Decision #86316-192Q103

File: 86316-192Q103

Compliance issue

Branch Closure — Failure to notify Commissioner within the required time/Failure to inform consumers about conditions under which the Commissioner may require a public meeting
Bank Act, s. 459.2
Notice of Branch Closure (Banks) Regulations, ss. 4(1)(a)(i), 5(4)(g)

A bank failed to notify the Commissioner four months before the proposed date of a branch closure as required by subparagraph 4(1)(a)(i) of the Notice of Branch Closure (Banks) Regulations.

The bank also 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

A Letter of ReprimandFootnote 1  noting two violations against the bank.

Compliance considerations

The bank had taken subsequent measures to ensure that customers were notified of the branch closure within the required time. The bank was five days overdue in notifying the Commissioner. There were no prior violations noted against the bank.

Measures taken by financial institution


By ensuring that the Commissioner is made aware of all branch closures, FCAC is able to monitor proactively to make certain that consumers have been provided adequate notice of the branch closure and have received all of the information required. 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 or on the community as a whole.

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