Banking, Trade and Commerce – May 17, 2012

In Committee from the Senate of Canada

Banking, Trade and Commerce – May 17, 2012

Banking, Trade and Commerce (May 17, 2012)

Senior representatives from the Canada Mortgage and Housing Corporation and the Office of the Superintendent of Financial Institutions Canada (OFSI) discussed measures in the budget implementation bill related to the oversight of Canada’s largest mortgage insurer. Bill C-38 proposes to move CMHC under the supervision of OFSI.

CMHC head Karen Kinsley spoke about the impact of the proposed legislative changes on the agency. Senior OFSI directors Patty Evanoff and Penny Lee discussed the federal financial regulator’s operational plans with respect to its new role.

UPDATE: Bill C-38 received royal assent on June 29.