Decision #26195-54Q203

From: Financial Consumer Agency of Canada

File: 26195-54Q203

Compliance issue

Branch closure – Failure to disclose conditions under which the Commissioner may require a public meeting

Bank Act, s. 459.2
Notice of Branch Closure (Banks) Regulations, s. 5(4)(g)

In its notice letters to affected customers for two branch closures, a bank failed to inform customers that the Commissioner may require a public meeting between the bank, interested parties and FCAC to discuss the closure further, and the conditions under which he may do so as required by paragraph 5(4)(g) of the Regulations.

Compliance measure(s) taken

Letter of ReprimandFootnote 1  noting two violations against the bank.

Compliance considerations

The bank respected all other regulatory requirements, including providing customers with notice four months in advance of the proposed closure date and information on how to contact the bank.

Measures taken by financial institution

  • Revised its letters to make specific reference to the three conditions under which the Commissioner may require a meeting between the bank, interested parties and FCAC.

Outcomes

By making certain that consumers are aware of the conditions under which the Commissioner can request a public meeting, FCAC and the bank ensure that consumers have the opportunity to communicate openly with their bank and explore ways of easing any negative impact the closure may have on their lives and on the community as a whole.

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