The “Big Five” Canadian banks include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Are there other viable options?
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Federal Reserve Chair Janet Yellen said Tuesday that the largest U.S. banks might need to hold additional capital to withstand periods of financial stress.
OTTAWA – Canada’s financial regulator is looking to issue new guidelines governing high-risk mortgages in the country’s housing market.
The Office of the Superintendent of Financial Institutions has asked for comments on the guidelines that would compel mortgage insurers to do due diligence on the ability of borrowers to service their debts and also require them to tighten monitoring procedures.
But OSFI has stopped short — so far — of further tightening mortgage rules, such as requiring that low-risk mortgages also be subject to 25-year amortization periods. Currently the rule applies only to higher-risk mortgages with less than 20 per cent down payment, where insurance is mandatory.
CIBC deputy chief economist Benjamin Tal says the new guidelines, once adopted, would have only minimal impact on the market.
They would formalize what is already the practice in Canada among lenders, such as Canada’s banks.
Tal adds that OSFI and the government are no doubt monitoring the spring housing market to determine if stricter measures are needed, but are likely encouraged that the market is showing signs of cooling…
The Office of the Superintendent of Financial Institutions has asked for comments on the guidelines that would compel mortgage insurers to do due diligence on the ability of borrowers to service their debts and also require them to tighten monitoring procedures.
But OSFI has stopped short — so far — of further tightening mortgage rules, such as requiring that low-risk mortgages also be subject to 25-year amortization periods. Currently the rule applies only to higher-risk mortgages with less than 20 per cent down payment, where insurance is mandatory.
CIBC deputy chief economist Benjamin Tal says the new guidelines, once adopted, would have only minimal impact on the market.
They would formalize what is already the practice in Canada among lenders, such as Canada’s banks.
Tal adds that OSFI and the government are no doubt monitoring the spring housing market to determine if stricter measures are needed, but are likely encouraged that the market is showing signs of cooling…
Business Highlights
– canadianbusiness.com
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Yellen signals more aggressive stance toward banks
WASHINGTON (AP) — The Federal Reserve may be about to turn more aggressive in its regulation of the financial system.
Fed Chair Janet Yellen suggested Tuesday that current regulatory rules might not be enough to prevent the kind of risk-taking that triggered the 2008 financial crisis and nearly toppled the entire banking system.
She said the largest U.S. banks may need to hold additional capital to withstand periods of financial stress. Non-banks with deep reaches into the financial system might also need to meet tougher rules, she said. Such firms range from money market mutual funds to private equity and hedge funds.
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EU lawmakers complete financial system overhaul
BRUSSELS (AP) — The European Union’s Parliament on Tuesday completed the biggest overhaul of the bloc’s financial system since the introduction of the euro currency, passing laws to minimize the risk and cost posed by failing banks.
Lawmakers signed off on the creation of a European authority with the power to unwind or restructure failing banks, as well as a system that will see banks’ creditors — not governments — take losses first when lenders fail…
Yellen signals more aggressive stance toward banks
WASHINGTON (AP) — The Federal Reserve may be about to turn more aggressive in its regulation of the financial system.
Fed Chair Janet Yellen suggested Tuesday that current regulatory rules might not be enough to prevent the kind of risk-taking that triggered the 2008 financial crisis and nearly toppled the entire banking system.
She said the largest U.S. banks may need to hold additional capital to withstand periods of financial stress. Non-banks with deep reaches into the financial system might also need to meet tougher rules, she said. Such firms range from money market mutual funds to private equity and hedge funds.
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EU lawmakers complete financial system overhaul
BRUSSELS (AP) — The European Union’s Parliament on Tuesday completed the biggest overhaul of the bloc’s financial system since the introduction of the euro currency, passing laws to minimize the risk and cost posed by failing banks.
Lawmakers signed off on the creation of a European authority with the power to unwind or restructure failing banks, as well as a system that will see banks’ creditors — not governments — take losses first when lenders fail…
