Commissioner’s enforcement powers (transition binder 2019)

The Financial Consumer Agency of Canada Act

Introduction

Powers

Proceedings

Response options to the NOV

The FRFI can

  1. Pay the penalty proposed in the NOV
  2. FRFI is deemed to have committed the violation and the proceedings end
  3. Commissioner makes no decision on the violation
  4. Commissioner may make a decision on naming
  1. Make representations
  2. Proceedings continue
  3. Commissioner makes decision on the violation and penalty amount
  4. Commissioner may make a decision on naming
  1. Do nothing
  2. FRFI is deemed to have committed the violation, but proceedings continue
  3. Commissioner must determine the penalty amount
  4. Commissioner may make a decision on naming

Decision on the violation

Decision on naming

The Bank Act

Powers

Legislative framework

Regulatory framework

Other statutes

Powers

Legislative framework: Other statutes

Other statutes contain similar consumer provisions as they apply to the financial institutions governed by those enactments:

Trust and Loan Companies Act
Defines the legislative and regulatory obligations for all federally regulated trust and loans companies

Insurance Companies Act
Defines the legislative and regulatory obligations for all federally regulated insurance companies

Cooperative Credit Association Act

Payment Card Network Act
Defines supervisory power over payment card network operators

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