The banking industry welcomes the federal government’s decision to proceed with a review of Canada’s financial services legislation and policy framework, which includes the Bank Act. The federal government also announced clarification of the roles and responsibilities for the Office of the Superintendent of Financial Institutions (OSFI) and the Canada Deposit Insurance Corporation (CDIC), reducing the regulatory burden on the financial services industry. The CBA and the banking industry also welcome news that the Government of Canada and interested provinces and territories will meet soon to explore how to build on recent progress in respect to securities regulation. The Canadian Bankers Association is an industry association representing the domestic and foreign-chartered banks of Canada and their 237,000 employees.
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