Who FCAC regulates
The Financial Consumer Agency of Canada (FCAC) monitors and supervises financial institutions and external complaints bodies that are regulated at the federal level. These entities include all banks and federally incorporated or registered insurance, trust and loan companies, retail associations , federal credit unions 1 and external complaints bodies. 2
Unlike OSFI, FCAC does not regulate foreign bank representative offices, fraternal benefit societies or cooperative credit associations.
FCAC also supervises payment card network operators to determine whether they are in compliance with the provisions of the Payment Card Networks Act.
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