Appearance before the Standing Committee on Finance (July 7, 2020): Measures taken to oversee new commitments


On April 3, FCAC informed regulated entities that it would work with banks to monitor the implementation of their relief measures and treat these measures as public commitments. FCAC has been working with them for the last three months to collect data on client relief measures. At the beginning of the pandemic, financial institutions faced a number of priorities, e.g. providing relief to consumers, increasing their call centre capacity, and ensuring the safety of their employees. Despite the many challenges, the regulated entities provided FCAC with clean and accurate data. The banks continue to be forthcoming with their information today. This information has assisted FCAC with its supervisory work.


To ensure regulated entities meet their public commitments, the FCAC Supervision team has had regular contact with conglomerate banks (DSIBs) and small and medium sized banks (SMSBs) on measures implemented due to the COVID-19 pandemic. In addition, a standardized template with defined fields was distributed to regulated entities to provide FCAC with weekly statistics on financial relief offered by regulated entities to consumers impacted by COVID-19. These include information and data on payment deferrals for mortgages and other credit products such as loans, lines of credit and credit cards.

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