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Latest News
When it comes to January’s jobs, it’s quantity over quality Feb 7th
An unexpectedly large job growth jump, and a cut to the unemployment rate.
Last month’s job numbers look surprisingly good – given reports of cuts and lay-offs have been coming hard and fast lately – with a 35,4000 boost for January, and a cut back down to a 6.6 per cent unemployment rat.... More »
What You Need to Know About the Canadian Mortgage Stress Test Nov 5th
In late 2017, OSFI, the agency that supervises and regulates Canada’s banks, unveiled a new mortgage stress test, designed to protect Canadian borrowers from increasing debt burdens, and the prospect of rising interest rates. It also served to cool off a couple of Canada’s most expensive housing.... More »
Interac e-transfers back up after week-long disruption + MORE Oct 10th
Interac email money transfers are now working at all Canadian banks, following a week-long disruption..... More »
The best instant approval credit cards in Canada 2022 Oct 12th
If you’re applying for a credit card, chances are you want it as soon as possible. Unfortunately, you often have to wait several days to see if you were approved, and then wait some more while the card makes its way to you in the mail. The good news is many credit cards now offer instant approval..... More »
The Fed Needs Governors Who Aren't Wall Street Insiders Nov 18th
With two vacancies to fill, Obama should pick nominees who will look out for Main Street, not the big banks..... More »
Regulators insist Prudential is ‘systemically important,’ reject its protest over scrutiny
– canadianbusiness.com
NEW YORK, N.Y. – Prudential Financial has lost its appeal to shed greater government oversight, after regulators made a final decision that the insurer is one of a group of financial companies so big that they could threaten the financial system if they were to fail.
Prudential said Thursday that after a hearing and final vote, the Financial Stability Oversight Council maintains that the company is ‘systemically important’ and therefore subject to stricter scrutiny. That could include requirements to boost its cash cushion against losses, limit its use of borrowed money and submit to inspections by examiners. It also will be under Federal Reserve supervision.
In July, the council named Prudential among a group of non-banks — including insurer American International Group Inc. and General Electric Co.’s finance arm GE Capital — whose failure would represent too much risk to the financial markets. General Electric and AIG did not challenge that ruling, but Prudential asked for a hearing in the hopes of overturning the decision…
Prudential said Thursday that after a hearing and final vote, the Financial Stability Oversight Council maintains that the company is ‘systemically important’ and therefore subject to stricter scrutiny. That could include requirements to boost its cash cushion against losses, limit its use of borrowed money and submit to inspections by examiners. It also will be under Federal Reserve supervision.
In July, the council named Prudential among a group of non-banks — including insurer American International Group Inc. and General Electric Co.’s finance arm GE Capital — whose failure would represent too much risk to the financial markets. General Electric and AIG did not challenge that ruling, but Prudential asked for a hearing in the hopes of overturning the decision…
