In addition, the bill contains consumer safeguards on homeimprovement contracts, requires due diligence be exercised in the securitization of high-cost loans and makes high-cost loans made by affiliates or subsidiaries not applicable in the considera tion of a
federally regulated financial institution's compliance with the Community Reinvestment Act.
The minimum requirement for appraisers providing appraisals to a
federally regulated financial institution is the appropriate state license or certification.
The Financial Consumer Agency of Canada (FCAC) ensures that
federally regulated financial institutions comply with these measures.
He currently serves as deputy superintendent of the Office of the Superintendent of Financial Institutions, an executive position he has held since August 2013, with responsibility for the supervision of more than 400
federally regulated financial institutions.
* unnecessarily ban appraisals prepared by appraisers working for
federally regulated financial institutions and other lenders with independent appraisal operations (those reporting to risk management vs.
In Canada, the comparable organizations performing similar tasks for
federally regulated financial institutions are; the Canadian Deposit Insurance Corporation (CDIC), the Office of the Superintendent of Financial Institutions (OSFI) and the Bank of Canada.
Conflicts between the federal law and the NAIC model have resulted in a regulatory tree that is supposed to have two strong limbs off the same trunk, one for
federally regulated financial institutions and one for insurance.