FCAC Decisions
How to view the FCAC Decisions
FCAC Decisions are listed below, by date. Decisions posted before 2012 are available using the link below.
Select the “Court Decisions” category to view decisions rendered by the judges of the Federal Court and the Federal Court of Appeal.
FCAC Decisions from 2012 to present
- Posted on October 27, 2022
- FCAC Staff alleged that the Canadian Imperial Bank of Commerce (CIBC) committed three violations of the Cost of Borrowing (Banks) Regulations between 2001 and 2020 for failing to accurately disclose security registration, search and renewal fees for fixed interest loans secured by movable property or investments, variable interest rate loans secured by movable property and investments, and investment secured personal lines of credit. The Commissioner found that CIBC had committed these violations as alleged and imposed a penalty for each violation for a total amount of $5.6 million.
- Posted on December 16, 2021
- The FCAC alleged that the Bank of Nova Scotia (Scotiabank) committed a violation of the Negative Option Billing Regulations (Regulations) between 2014 and 2018 for failing to obtain express consent before providing credit cards, line of credits and/or related optional insurance products and proposed the imposition of a penalty amount of $80,000. The Commissioner found that Scotiabank had committed a violation of the Regulations from February to June 2018 and, as a result of the shorter duration and other mitigating factors, determined that no penalty should be imposed. The Commissioner also determined to make public the name of the bank in this case.
- Posted on September 29, 2021
- The FCAC alleged that The Toronto-Dominion Bank (TD) committed a violation of the Bank Act between 2012 and 2018 for failing to accurately disclose charges for certain deposit accounts. The Commissioner found that TD had committed this violation and imposed a penalty of $400,000. The Commissioner also determined that it would be appropriate to make public the name of the bank in this case.
- Posted on May 6, 2021
- The FCAC alleged that Rogers Bank committed two violations of the Negative Option Billing Regulations between 2013 and 2019 for failing to obtain consent before providing customers with credit cards and to confirm it in writing when consent was provided orally. The Commissioner found that Rogers Bank had committed these violations as alleged and imposed penalties totalling $250,000. The Commissioner also determined that it would be appropriate to make public the name of the bank in this case.
- Posted on February 4, 2021
- The FCAC alleged that the Royal Bank of Canada (RBC) committed one violation of the Credit Business Practices (Banks, Authorized Foreign Banks, Trust and Loan Companies, Retail Associations, Canadian Insurance Companies and Foreign Insurance Companies) Regulations between 2015 and 2017 for failing to obtain consent from customers before applying pre-approved credit card limit increases. The Commissioner found that RBC had committed this violation as alleged, and imposed a penalty of $350,000. The Commissioner also determined that it would be appropriate to make public the name of the bank in this case.
- Posted on December 3, 2020
- The FCAC alleged that the Bank of Montreal (BMO) committed two violations of the Negative Option Billing Regulations between 2014 and 2017 for failing to obtain and confirm consent for its credit card balance protection product. BMO paid the penalties, thereby admitting to the violations, but objected to having its name made public. The Commissioner determined that it would be appropriate to make public the name of the bank in this case.
- Posted on August 20, 2020
- The FCAC alleged that Canadian Western Trust (CWT) committed one violation of the Cost of Borrowing (Trust and Loan Companies) Regulations between 2010 and 2019 for failing to disclose to borrowers certain non-interest fees and charges for mortgages. CWT admitted to having committed this violation but challenged the amount of the proposed penalty. The Commissioner imposed a penalty of $200,000 for this violation and determined that it would be appropriate to make public the name of the entity in this case.
- Posted on August 20, 2020
- The FCAC alleged that Canadian Western Bank (CWB) committed four violations of the Cost of Borrowing (Banks) Regulations between 2010 and 2019 for failing to disclose certain non-interest fees and charges to borrowers. CWB admitted to having committed these violations but challenged the amount of the proposed penalties. The Commissioner imposed a total penalty of $200,000 for these violations and determined that it would be appropriate to make public the name of the entity in this case.
- Posted on August 20, 2020
- The FCAC alleged that the Canadian Imperial Bank of Commerce (CIBC) committed five violations of the Cost of Borrowing (Banks) Regulations for non-compliant disclosure of fees and other charges relating to credit card products between 2003 and 2018. The Commissioner found that CIBC committed these violations as alleged and imposed a total penalty of $1,225,000. The Commissioner also determined that it would be appropriate to make public the name of the bank in this case.
- Posted on June 4, 2019
- A bank charged interest to certain cardholders who had paid the outstanding balance owing on their credit card account on or before the due date. The FCAC noted one violation and imposed an administrative monetary penalty.
- Posted on May 30, 2019
- The Bank of Montreal failed to provide disclosure relating to home equity line of credit products as required by the Cost of Borrowing (Banks) Regulations. The FCAC noted three violations and imposed an administrative monetary penalty.
- Posted on November 29, 2018
- A bank failed to provide accurate cost of borrowing information in certain credit agreements. The FCAC noted three violations and imposed an administrative monetary penalty.
- Posted on August 15, 2018
- A bank failed to provide accurate mortgage payment frequency information in a clear, simple and not misleading manner to its customers as required by the Cost of Borrowing Regulations. The FCAC noted one violation and imposed an administrative monetary penalty.
- Posted on April 4, 2018
- A bank failed to provide accurate mortgage disclosure statements to its customers as required by the Cost of Borrowing Regulations. The FCAC noted two violations and imposed an administrative monetary penalty.
- Posted on February 8, 2018
- A bank failed to disclose to its customers and to the public certain information pertaining to the Disclosure of Charges Regulations. The FCAC noted two violations of the regulations and imposed an administrative monetary penalty.
- Posted on August 10, 2017
- A bank failed to provide or disclose certain information pertaining to the Cost of Borrowing Regulations for its mortgages and obtain consent pursuant to the Electronic Documents Regulations for its credit cards. The FCAC noted six violations of the regulations and imposed an administrative monetary penalty.
- Posted on June 29, 2017
- The amount of the cost of borrowing in the Bank’s statement of disclosure to borrowers for mortgages and loans was lower than the amount that ought to have been disclosed to borrowers based on the Bank’s system which calculates and accrues the actual cost of borrowing. The FCAC noted one violation of regulations and imposed an administrative monetary penalty.
- Posted on May 15, 2017
- Merchants were issued monthly statements that incorrectly disclosed certain transactions. As a result, merchants were provided with information that was unclear and potentially misleading.
- Posted on December 20, 2016
Following a system update, a bank experienced processing issues with the posting of payments to customer accounts. As a result, certain cardholders found themselves above their credit limit and incurred an over-limit fee in error. The bank accepted the findings in the Notice of Violation.
- Posted on June 4, 2015
- Consumers asked the FCAC for a public meeting on the upcoming closure of a local bank branch. The FCAC granted the request for a meeting between the bank, FCAC and local consumers to discuss how the closure would affect the community.
- Posted on March 13, 2015
- A bank’s credit card agreements had confusing, misleading or incomplete language in a number of areas. Consumers could not make informed decisions about interest and other charges. The FCAC found the bank had committed five violations and imposed an administrative monetary penalty.
- Posted on December 6, 2014
- A consumer complained about the foreign exchange rates a bank listed on credit card statements. They were not the actual rates the bank used for calculating exchanges. The FCAC found a violation of regulations and issued an administrative monetary penalty. The bank added the actual rates to its statements.
- Posted on March 12, 2014
- A bank offered one interest rate in its application for a line of credit, then provided a welcome package showing a different rate. The bank self-reported the error but did not reimburse the affected consumers. The FCAC noted one violation of regulations and imposed an administrative monetary penalty.
- Posted on March 11, 2014
- A bank’s promotional credit card offer required co-borrowers (not the primary card holder) to “opt in” to receive credit card statements. The FCAC found this a violation of regulations and imposed an administrative monetary penalty.
- Posted on November 27, 2013
- A number of consumers complained that their bank did not properly explain how interest was calculated on its credit cards. The FCAC found four violations of regulations and imposed an administrative monetary penalty.
- Posted on April 25, 2013
- A bank did not provide updated disclosure documents when consumers made changes to their mortgage payment plan. The FCAC found the bank had committed a violation of regulations. The bank added a new process to solve the problem.
- Posted on January 25, 2013
- A bank held a consumer responsible for a debit card transaction made after her wallet was stolen. The FCAC found the bank non-compliant under the voluntary Debit Card Code. The bank reimbursed the consumer and reviewed its policies.
- Posted on January 25, 2013
- Two consumers asked the FCAC for a public meeting on the closure of a bank branch in an urban centre. The FCAC granted the request for a meeting between the bank, FCAC and local consumers to discuss how the closure would affect the community.
- Posted on January 25, 2013
- A number of consumers asked the FCAC for a public meeting on the closure of a bank branch in an urban centre. The FCAC granted the request for a meeting between the bank, FCAC and local consumers to discuss how the closure would affect the community.
- Posted on January 25, 2013
- A consumer asked the FCAC for a public meeting on the closure of the only bank branch in a rural community. The FCAC granted the request for a meeting between the bank, FCAC and local consumers to discuss how the closure would affect the community.
- Posted on June 8, 2012
- A mortgage lender did not clearly explain to consumers how it calculated prepayment penalties for fixed-rate mortgages. The FCAC found that the lender had committed two violations of regulations, and imposed an administrative monetary penalty.
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