UPDATE: OSFI’s Language Advisory Under Review
On July 7, we informed you that the Office of the Superintendent of Financial Institutions (OSFI) issued an Advisory that non-bank financial institutions would be prohibited from using the terms “bank,” “banker,” or “banking.” At that time, we stated our opinion – shared across our industry – that it is in the best interests of Members to use common, simple language in our communications. We also stated that we endorsed the efforts of the Canadian Credit Union Association (CCUA) to push back on OSFI’s directive.
We are pleased to advise you that these efforts have been productive and positive. The federal government has decided to review the restrictions as put forth by OSFI. Consequently, OSFI recently announced they will suspend the “compliance expectations” set out in their initial advisory pending the federal government’s review.
While this matter is still not completely resolved, it is on hold for the time being. DUCA will continue to support the efforts of the CCUA and the Credit Union System to bring the matter to a common-sense based conclusion. We will keep you informed as further developments unfold.
Until then, you may wish to read OSFI’s latest statement here.