COVID-19 Updates 

OSFI has taken a number of actions that build resilience of federally regulated financial institutions and improve the stability of the Canadian financial system and economy in response to challenges posed by COVID-19.

OSFI announcements concerning COVID-19 are posted below.

Recent OSFI updates about COVID-19

  • OSFI extends certain exclusions from the leverage ratio exposure measure for DTIs

    Notice - November 5, 2020

    The Office of the Superintendent of Financial Institutions (OSFI) continues to actively monitor the evolving pandemic and assess its impacts on the financial and operational capacity of deposit-taking institutions, or DTIs.

    As a result of this work, and further to the actions communicated in its April 9, 2020 letter, OSFI is announcing an eight-month extension for DTIs to continue to exclude central bank reserves and sovereign-issued securities from their leverage ratio exposure measures. Accordingly, these exposures will be exempted from the leverage ratio until December 31, 2021.

    As part of this extension, OSFI made updates to its published FAQs related to:

  • International banking supervisory community meet virtually

    News Release - October 22, 2020

    The 21st International Conference for Banking Supervisors (ICBS), hosted virtually by the Office of the Superintendent of Financial Institutions (OSFI) and the Bank of Canada, was held from October 19 to 22, 2020.

  • Assistant Superintendent Ben Gully speaks about OSFI’s policy development plans

    Speech - September 28, 2020

    Ben Gully, the Assistant Superintendent of OSFI’s Regulation Sector delivered remarks at a C.D. Howe Institute event. He spoke about how effective prudential regulation and supervision promotes stability and protects depositors, policyholders and pension plan beneficiaries. He explained OSFI’s actions prior to the pandemic, its responses during the pandemic and its approach in the future.

  • Results of OSFI's Third Party Risk Analysis

    Infographic - September 8, 2020

    Third party risk is evolving. The number of third party engagements is increasing and types of services provided are changing. Risk management practices at financial institutions are also adapting to increasing reliance on third parties. The pace of change during the COVID-19 crisis further underscores the importance and challenges of managing third party risks.

  • OSFI announces updates to COVID-19 related measure

    Notice - August 31, 2020

    Today, OSFI has updated its published FAQs for:

  • OSFI statement supporting the use of capital buffers

    Statement - July 15, 2020

    Today the Office of the Superintendent of Financial Institutions (OSFI) released a statement supporting the use of capital buffers.

  • OSFI's Domestic Stability Buffer level remains at 1%

    Notice - June 23, 2020

    OSFI announced that the Domestic Stability Buffer (DSB) will remain at 1.00% of total risk-weighted assets, unchanged from the level set on March 13, 2020 as part of OSFI’s response to COVID-19.

  • Updates to 2020 DTI Implementation Deadlines

    Letter - June 8, 2020

    Changes to the 2020/21 Deposit-Taking Institutions (DTI) regulatory return implementation deadlines have been made.

  • Summary of remarks by Jamey Hubbs to the Global Risk Institute

    Remarks - May 26, 2020

    On May 13, Jamey Hubbs, Assistant Superintendent, Deposit-Taking Supervision Sector was interviewed by Sonia Baxendale, President and CEO of the Global Risk Institute as part of a webinar hosted by the Institute.

  • Parliamentary Committee Appearance

    Remarks - May 21, 2020

    On May 21, Superintendent Jeremy Rudin and Assistant Superintendent Ben Gully appeared before the House of Commons Standing Committee on Finance to discuss OSFI's response to the COVID-19 pandemic.

  • OSFI revises private pension plan directives related to portability

    Directives - May 7, 2020

    OSFI has revised the Directives of the Superintendent pursuant to the Pension Benefits Standards Act, 1985 (the Directives) to provide the Superintendent's automatic consent to portability transfers to locked-in vehicles for members who are eligible for early retirement subject to specific conditions.  Please refer to question 4 in the FAQs for more information on the changes that were made. Administrators may still request the Superintendent's consent for other transfers or annuity purchases based on plan-specific or special circumstances.

  • Expectations on the use of Pillar II capital buffers

    Letter - May 1, 2020

    OSFI continues to actively monitor the COVID-19 pandemic and is providing additional information in an industry letter on expectations surrounding capital management for deposit-taking institutions (DTIs). OSFI expects all DTIs, including those using the Standardized Approach to credit risk to consider the appropriateness of their capital management actions in the current environment.

  • Statement from the Superintendent on Canadian bank capital and dividends

    Statement - April 17, 2020

    The current economic instability caused by the COVID-19 pandemic has raised questions around the world about how best to approach bank capital requirements and the resulting implications for bank dividend policies. This statement provides an overview of the existing regime in Canada.

  • OSFI announces continued regulatory flexibility measures to support COVID-19 efforts

    News Release - April 9, 2020

    On April 9, OSFI announced further regulatory adjustments to support the financial and operational resilience of federally regulated banks, and insurance companies. The measures focus primarily on capital adequacy requirements for these institutions as well as changes in their reporting requirements.

  • Statement from the Superintendent of Financial Institutions

    Statement - April 3, 2020

    In a statement issued on April 3, Superintendent Jeremy Rudin noted that Canadians should continue to have confidence that OSFI is working to ensure that banks are still able to make loans, that deposits remain available to Canadians; that insurance companies can pay policyholders; and that pension plans can continue to make payments to retirees.

  • OSFI determines capital treatment of programs to support COVID-19 efforts

    News Release - March 30, 2020

    On March 30, OSFI issued direction on how federally regulated deposit taking institutions (DTIs) should treat new capital made available to small and medium sized enterprises through recently announced government programs. By announcing the capital treatment for loans made through these programs, OSFI is providing timely direction for institutions, financial markets and borrowers.

  • OSFI announces regulatory flexibility to support COVID-19 efforts

    News Release - March 27, 2020

    On March 27, OSFI announced a series of regulatory adjustments to support the financial and operational resilience of federally regulated banks, insurers and private pension plans. This includes adjusting a number of regulatory capital, liquidity and reporting requirements.

  • OSFI announces measures to support the resilience of financial institutions

    News Release - March 13, 2020

    Today the Office of the Superintendent of Financial Institutions is lowering the Domestic Stability Buffer (DSB) by 1.25% of risk-weighted assets, effective immediately. The release of the DSB will support in excess of $300B of additional lending capacity by domestic systemically important banks.