consumer issues

Banks’ relief measures

Access to bank services

As of the week of June 23, some consumers continued to report waiting more than 1 hour on hold.


Financial institutions and services

Financial Consumer Agency of Canada


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