OSFI

OSFI continues building climate resilience

Retrieved on: 
Wednesday, March 20, 2024
Superintendent, OSFI, Financial institution, Guideline

OTTAWA, ON, March 20, 2024 /CNW/ - Today, the Office of the Superintendent of Financial Institutions (OSFI) released updates to Guideline B-15: Climate Risk Management .

Key Points: 
  • OTTAWA, ON, March 20, 2024 /CNW/ - Today, the Office of the Superintendent of Financial Institutions (OSFI) released updates to Guideline B-15: Climate Risk Management .
  • OSFI is also releasing new Climate Risk Returns that will collect standardized climate-related data on emissions and exposures from FRFIs.
  • The data provided will allow OSFI to carry out evidence-based policy development, regulation, and supervision related to climate risks.
  • "Over the last year, OSFI has made significant progress in promoting robust climate risk management by financial institutions.

VERSABANK REPORTS RESULTS FOR FIRST QUARTER FISCAL 2024: CONTINUED ROBUST GROWTH IN POINT-OF-SALE RECEIVABLE PURCHASE PROGRAM DRIVES 41% YEAR-OVER-YEAR INCREASE IN EPS TO ANOTHER NEW RECORD[1]

Retrieved on: 
Wednesday, March 6, 2024
Acquisition, ROCE, Commercial property, Real estate, CMHC, VersaBank, OCC, POS, CRE, Growth, Computer security, Calendar, Digital, OSFI, Commercial, Consolidated, DRTC, Common equity, RPP

While this had a slight dampening effect on first quarter results, we expect that this strategic adjustment will enhance ROE and contribute to stronger growth in subsequent quarters throughout the year."

Key Points: 
  • While this had a slight dampening effect on first quarter results, we expect that this strategic adjustment will enhance ROE and contribute to stronger growth in subsequent quarters throughout the year."
  • "2024 is unfolding slightly ahead of expectations for our Point-of-Sale Receivable Purchase Program, providing continued confidence in our ability to surpass our next total asset milestone of $5 billion during the 2024 fiscal year.
  • Total assets increased 22% year-over-year and 3% sequentially to a record $4.3 billion, with the increase driven primarily by 7% growth in Digital Banking Operations' Point of Sale Receivable Purchase Program (POS/RPP) portfolio.
  • DBG's gross profit amounts are included in DRTC's consolidated revenue which is reflected in non-interest income in VersaBank's consolidated statements of income and comprehensive income.

Elon Musk's Carbon Tax Promo Fails says Friends of Science Society

Retrieved on: 
Thursday, February 22, 2024
Tax, Reality Check, COP28, Parent, OSFI, Climate emergency, Climate change, Human, COP26, UNFCCC, House, Fear, Legislation, Energy, Friends, RCP, Bank, Friends of Science, BOC, NetZero, Climate, Science Society of China, ENGO, BIS, Commons, Cato Institute, Conference, Bank of Canada, Environment, FUND, GHG, Public policy, Poverty, Government, Projection, No Reason, Musk, Bangladesh Technical Education Board, Superintendent, Failure, Financial institution, Renewable energy

CALGARY, Alberta, Feb. 22, 2024 /PRNewswire-PRWeb/ -- "Elon Musk's Unbelievably Simple Killer Break Down on Climate Change" - a video released on Feb. 03, 2024, which promotes a carbon tax, is a failure, says Friends of Science Society. As reported by the CATO Institute on Feb. 08, 2024, the video's voice over recycles a speech Elon Musk gave at the Panthéon‐Sorbonne University in Paris, coincident to the Paris "COP21" Climate Conference in 2015.

Key Points: 
  • Elon Musk's video promoting the notion of a carbon tax as a means to mitigate climate change is a ''failure'' says Friends of Science Society, referring to Canada's disastrous experience with carbon tax and inflation.
  • CALGARY, Alberta, Feb. 22, 2024 /PRNewswire-PRWeb/ -- " Elon Musk's Unbelievably Simple Killer Break Down on Climate Change " - a video released on Feb. 03, 2024, which promotes a carbon tax, is a failure, says Friends of Science Society.
  • Numerous academics and economists back the carbon tax as 'the solution' to climate change, but Friends of Science Society calls this " CarbonTax – a-philia : Unnatural Love of Carbon Taxes for No Reason."
  • Friends of Science Society says Canada's experience with carbon tax and rebate shows the method fails to reduce emissions while simultaneously driving up inflation.

OSFI releases new Supervisory Framework to modernize financial supervision

Retrieved on: 
Thursday, February 8, 2024
Organization, Framework, Risk assessment, Risk, Financial institution, Benchmarking, Superintendent, OSFI, Pension fund

OTTAWA, ON, Feb. 8, 2024 /CNW/ - Today, the Office of the Superintendent of Financial Institutions (OSFI) released its new framework for supervision.

Key Points: 
  • OTTAWA, ON, Feb. 8, 2024 /CNW/ - Today, the Office of the Superintendent of Financial Institutions (OSFI) released its new framework for supervision.
  • The Framework will guide OSFI's supervision of federally regulated financial institutions and private pension plans.
  • The new framework is the most significant change to OSFI's supervisory approach in 25 years.
  • "We are launching a new supervisory framework on April 1, 2024, to ensure a faster, more effective response to critical risks faced by federally regulated financial institutions and private pension plans.

OSFI named as a 2024 National Capital Region Top 100 Employer

Retrieved on: 
Tuesday, February 6, 2024
Financial institution, National Capital Region (Canada), Superintendent, Capital region, OSFI

OTTAWA, ON, Feb. 6, 2024 /CNW/ - The Office of the Superintendent of Financial Institutions (OSFI) is once again one of the National Capital Region's top employers.

Key Points: 
  • OTTAWA, ON, Feb. 6, 2024 /CNW/ - The Office of the Superintendent of Financial Institutions (OSFI) is once again one of the National Capital Region's top employers.
  • This is the fourth consecutive year that OSFI has received this honour.
  • This special designation recognizes employers in the Ottawa-Gatineau metropolitan area that are industry leaders in providing exceptional places to work.
  • While the award is specific to the National Capital Region, it recognizes the hard work and dedication of OSFI employees across the country.

TRREB: Tighter Market Conditions in January 2024 When Compared to the Previous Year

Retrieved on: 
Tuesday, February 6, 2024
Policy, Growth, Bank of Canada, Superintendent, Pressure, Research, Housing, Tax, OSFI, Composite, Financial institution, HPI, Bank, GTA, Province, Movement, Real estate

The resulting tighter market conditions when compared to the same period a year earlier, potentially points toward renewed price growth as we move into the spring market.

Key Points: 
  • The resulting tighter market conditions when compared to the same period a year earlier, potentially points toward renewed price growth as we move into the spring market.
  • There were 4,223 sales reported through TRREB’s MLS® System in January 2024 – an increase of more than one-third compared to January 2022.
  • Stronger sales growth relative to listings suggests buyers experienced tighter market conditions compared to a year ago.
  • On Thursday, February 8, TRREB is releasing its 2024 Market Outlook and Year in Review report and digital digest.

OSFI releases final Integrity and Security Guideline

Retrieved on: 
Wednesday, January 31, 2024
Senior management, Guideline, Superintendent, C-47, OSFI, Royal assent, Check (chess), Trust, Financial institution, Integrity, Operational risk, Risk management

OTTAWA, ON, Jan. 31, 2024 /CNW/ - Today, the Office of the Superintendent of Financial Institutions (OSFI) is releasing its final Integrity and Security Guideline .

Key Points: 
  • OTTAWA, ON, Jan. 31, 2024 /CNW/ - Today, the Office of the Superintendent of Financial Institutions (OSFI) is releasing its final Integrity and Security Guideline .
  • Contained within our integrity and security guideline are specific, practical measures that we expect financial institutions to implement for their protection.
  • Though much work remains, this guideline serves as an important, initial step towards enhancing integrity and security in the financial system."
  • The Integrity and Security Guideline is complemented by OSFI's existing guidance and tools, including draft Guideline E–21 ( Operational Resilience and Operational Risk Management ), Guideline B–10 ( Third-Party Risk Management ), Guideline B-13 ( Technology and Cyber Risk Management ), Guideline E-17 ( Background Checks on Directors and Senior Management of FREs ), the Technology and Cyber Security Incident Reporting Advisory and the Cyber Security Self-Assessment tool, among others.

TRREB: Elevated Borrowing Costs Taking a Toll on Housing Affordability

Retrieved on: 
Tuesday, December 5, 2023
Financial institution, Policy, Bank of Canada, Bank, OSFI, GTA, HPI, Housing, Growth, Superintendent, Real estate

“Inflation and elevated borrowing costs have taken their toll on affordability.

Key Points: 
  • “Inflation and elevated borrowing costs have taken their toll on affordability.
  • This has been no more apparent than in the interest rate-sensitive housing market.
  • “Home prices have adjusted from their peak in response to higher borrowing costs.
  • We have seen some productive policy decisions recently that should help with housing affordability, including allowing existing insured mortgage holders to switch lenders without the stress test.

OSFI updates model risk management guidance and launches public consultation

Retrieved on: 
Monday, November 20, 2023
Risk management, Comment, Climate, OSFI, Guideline, Financial institution, DTI, Forecasting, Superintendent

That is why OSFI has proposed revising the E-23: Model Risk Management Guideline so that it applies to all analytical models used by Federally Regulated Financial Institutions (FRFIs) and federally regulated private pension plans (FRPPs).

Key Points: 
  • That is why OSFI has proposed revising the E-23: Model Risk Management Guideline so that it applies to all analytical models used by Federally Regulated Financial Institutions (FRFIs) and federally regulated private pension plans (FRPPs).
  • E-23: Model Risk Management Guideline incorporates input received by during public consultations undertaken in May 2022 .
  • OSFI invites the industry and public to comment on the Guideline E-23 revisions until March 22, 2024.
  • The consultation on the updated Guideline E-23 was identified as a guidance priority in OSFI's Annual Risk Outlook for 2022-2023.

OSFI seeks feedback on disclosure of crypto-asset exposures

Retrieved on: 
Monday, November 20, 2023
Disclosure, OSFI, BCBS, Digital, Government, Superintendent, Financial institution, Cryptocurrency

OTTAWA, ON, Nov. 20, 2023 /CNW/ - Today, the Office of the Superintendent of Financial Institutions (OSFI) launched a consultation on the public disclosure of crypto-asset exposures by federally regulated financial institutions (FRFIs) in Canada.

Key Points: 
  • OTTAWA, ON, Nov. 20, 2023 /CNW/ - Today, the Office of the Superintendent of Financial Institutions (OSFI) launched a consultation on the public disclosure of crypto-asset exposures by federally regulated financial institutions (FRFIs) in Canada.
  • The Basel Committee on Banking Supervision (BCBS) is seeking feedback from internationally active banks through its own consultation .
  • OSFI completed a public consultation on draft guidelines on the regulatory capital and liquidity treatment of crypto-asset exposures for banks and insurers in September 2023.
  • The Government of Canada Federal Budget 2023 announced that OSFI will consult FRFIs on guidelines for publicly disclosing their exposure to crypto-assets.