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


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. 


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.

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