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 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.

  • Update: OSFI Ottawa employee tests negative for COVID-19

    Notice - March 16, 2020

    On March 12, OSFI disclosed that one of its Ottawa employees was undergoing testing for the COVID-19 virus, and that as a precautionary measure Ottawa staff have been asked to work from home temporarily. The employee has received a negative test result.

  • 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.

  • OSFI Offices (Update)

    Notice - March 13, 2020

    OSFI has decided to fully implement its Business Continuity Plan (BCP) across the organization. This means all staff in OSFI’s four offices (Montreal, Ottawa, Toronto, Vancouver) have been asked to begin teleworking until April 5, 2020.

  • OSFIʼs Ottawa Office

    Notice - March 12, 2020

    An OSFI employee located in Ottawa is being tested for COVID-19. Please note that, at this time, it is not a presumptive or confirmed case. OSFI has decided that in an abundance of caution to ask employees at the Ottawa offices to telework temporarily. Approximately 360 employees have been asked to work from home as a result.