Appearance before the Standing Committee on Finance (July 7, 2020): Reporting information on relief measures


Many consumers have been financially impacted by the COVID-19 pandemic. Federally regulated financial entities responded by offering financial relief to its customers in large part by extending payment deferrals on a suite of credit products. FCAC has requested and continues to receive data from regulated entities on consumer relief measures as this information contributes towards FCAC’s mandate of supervising and monitoring banks and regulated entities with public commitments that are designed to protect the interests of their customers.


As part of its supervisory activities, FCAC has been in regular contact with conglomerate banks (DSIBs) and small and medium sized banks (SMSBs) on measures implemented due to the COVID-19 pandemic. A standardized template was distributed to banks to provide FCAC with weekly statistics on financial relief offered by banks to consumers impacted by COVID-19. These include payment deferrals on mortgages and other credit products such as loans, lines of credit, and credit cards.

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