Advisory – Restrictions on the use of the words “bank”, “banker” and “banking”

Today, the Department of Finance released a second consultation paper as part of its review of the federal financial sector framework. This paper seeks views on the Bank Act restrictions on the use of the words “bank”, “banker” and “banking”.

As a result, OSFI has issued a notice suspending the compliance expectations set out in its June 30, 2017 cover note to Advisory 2017-01 — Restrictions on the use of the words “bank”, “banker” and “banking”.

Once the Department of Finance has announced the outcome of its consultation on these restrictions, OSFI will communicate its revised expectations for compliance with the Advisory, as appropriate and necessary.