Appearance before the Standing Committee on Finance (July 7, 2020): FISC coordination in response to COVID-19

Issue

Regulatory coordination between the members of the Financial Institutions Supervisory Committee (FISC) is essential in all times but even more important in periods of stress in the system. 

Background

FISC members include the Department of Finance, OSFI, CDIC, the Bank of Canada and FCAC. Under normal circumstances, quarterly meetings between the members take place, in addition to working group and ad hoc meetings. During the pandemic, working level coordination has increased significantly with updating calls twice a week initially, now reduced to once every two weeks. Responsibilities based on mandates were established early and coordination has resulted in improved data and information monitoring and sharing.

Data/Quick facts

• All FISC member organizations have been eager to coordinate and share data on an as needed basis.
• Members have established key responsibilities in the pandemic and have supported others with tactical information.
• Continued coordination during the wind-down phase will be required to ensure a smooth landing.

Key messages

• Collaboration between the FISC safety net partners has been strong and purposeful.
• Coordination ensures that problems are solved quickly and that lessons are learned by all members. This ensures a more effective approach to the supervision of regulated entities and better reaction times when needed. 
• Collaboration and communication with our provincial regulators on areas of mutual interest (e.g. credit bureau reporting) has also been enhanced during the crisis and remains a priority to ensure that financial consumers are protected.