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The Canadian banking industry includes 20 domestic banks, 24 foreign bank subsidiaries and 22 foreign bank branches operating in Canada. [9] ATB Financial , a financial institution owned by the Government of Alberta , and Canada's many credit unions, are not included in this list.
The Bank of Montreal has been paying dividends to share holders every year since 1829 (196 years ago), [13] Scotiabank since 1833 (192 years ago), [13] Toronto-Dominion Bank since 1857 (168 years ago), [14] Canadian Imperial Bank of Commerce since 1868 (157 years ago) [15] and Royal Bank of Canada since 1870 (155 years ago) [16] respectively.
The bank also held the Government of Canada's supply of gold and silver and Government of Canada securities. [11] The bank was required to provide to the Minister of Finance each Wednesday a statement of assets and liabilities, which was published the following week in the Canada Gazette. The bank became a government-owned corporation in 1938. [12]
As a result of amendments to the Bank Act in 2010 which provided for federally regulated credit unions, FCAC became responsible for supervising and monitoring such credit unions’ compliance with applicable legislation and regulations. In August 2010, the Code of Conduct for the Credit and Debit Card Industry came into force. FCAC opened its ...
Official Justice Laws Website of the Canadian Department of Justice; Constitutional Acts, Consolidated Statutes, and Annual Statutes at the Canadian Legal Information Institute; Canadian Constitutional Documents: A Legal History at the Solon Law Archive
1925 – the Office of the Inspector General of Banks was established in response to the Home Bank failure and was responsible for regulating Canada's chartered banks. Early 1930s – Royal Commission on Banking and Currency reviewed banking and currency issues in the Canadian financial system.
The Canadian banking system is regulated in part by the Office of the Superintendent of Financial Institutions who can, in an extreme case, close a financial institution. Alongside Canada's mortgage rules, the risk of bank failures similar to the US are slim, but not impossible.
The legal foundation of the Canadian banking system consisted of a series of laws passed in 1870 and 1871. [ 1 ] Banking remained relatively decentralized until 1935, when the Bank of Canada was founded in response to the economic instability experienced during the Great Depression in Canada .