241:
33:
201:
criticised by credit unions, who believed that it would make it difficult to market their services in a comparable manner to banks, as well as the costs of updating marketing materials to comply with the mandate. The OSFI suspended the advisory in August 2017, after the federal government stated that it would review the rules. In
February 2018, the
217:
groups banks in three schedules. Schedule I banks are domestic banks allowed to accept deposits. Schedule II banks are subsidiaries of foreign banks that are allowed to accept deposits through branches in Canada. Schedule III banks are foreign banks with certain restrictions upon the banking business
200:
s prohibitions on using the word or verbiage "bank" in connection to any financial service that is not a bank. The terms were required to be removed from websites by the end of 2017, from print materials by the end of June 2018, and from physical signage by the end of June 2019. The announcement was
148:
contains a "sunset" clause providing that it and the bank charters provided by it will expire unless the statutory review is conducted every five years. In 2016 the
Federal Government proposed a two-year extension to the review deadline. The most recent statutory review of the
177:
allows that federal credit unions may either be created by five persons (of which three must be individuals), or through the continuance of one or more credit unions existing within provincial jurisdiction. The provisions came into force at the end of 2012.
173:
credit unions to exist as a new class of financial institution. Credit unions differ from banks in that they are member-owned, democratically controlled and governed by co-operative principles. The
144:
in order that it keep pace with developments in the financial system. Historically, this was done on a decennial basis. In 1992, this requirement was changed to every five years. The
193:
297:
311:
221:
The
Canadian banking industry includes 20 domestic banks, 24 foreign bank subsidiaries and 22 foreign bank branches operating in Canada.
390:
259:
365:
264:
498:
503:
205:
was amended as a riser to the federal budget, allowing credit unions to use banking vernacular to market their services.
440:
523:
513:
518:
445:
415:
508:
483:
182:
479:
226:
474:
283:
170:
162:
117:
82:
40:
8:
254:
113:
105:
492:
416:"Feds to review whether credit unions can use banking terms following outcry"
222:
186:
246:
339:
391:"Federal budget gives credit unions OK to keep using the word 'banking'"
325:
450:
51:
32:
366:"Why credit unions will no longer be able offer 'banking' services"
229:, and Canada's many credit unions, are not included in this list.
185:(formerly Mouvement des caisses populaires acadiennes), based in
340:"Minister Morneau Welcomes Canada's First Federal Credit Union"
290:
312:"Feds propose extension of mandatory Bank Act review to 2019"
153:
took place in 2019 with the next review scheduled for 2023.
196:
issued an advisory, stating that it planned to enforce the
140:
on a regular basis to ensure that legislators update the
194:
236:
298:"History of the Banking system of Canada to 1948"
490:
189:, which converted to a federal charter in 2016.
132:was originally passed in 1871. The terms of the
181:The first federal credit union in Canada was
284:"Canadian Department of Justice - Bank Act"
31:
475:Canadian Department of Justice - Bank Act
260:List of banks and credit unions in Canada
265:List of acts of the Parliament of Canada
225:, a financial institution owned by the
491:
136:provide for a statutory review of the
61:An Act respecting banks and banking
13:
433:
300:. The Quebec History Encyclopedia.
14:
535:
468:
239:
156:
16:Act of the Parliament of Canada
499:Financial regulation in Canada
408:
383:
358:
346:. Department of Finance Canada
332:
318:
304:
276:
120:respecting banks and banking.
1:
270:
504:Canadian federal legislation
446:Canadian Bankers Association
218:they can conduct in Canada.
208:
7:
232:
10:
540:
123:
484:The Canadian Encyclopedia
183:UNI Financial Cooperation
165:passed amendments to the
88:
78:
70:
46:
39:
30:
23:
192:On June 30, 2017, the
109:
227:Government of Alberta
524:1871 in Canadian law
514:1991 in Canadian law
453:on December 11, 2011
163:Parliament of Canada
118:Parliament of Canada
83:Parliament of Canada
41:Parliament of Canada
519:Banking legislation
110:Loi sur les banques
509:Banking in Canada
441:"Banks in Canada"
314:. March 23, 2016.
255:Banking in Canada
96:
95:
92:December 13, 1991
531:
463:
462:
460:
458:
449:. Archived from
437:
431:
430:
428:
426:
412:
406:
405:
403:
401:
387:
381:
380:
378:
376:
362:
356:
355:
353:
351:
336:
330:
329:
322:
316:
315:
308:
302:
301:
294:
288:
287:
280:
249:
244:
243:
242:
89:Assented to
35:
21:
20:
539:
538:
534:
533:
532:
530:
529:
528:
489:
488:
471:
466:
456:
454:
439:
438:
434:
424:
422:
414:
413:
409:
399:
397:
389:
388:
384:
374:
372:
364:
363:
359:
349:
347:
338:
337:
333:
324:
323:
319:
310:
309:
305:
296:
295:
291:
282:
281:
277:
273:
245:
240:
238:
235:
211:
159:
126:
104:(1991, c. 46) (
79:Enacted by
66:
63:
56:
55:
17:
12:
11:
5:
537:
527:
526:
521:
516:
511:
506:
501:
487:
486:
477:
470:
469:External links
467:
465:
464:
432:
407:
382:
357:
331:
317:
303:
289:
274:
272:
269:
268:
267:
262:
257:
251:
250:
234:
231:
210:
207:
158:
155:
125:
122:
94:
93:
90:
86:
85:
80:
76:
75:
72:
68:
67:
65:
64:
59:
49:
48:
47:
44:
43:
37:
36:
28:
27:
15:
9:
6:
4:
3:
2:
536:
525:
522:
520:
517:
515:
512:
510:
507:
505:
502:
500:
497:
496:
494:
485:
481:
478:
476:
473:
472:
452:
448:
447:
442:
436:
421:
417:
411:
396:
392:
386:
371:
367:
361:
345:
341:
335:
327:
321:
313:
307:
299:
293:
285:
279:
275:
266:
263:
261:
258:
256:
253:
252:
248:
237:
230:
228:
224:
223:ATB Financial
219:
216:
206:
204:
199:
195:
190:
188:
187:New Brunswick
184:
179:
176:
172:
168:
164:
161:In 2010, the
157:Credit unions
154:
152:
147:
143:
139:
135:
131:
121:
119:
115:
111:
107:
103:
102:
91:
87:
84:
81:
77:
73:
69:
62:
58:
57:
54:
53:
45:
42:
38:
34:
29:
26:
22:
19:
457:December 27,
455:. Retrieved
451:the original
444:
435:
423:. Retrieved
419:
410:
398:. Retrieved
394:
385:
373:. Retrieved
369:
360:
350:September 7,
348:. Retrieved
343:
334:
320:
306:
292:
278:
247:Banks portal
220:
214:
212:
202:
197:
191:
180:
174:
166:
160:
150:
145:
141:
137:
133:
129:
127:
100:
99:
97:
60:
50:
24:
18:
326:"StackPath"
493:Categories
271:References
52:Long title
209:Structure
198:Bank Act'
169:to allow
480:Bank Act
425:March 2,
420:CBC News
400:March 2,
395:CBC News
375:July 15,
370:CBC News
233:See also
203:Bank Act
175:Bank Act
130:Bank Act
112:) is an
101:Bank Act
74:Bank Act
71:Citation
25:Bank Act
171:federal
124:History
116:of the
106:French
459:2011
427:2018
402:2018
377:2017
352:2017
344:News
213:The
128:The
98:The
482:at
215:Act
167:Act
151:Act
146:Act
142:Act
138:Act
134:Act
114:act
495::
443:.
418:.
393:.
368:.
342:.
108::
461:.
429:.
404:.
379:.
354:.
328:.
286:.
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
