Office of the Superintendent of Financial Institutions
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.
News Release - January 27, 2021
Today the Office of the Superintendent of Financial Institutions (OSFI)
issued direction to federally regulated deposit-taking institutions (DTIs) on how to treat new loans to businesses through the Government of Canada’s
Highly Affected Sectors Credit Availability Program (HASCAP).
Letter - December 14, 2020
OSFI has issued a letter to all federally regulated financial institutions outlining criteria where there may be exceptional circumstances where a non-recurring payment of special, or irregular, dividends may be acceptable.
Notice - December 14, 2020
Today, OSFI has updated its published FAQs for:
News Release - December 8, 2020
OSFI announced that the Domestic Stability Buffer (DSB) will remain at 1% of total risk-weighted assets, unchanged from the level set on
March 13, 2020 and maintained in the
June 23, 2020 DSB announcement.
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:
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.
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.
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.
Notice - August 31, 2020
Statement - July 15, 2020
Today the Office of the Superintendent of Financial Institutions (OSFI) released a statement supporting the use of capital buffers.
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.
Letter - June 8, 2020
Changes to the 2020/21 Deposit-Taking Institutions (DTI) regulatory return implementation deadlines have been made.
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.
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.
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.
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 - 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.
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 - 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.
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.
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.
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.
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