Canadian Bankers Association | News Releases

CBA president praises Alberta’s economic success

Canadian Bankers Association — Fri, 25 May 2012 05:00:00 +0000

Strong banks play a key part in helping Albertans prosper

For Immediate Release

Calgary, Alberta, May 25, 2012 – In a breakfast speech to the Calgary Chamber today, Canadian Bankers Association (CBA) president Terry Campbell highlighted how bankers work to help Alberta communities and its economy flourish, and praised the province’s strong growth and competitive tax regime.

“Employment in the banking sector has grown to 274,000 Canadians – and employment in banks in Alberta has grown by almost 10 per cent over the last 10 years,” said Mr. Campbell. “A strong Alberta is important for a strong Canada, and I celebrate the success that this province and its entrepreneurs have achieved and will continue to achieve in the future.”

He highlighted how Canada’s strong banks have played a part in helping Alberta’s economy boom.

“Last year in Alberta alone, banks authorized over $46 billion to the natural resources sector, $13 billion to the construction industry, over $8.7 billion to manufacturing and $7.5 billion in credit to the province’s agriculture industry,” he added. “If you carve out small and medium-sized enterprises as a whole, bank lending totalled almost $12 billion in this province alone.”

In his remarks, Mr. Campbell congratulated Premier Alison Redford and all new and returning MLAs on their election, and pledged to continue the banking industry’s long history of working with Albertans. He also praised the province’s competitive taxation regime.

“You don't need me to tell you that Alberta has one of the most competitive tax regimes in North America. This has certainly helped to create a strong Albertan economy, which is a real positive for Canada's economy, and we commend the Alberta government for its approach,” Mr. Campbell said. “Unfortunately, we're seeing some troubling trends in other provinces, particularly when it comes to taxing the capital of financial institutions, an approach that is perverse and counter-productive for the growth of the economy. Perverse, because banks are required to have large amounts of capital for safety and soundness reasons. Counter-productive, because capital supports lending and when you tax capital you are in effect taxing lending.”

The continued need for a national securities regulator

Mr. Campbell also discussed the continued need for a national securities regulator and Ottawa’s evolving approach to securities regulation following the Supreme Court of Canada ruling last December. Recognizing Alberta’s long-standing concerns with a single regulator, Mr. Campbell noted:

“It’s my strong belief that this province’s concerns must be addressed as we move to a system that is more cohesive. We still believe that there are significant benefits to having a national system – a stronger international voice for Canada, better fraud prevention, stronger enforcement, and a streamlined process for investors.”

He added: “We certainly encourage your government, and all provincial and territorial governments, to work with the federal government to develop a common securities regulatory regime that has the capacity to support fair and competitive markets for all Canadians.”

Strong banks, effective regulation and supervision

Mr. Campbell also spoke about how banks in Canada came through the recent global financial crisis without any taxpayer funded bailouts, there were no bank failures and they continued to lend, which was not the case with many banks in many other countries around the world.

“I cannot emphasize enough the importance to our economy of having strong, properly functioning banks. You cannot have a strong economy without strong banks. And we cannot take this strength for granted. It’s something that bankers, policy-makers and regulators must continually work at,” said Mr. Campbell. “We have a strong, sound and profitable banking system in Canada. One that benefits the economies of Alberta and Canada. But also one that benefits bank customers – be they individual consumers or businesses large or small.”

As governments and regulators move forward with implementing rules and policies that affect banks, Mr. Campbell urged them to consider whether these new rules will ensure that Canada’s banking system is able to maintain its strength, its innovation and its service to customers. The opportunity for Canada through this process is to ensure that our banks retain their reputation, and their position, as being the strongest and soundest in the world.

The full text of Mr. Campbell’s speech can be found on the CBA’s website at the following link: www.cba.ca/contents/files/presentations/pre_20120525_calgary_en.pdf

About the Canadian Bankers Association

The Canadian Bankers Association works on behalf of 53 domestic banks, foreign bank subsidiaries and foreign bank branches operating in Canada and their 274,000 employees. The CBA advocates for effective public policies that contribute to a sound, successful banking system that benefits Canadians and Canada's economy. The Association also promotes financial literacy to help Canadians make informed financial decisions and works with banks and law enforcement to help protect customers against financial crime and promote fraud awareness. www.cba.ca.

Follow the CBA on Twitter: @CdnBankers

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For more information:
Rachel Swiednicki
Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 416-587-7733
E-mail: rswiednicki@cba.ca

How global and local forces may impact banking in Alberta: CBA president to address Calgary Chamber

Canadian Bankers Association — Tue, 22 May 2012 11:55:17 +0000

Media Advisory

For Immediate Release

Calgary, Alberta, May 22, 2012 – The Canadian Bankers Association (CBA) president Terry Campbell will speak about Canada’s banking industry and how global forces and local policies today may impact banking in Alberta tomorrow, when he delivers a keynote breakfast speech to the Calgary Chamber on Friday, May 25.

Canada has the soundest banking system in the world and yet, since the global financial crisis, banks in Canada have been subject to intensifying international regulation plus federal and provincial government policies that have an impact on banks. In his remarks, Mr. Campbell will provide an in-depth look at how banks serve communities and customers across Alberta today while working to ensure that the growing list of domestic and international regulations doesn't limit how they meet the needs of customers in the future.

Date:
Friday, May 25, 2012

Time:
Registration: 7:15 am
Breakfast: 7:30 am
Speech: 8:15am
Media Availability: 9:00 am

Location:
The Calgary Chamber
ENMAX Ballroom
100 6^th Ave. S.W.
Calgary, Alberta

Media Registration

Members of the media are invited to attend and are asked to pre-register at the e-mail address below. Mr. Campbell will be available to speak with the media after his speech.

The speech will also be available on the CBA website at www.cba.ca

Follow the CBA on Twitter: @CdnBankers

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For more information:
Rachel Swiednicki
Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 416-587-7733
E-mail: rswiednicki@cba.ca

Financial industry announces guidelines for mobile payments in Canada

Canadian Bankers Association — Mon, 14 May 2012 08:18:29 +0000

With demand for mobile payments growing, guidelines provide safety and security for consumers, allow for innovation in the marketplace

For Immediate Release

TORONTO, May 14, 2012 – As Canadians continue to adopt mobile technology and as demand for mobile payments capability continues to grow, the banking industry and credit union system today announced a set of voluntary, secure, open guidelines for the development of mobile payments at point-of-sale in Canada.

The voluntary guidelines, technically known as the Mobile Reference Model, will serve as a blueprint for how mobile payment capabilities can be offered in the Canadian market, including guidelines around how information is exchanged among various parties to a transaction including financial institutions, payment card companies, telecommunications companies and merchants. While voluntary, the financial institutions that developed the guidelines are committed to these principles in the mobile market, and these guidelines are intended to create a path to help all market participants move forward in developing mobile payment solutions.

Canadians are looking forward to being able to pay at point-of-sale with their mobile device, and today’s announcement of guidelines for mobile payments in Canada brings this closer to making it a reality. By developing a set of guidelines that all participants in the payments marketplace can work within, the goal is to ensure safety, security and ease of use for merchants and consumers while allowing for innovation and competition among market participants.

The guidelines are designed to provide clarity to the marketplace as various participants consider how they will meet the growing demand for mobile payments in Canada. These guidelines were developed as an outcome of the federal government’s Task Force for the Payments System Review in 2011, and provide definition for a fair, transparent, and competitive Canadian market for emerging payment options with mobile devices.

The guidelines were developed cooperatively by major Canadian banks and credit union groups¹, to support innovation in the marketplace. Specifically the guidelines will benefit the market in a number of key areas:

Enabling Innovation: The guidelines provide a common framework for how mobile payments capabilities can work with existing payments systems such as contactless readers, which are already widely installed across Canada. A common foundation for mobile payments allows all market participants to benefit from the work done so far and to focus on delivering unique competitive offers to consumers.
Providing Clarity and Efficiency: A common framework allows for efficiency in the market in developing new mobile payments solutions for Canadians, as individual service providers will benefit from the foundation provided in these guidelines and can focus their investment on adding value for consumers.
Delivering Continued Security: The guidelines are designed to work with existing, secure contactless payment technology already in place today. This benefits merchants and consumers by building on an existing system, and leveraging the same high security standards used by today’s chip-enabled credit and debit cards.

The mobile payment guidelines have been developed to be in full compliance with Canadian regulations and will respect the Code of Conduct for the Credit and Debit Card Industry in Canada. We look forward to working with the federal government on adaptations to the Code of Conduct to reflect emerging issues related to mobile payments.

As part of the process of establishing the guidelines, outreach was undertaken with a wide range of industry stakeholders to ensure the guidelines met the foundational needs of all parties for an open, fair, and secure system for mobile payments, and this dialogue is ongoing.

The Mobile Reference Model (Guidelines) can be found here.

A summary of the Mobile Payments Reference Model is also available.

¹Participating financial institutions:

BMO Financial Group (BMO)
National Bank (NB)
CIBC (CIBC)
Credit Union Central of Canada (Canadian Central)
Desjardins Financial Group
Royal Bank of Canada (RBC)
Bank of Nova Scotia (Bank of Nova Scotia)
Toronto Dominion Bank (TD)

About the Canadian Bankers Association

Follow the CBA on Twitter: @CdnBankers

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For more information:

Rachel Swiednicki
Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 416-587-7733
E-mail: rswiednicki@cba.ca

Canadian Bankers Association statement regarding Canadian Centre for Policy Alternatives (CCPA) bank report

Canadian Bankers Association — Mon, 30 Apr 2012 05:00:00 +0000

For Immediate Release

Toronto, Ontario, April 30, 2012 – It’s difficult to see why the CCPA continues to try to make this an issue three years later but, again, they’re completely missing the point. They seem to be implying that liquidity support is the same as a bank bailout and this is not the case. These funding measures were put in place to ensure that credit was available to lend to businesses and consumers to help the economy through the recession. These funding measures were not put in place because banks were in financial difficulty.

The federal government introduced a series of measures called the Extraordinary Financing Framework (EFF) as part of Budget 2009 and through other public announcements – there was nothing secret about it – and the banking industry publicly acknowledged some of these programs.

But here are the facts that the CCPA has ignored. Although the financial crisis did not begin here, Canada’s financial markets were impacted. During the global financial crisis, a number of large banks in other countries became insolvent, and either failed or received taxpayer-funded bailouts where the government bought part or all of those banks. For example, since the beginning of 2008, 436 banks in the US have failed. Due to the crisis of confidence in global credit markets, some funding sources that banks normally relied upon became unavailable.

Canadian banks get about two-thirds of their funding from deposits, which shows the strengths of our banking system. The other one-third come from credit markets and it was these markets that were seizing up. Funding was less available. Canadian banks continued to lend and increased their lending after some non-bank lenders pulled out of the Canadian market.

While some of the funding came from Bank of Canada programs, according to the Bank of Canada, Canadian banks needed less official central bank liquidity support than their foreign counterparts. The Bank of Canada publicly outlined how this funding would be provided to the market.

Under another program, the Insured Mortgage Purchase Program (IMPP), the government of Canada bought $69 billion of insured mortgages from the banks - only 55% of the total allocated amounted. Many of the mortgages were already insured and therefore, created no additional risk for the government. In instances where the banks had to obtain insurance for existing mortgages, these were low-risk mortgages. CMHC estimates that by the time the program has ended, the IMPP will have generated an estimated $2.5 billion in net revenues¹ for the government (and therefore taxpayers).

In their report, the CCPA also compares individual banks’ market capitalization with their participation in liquidity programs designed to boost confidence in the markets. It's an apples to oranges comparison as the two factors are not at all related.

It is important to remember that Canada’s banks are well-regulated and the Office of the Superintendent of Financial Institutions (OSFI) carefully monitors individual banks to ensure that they remain financially stable.

The Oxford dictionary defines bailout as “financial assistance to a failing business or economy to save it from collapse”. That definitely was not the case here: not one bank in Canada was in danger of going bankrupt or required the government to buy an equity stake under taxpayer-funded bailouts.

The Canadian Bankers Association works on behalf of 53 domestic banks, foreign bank subsidiaries and foreign bank branches operating in Canada and their 267,000 employees. The CBA advocates for effective public policies that contribute to a sound, successful banking system that benefits Canadians and Canada's economy. The Association also promotes financial literacy to help Canadians make informed financial decisions and works with banks and law enforcement to help protect customers against financial crime and promote fraud awareness. www.cba.ca.

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^{1 Canada Mortgage and Housing Corporation, Canadian Housing Observer 2011, page 26.}

CBA president calls for financial regulation that balances bank stability with innovation and competition

Canadian Bankers Association — Tue, 03 Apr 2012 16:15:40 +0000

Time to hit the “pause” button and take stock of the new global regulatory requirements

For Immediate Release

Ottawa, Ontario, April 3, 2012 – In a speech to the Economic Club of Canada, Canadian Bankers Association (CBA) president Terry Campbell today said that a sound banking system is a vital part of Canada’s economic well-being and that Canadians value the services and products of their banks. At the same time, however, he cautioned that the volume of new international regulations could inadvertently increase risk and reduce competition. It is important that Canada continue to seek the appropriate balance between ensuring banking stability on the one hand and innovation and competition on the other.

“Since Canada’s first bank opened its doors 195 years ago, banks have played – and continue to play – a central role in financing much of Canada’s growth,” said Mr. Campbell. “I cannot emphasize enough the importance to our economy of having strong, properly functioning banks. This is not something that we can take for granted – it is something that bankers, policy-makers and regulators must continually work at.”

He pointed out that, in 2010, the banking sector contributed $55.5 billion to the Canadian economy – about 3.5 per cent of the nation’s GDP, employed 267,000 Canadians and paid $10.3 billion in dividends to shareholders. Banks also support the success of other sectors of the economy, authorizing $29 billion in credit to the agriculture industry, more than $60 billion to manufacturing and $87 billion to small and medium-sized enterprises to help them grow.

Customers value banking stability and privacy protection, as well as convenience and choice

New public opinion research conducted by Harris/Decima¹ for the CBA found that Canadians value the stability, safety, convenience and choice in their banks.

84 per cent of Canadians believe that Canada’s banks are more stable than banks elsewhere.
82 per cent of Canadians see banks as doing a good job of protecting their personal information and transactions.
76 per cent of Canadians rate the performance of banks as good when it comes to introducing technologies that improve the convenience of banking.
87 per cent of Canadians believe that there is enough choice in banking, and that’s before they were told that there are about 70 banks in Canada.

Striking a regulatory balance

However, in response to the international financial crisis, a series of international banking reforms have been put in place to take what was seen to be unacceptable risk out of the system. While Canadian banks remained strong and stable, our financial system and the economy as a whole were affected by the financial crisis that began elsewhere in the world, and the resulting regulatory changes that have continued since 2008.

Mr. Campbell likened the international regulatory situation to a teeter-totter, with safety and stability on the one end and growth, innovation and competition on the other.

“What has happened since the start of the crisis is that the preponderance of regulatory initiatives driven from the international stage have all been on the ‘safety and stability’ end of the teeter-totter,” said Mr. Campbell.

If you tilt too far in that direction, he continued, you “could have the most stable system in the world but it would be static, immobile, low-growth or more likely no-growth. Taken together, what we are facing is the biggest regulatory implementation exercise the Canadian banking industry has ever undergone – and it is not done yet.”

Pause and take stock of new regulations

Given the wave of new regulations since the global financial crisis, Mr. Campbell said it would be useful for the government, regulators and the financial sector to pause and take stock of what needs to be done to ensure that Canada continues to have the strongest, soundest banking system in the world.

“It would be useful for the federal government to hit the ‘pause’ button and to take stock of the new regulatory paradigm that has been put in place since the beginning of the financial crisis,” said Mr. Campbell. “A forward-looking stock-taking that would allow all the players to ask themselves and each other: What have we created here? What are the implications for competition and innovation? Do all the different parts of the new regulatory system work together well? Are there conflicts and inconsistencies? Are there unintended consequences?”

The full text of Mr. Campbell’s speech can be found on the CBA’s website at the following link:
http://www.cba.ca/contents/files/presentations/pre_20120403_tcampbell_en.pdf

About the Canadian Bankers Association

Follow the CBA on Twitter: @CdnBankers

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For more information:
Rachel Swiednicki
Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 416-587-7733
E-mail: rswiednicki@cba.ca

^{1 Harris/Decima research conducted for the CBA. The findings are based on a national proportionate sample of adult Canadians 18 years or older, interviewed by telephone between December 8 and 18, 2011. The sample of 1001 is accurate within +/- 3.2 percentage points, 19 times out of 20.}

Canadian Bankers Association: key measures in the 2012 federal budget will contribute to economic growth

Canadian Bankers Association — Thu, 29 Mar 2012 22:33:23 +0000

For Immediate Release

TORONTO, ONTARIO, March 29, 2012 – The Canadian Bankers Association (CBA) today commented on the 2012 federal budget. The CBA agrees with the government’s continuing efforts to create a fiscal and investment environment that supports economic growth and prosperity for Canada.

In the budget the federal government continues to recognize that Canada’s financial system is one of the soundest, most resilient and best regulated financial systems in the world. In particular, the CBA highlighted the following budget items relating to the financial services sector:

The CBA applauds the federal government for its continued commitment to Pooled Registered Pension Plans (PRPPs) and we encourage consultations with provinces to ensure PRPPs can be made available to all Canadians. The government has introduced legislation to implement, PRPPs which will provide a new, accessible, large-scale and low-cost pension option to employers, employees and the self-employed. PRPPs will give all working Canadians the benefits of professionally-managed pension plans, and will be particularly beneficial to the self-employed and employees of small businesses.
The CBA is pleased that the government is continuing to consult with provinces and territories on the creation of a single securities regulator, a number of which have reaffirmed their interest in working on a cooperative basis towards this end.
The government has announced its intention to eliminate the penny from circulation, citing the savings to taxpayers and its reduced purchasing power. Given the banking industry's role in the handling of currency, banks will be pleased to work with the government on this process in an effort to ensure a smooth transition for the benefit all stakeholders and individual Canadians.

About the Canadian Bankers Association

Follow the CBA on Twitter: @CdnBankers

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For more information:
Rachel Swiednicki, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: rswiednicki@cba.ca

195 years and counting – what the future holds for Canada’s banks: CBA president to address the Economic Club of Canada

Canadian Bankers Association — Thu, 29 Mar 2012 14:50:25 +0000

For Immediate Release

Ottawa, Ontario, March 29, 2012 – The Canadian Bankers Association (CBA) and the Economic Club of Canada are partnering to bring to you “195 Years and Counting – What the Future Holds for Canada’s Banks”, as CBA president Terry Campbell gives a keynote luncheon speech to the Economic Club of Canada in Ottawa on Tuesday, April 3.

Canada’s banks have been serving customers and building a stronger country, through good economic times and bad, for nearly 200 years. In that time, Canada has created one of the strongest banking sectors in the world. But in an unsettled economic and regulatory environment, what does the future hold? Mr. Campbell will discuss how banks continue to serve their customers in communities across Canada while working to ensure that the growing list of domestic and international regulations doesn’t limit Canada’s globally recognized excellence in banking.

Date:
Tuesday, April 3, 2012

Time:
Lunch: 12:05 pm
Speech: 12:50pm
Media Availability: 1:30 pm

Location:
The Fairmont Chateau Laurier
Adam Room
1 Rideau Street
Ottawa

Media Registration

Members of the media are invited to attend and are asked to pre-register at the e-mail address below. Mr. Campbell will be available to speak with the media after his speech.

The speech will also be available on the CBA website at www.cba.ca

Follow the CBA on Twitter: @CdnBankers

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For more information:
Rachel Swiednicki
Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 416-587-7733
E-mail: rswiednicki@cba.ca

“Grandma, is that you?”: CBA provides advice on how to avoid the grandparent scam

Canadian Bankers Association — Mon, 26 Mar 2012 05:00:00 +0000

For Immediate Release

Toronto, ON, March 26, 2012 – Grandparents love to receive calls from their grandchildren, but if you hear the words “Grandma, is that you?” at the other end of the line, beware; it may be a scam.

March is Fraud Prevention Month and the Canadian Bankers Association (CBA) is helping Canadians educate and protect themselves against fraud and scams as a member of the Fraud Prevention Forum by working with banks and law enforcement across the country.

Criminals have set their sights on seniors with grandchildren, using a particularly malicious trick known as the “grandparent scam”. A senior will receive a phone call from someone who starts the conversation with, “Grandma? Do you know who this is?” The victim, thinking it’s one of their grandchildren, will respond with, “Yes, I know it’s you (name of grandchild).” The caller will then start using this name to gain credibility with the victim.

The caller will claim to be in trouble and will request money right away. Often they’ll say they were in a car accident with a rental car or they are under arrest and in jail in another city or country. The victim, wanting to help, will withdraw funds from their bank account and wire money to the “grandchild”. The money will be sent through a money transfer service, where the criminal can then pick it up at any location across the world.

The CBA has released a fraud prevention video aimed at educating Canadians about the grandparent scam. The video can be found on the CBA’s YouTube channel (www.youtube.com/CdnBankers) and the association is also issuing helpful tips and information on its Twitter page and website throughout Fraud Prevention Month.

“It’s important that people know what kind of scams are out there, and how best to avoid them. Criminals will go to great lengths to socially engineer you.” said William J. Crate, Director of Security and Intelligence at the Canadian Bankers Association. “Banks invest a lot of resources in helping fight financial crime. From new chip and PIN technology on payment cards to investigating scams and ensuring safe online banking – banks work hard to protect their customers.”

There are a few simple steps you can take to protect yourself from the grandparent scam, including:

Never offer information to the caller. If they prompt you with questions like, “Do you know who this is?”, say no and have them tell you.
Ask the caller a few personal questions that a real grandchild could answer but an imposter could not.
After you hang up, verify the story by calling the parents or other relatives of the “grandchild”.
Never wire money to someone under uncertain conditions. It is nearly impossible to recover or trace money that has been wired.

For more information on fraud prevention, check out:
Twitter: @CdnBankers
YouTube: www.youtube.com/CdnBankers
Website: www.cba.ca/fraud

About the Fraud Prevention Forum

The Fraud Prevention Forum is a concerned group of private sector firms, consumer and volunteer groups, government agencies and law enforcement organizations, who are committed to fighting fraud aimed at consumers and businesses. Through its partners, the Forum, which is chaired by the Competition Bureau, works to prevent Canadians from becoming victims of fraud by educating them on how to "Recognize it. Report it. Stop it."

About the Canadian Bankers Association

Follow the CBA on Twitter: @CdnBankers

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For more information:
Rachel Swiednicki, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: rswiednicki@cba.ca

Nominations are now open for Canadian Banks' Law Enforcement Award

Canadian Bankers Association — Wed, 07 Mar 2012 16:07:34 +0000

For Immediate Release

Toronto, ON, March 7, 2012 – The Canadian Bankers Association (CBA) is honouring those who help fight financial crime by now accepting nominations for the 2012 Canadian Banks’ Law Enforcement Award (CBLEA), which recognizes outstanding police work in combating crime against Canada’s banks and their customers. This year’s award will be presented at the Canadian Association of Chiefs of Police Conference in Sydney, Nova Scotia on August 22nd.

“The CBA works closely with police in helping prevent bank crimes, and protecting those who work in the financial industry. This includes protecting members of the public from fraud and robbery,” said William J. Crate, Director, Security & Intelligence at the Canadian Bankers Association. “This Award allows the banking industry to recognize individual officers who have gone above and beyond the call of duty when investigating crimes against banks and their employees.”

Nominations from banks and Canadian law enforcement agencies will be accepted until April 30, 2012.

Eligibility

All active (at the time of the incident) law enforcement officers considered to have exhibited outstanding bravery, detective ability or other noteworthy achievements in investigations involving Canadian banks are eligible to receive the Award. Other criteria that are considered are:

Exceptional bravery, a degree of resourcefulness or an individual knowingly putting themselves at risk protecting bank employees, customers or bank property.
Investigations involving unusual obstacles, extenuating circumstances, or personal sacrifice.

Additional information about the nomination process and eligibility, as well as a list of past award recipients, can be found on the CBA website at www.cba.ca/award.

Nominations are accepted by e-mail from CBA member banks and Canadian law enforcement agencies, e-mail your nomination to: security@cba.ca.

About the Canadian Bankers Association

Follow the CBA on Twitter: @CdnBankers

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For more information:
Rachel Swiednicki, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: rswiednicki@cba.ca

CBA welcomes new rules for mortgage prepayments

Canadian Bankers Association — Fri, 02 Mar 2012 17:31:36 +0000

For Immediate Release

Toronto, ON, March 4, 2012 – The Canadian Bankers Association (CBA) today welcomed the new Code of Conduct that will make mortgage prepayment charges easier to understand for consumers. The CBA and its member banks worked closely with the federal government to develop the Code, which will provide bank customers with better information about the prepayment costs involved when paying a mortgage off early, the calculations and interest rates used to determine prepayment charges, and other options that are available for bank customers who want to increase their mortgage payments without incurring any charges.

“In the low interest rate environment of the past few years, many people wanted to break their mortgage to take advantage of lower interest rates, but may not have understood how mortgage prepayment charges were calculated,” said Terry Campbell, President of the Canadian Bankers Association. “With the new Code, every year bank customers will receive information that will help them better understand mortgage prepayment charges and how they are calculated if they want to pay their mortgage off early. The Code also builds on the advice that banks have always provided to make sure the customer is making an informed decision.”

When interest rates are declining and borrowers decide to break their mortgage contract, the bank will then lend that money to someone else at the current lower rate, resulting in a shortfall for the bank. The bank will allow the borrower to break the mortgage contract, but the borrower would need to pay a mortgage prepayment charge to help the bank manage its risk and cover its costs from the customer paying the mortgage off early. Typically those charges are three-months’ interest or the interest rate differential, whichever is greater.

Banks are prudent lenders and currently provide substantial amounts of information about mortgage prepayment calculations to consumers as required by federal regulations. The information that will be provided under this Code will provide even more clarity to borrowers.

The new mortgage prepayment code of conduct can be found on the CBA website at this link:
http://www.cba.ca/contents/files/misc/vol_20120304_mopp_en.pdf

About the Canadian Bankers Association

Follow the CBA on Twitter: @CdnBankers

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For more information:
Rachel Swiednicki, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: rswiednicki@cba.ca

CBA response to Supreme Court of Canada decision on securities regulation

Canadian Bankers Association — Thu, 22 Dec 2011 17:30:07 +0000

For Immediate Release

Toronto, ON, December 22, 2011 – The Canadian Bankers Association (CBA) today noted that the Supreme Court has determined the federal government has the constitutional right to regulate important aspects of the securities markets in Canada.

“We continue to believe that a single, Canadian regulator would offer improved investor protection and enhance the ability of law enforcement and prosecutors to achieve better criminal enforcement outcomes across Canada,” said Terry Campbell, President of the Canadian Bankers Association. “It would also eliminate the fragmentation and duplication that currently exists with the provincial securities systems.”

Canada is the only industrialized country without a national securities regulator. The recent financial crisis showed how important it is to have a coherent regulatory system that can respond quickly to international and domestic developments. We have a single prudential regulator and a single consumer regulator, but Canada still lacks a single securities regulator. Canada still needs a single national voice on the international stage.

About the Canadian Bankers Association

Follow the CBA on Twitter: @CdnBankers

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For more information:
Maura Drew-Lytle
Canadian Bankers Association
Tel: (416) 362-6093, ext. 338
Cell: (416) 918-2777
E-mail: mdrewlytle@cba.ca

Bank chief economists to discuss the state of the domestic and global economies at Ottawa luncheon

Canadian Bankers Association — Thu, 24 Nov 2011 14:36:32 +0000

For Immediate Release

Ottawa, Ontario, November 24, 2011 – The Canadian Bankers Association (CBA) and the Canadian Club of Ottawa are bringing together the chief economists from some of the country’s largest banks to discuss Canada’s current economic state, financial markets and the global economy. The session will be moderated by the CBA’s President, Terry Campbell.

Five banks will be represented by well-known economists: Craig Alexander, TD Bank Group; Warren Jestin, Bank of Nova Scotia; Stéfane Marion, National Bank Financial Group; Dr. Avery Shenfeld, CIBC World Markets Inc.; and Craig Wright, RBC.

Date:
Tuesday, November 29, 2011
Time:
Lunch: 12:15 p.m.
Presentation: 12:50 p.m.
Location:
Ottawa Convention Centre, 55 Colonel By Drive, Trillium Room (4th floor)

Media Registration

Members of the media are invited to attend, and can pre-register at the e-mail address below. Participants will be available to speak with the media after the presentations.

The Canadian Bankers Association works on behalf of 52 domestic banks, foreign bank subsidiaries and foreign bank branches operating in Canada and their 267,000 employees. The CBA advocates for effective public policies that contribute to a sound, successful banking system that benefits Canadians and Canada's economy. The Association also promotes financial literacy to help Canadians make informed financial decisions and works with banks and law enforcement to help protect customers against financial crime and promote fraud awareness. www.cba.ca.

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For more information:
Rachel Swiednicki
Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 416-587-7733
E-mail: rswiednicki@cba.ca

Looking for a useful Christmas gift? How about post-secondary education savings

Canadian Bankers Association — Tue, 22 Nov 2011 17:11:31 +0000

For Immediate Release

TORONTO, ONTARIO, November 22, 2011 – With Christmas less than five weeks away, many Canadians are roaming the malls, trying to find the perfect gifts for their loved-ones. If you have children on your list, give them something truly long-lasting and valuable – a head start at post-secondary education savings.

“You can help your child succeed in achieving their career dreams by saving now for their post-secondary education. It’s important to plan ahead so that they have the right financial tools for school,” said Terry Campbell, President of the Canadian Bankers Association. “Canada has some great programs to help families save and, the good news is, the federal government will contribute to those savings. This is a great gift idea for parents, grandparents, families and friends because anyone can contribute and help the savings grow.”

Registered Education Savings Plans (RESPs) are accounts offered by a number of financial institutions, including banks, that allow people to save for post-secondary education, and the money in the account grows tax-free. And with the Canada Education Savings Grant, the federal government will give you 20 per cent on every dollar of the first $2,500 you save in an RESP each year.

The Canada Learning Bond is another government incentive to help children in modest-income families. Under the program, the Government of Canada will make a one-time payment of $500 into an RESP plus provide $100 a year until the child turns 15 years old, to a maximum of $2000.

November is Financial Literacy Month

November is Financial Literacy Month and what better time, ahead of the holiday season, to teach children about the importance of savings. The Canadian Bankers Association (CBA) has a few suggestions on how to help your children start learning good money management habits now.

“Understanding how to save, invest and budget is just as important as knowing your ABCs,” said Mr. Campbell. “Banks offer a lot of information to help children, and even adults, better understand how to manage their money.”

Helpful information:

The Canadian Bankers Association offers free in-class financial literacy seminars for classrooms – teachers can learn more and sign-up at www.yourmoney.cba.ca
Don’t wait until the New Year to make financial resolutions. For more consumer information on a variety of financial topics, check out www.cba.ca/en/consumer-information
Take action by learning more. Many of the organizations participating in Financial Literacy Month have educational information and programs conducted by experts across Canada. A list of organizations and their programs can be found at: http://www.financialliteracymonth.ca/en/flm-organizations

Follow the CBA on Twitter: @CdnBankers

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For more information:
Rachel Swiednicki, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: rswiednicki@cba.ca

Banks and Financial Literacy

Canadian Bankers Association: PRPPs will increase access to pension plans

Canadian Bankers Association — Thu, 17 Nov 2011 16:31:17 +0000

For Immediate Release

Toronto, ON, November 17, 2011 – The Canadian Bankers Association today welcomed the introduction of the federal legislation for Pooled Registered Pension Plans (PRPPs) and said that its member banks are committed to working with the government as it moves forward on PRPPs.

The banking industry supports the government’s goal of providing an accessible, low-cost and easy-to-use option for people who do not now have access to a private sector pension plan. This would include those Canadians who were identified by the Research Working Group on Retirement Income Adequacy as being most at risk of having difficulties maintaining their standard of living in retirement, particularly the self-employed and employees of small businesses.

“PRPPs will make it possible for small and medium-sized businesses to offer to their employees registered pension plans that will be simple to administer. As well, PRPPs will allow self-employed individuals to participate in private sector pension plans for the first time,” said Terry Campbell, President of the Canadian Bankers Association.

Canada’s banks have well-developed relationships with almost 1.6 million small and medium-sized enterprises (SMEs) as well as significant experience in financial and risk management, making them particularly well placed to design, administer and offer PRPPs. Banks’ existing relationships with SMEs can help encourage employer awareness and participation, while their expertise in financial management and product delivery will make it possible to offer high quality and competitive pension savings products.

“Canada’s banks are committed to working with the federal government as it moves forward on pooled registered pension plans, and the CBA encourages provincial and territorial governments to introduce similar legislation as soon as possible,” said Mr. Campbell.

The CBA will be reviewing the details of the legislation with its members in order to provide feedback to the government.

Follow the CBA on Twitter: @CdnBankers

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For more information:
Rachel Swiednicki, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: rswiednicki@cba.ca

Canada’s banks welcome Carney appointment to head Financial Stability Board

Canadian Bankers Association — Fri, 04 Nov 2011 17:07:58 +0000

Toronto, ON, November 4, 2011 – Canadian Bankers Association (CBA) President Terry Campbell today congratulated Bank of Canada Governor Mark Carney on his appointment as Chair of the Financial Stability Board (FSB).

“Canada’s banks applaud the appointment of Bank Governor Mark Carney as head of the FSB. It is a clear recognition of his significant financial expertise and his skilful leadership over the past four years, particularly through the global financial crisis,” said Mr. Campbell. “Canada continues to punch above its weight internationally in helping to guide reform of the global financial system.”

Canada is well represented on the Financial Stability Board. In addition to Governor Carney, the Office of the Superintendent of Financial Institutions and the Canadian Department of Finance are also members.

“Our regulators are able to bring to the international table their solid expertise but also the reputation of Canada of having one of the most sound and stable banking systems in the world,” said Mr. Campbell.

Canada’s banks are well managed, well capitalize and well regulated. The World Economic Forum has ranked Canada’s banking system as the most sound in the world for four years in a row.

About the Canadian Bankers Association

Follow the CBA on Twitter: @CdnBankers

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For more information:

Maura Drew-Lytle
Canadian Bankers Association
Tel: (416) 362-6093, ext. 338
Cell: (416) 918-2777
E-mail: mdrewlytle@cba.ca

Strong, sound banks help Canada weather global economic turmoil

Canadian Bankers Association — Thu, 27 Oct 2011 05:00:00 +0000

For Immediate Release

Montréal, QC, October 27, 2011 – In a speech to the International Finance Club of Montréal, Canadian Bankers Association (CBA) President Terry Campbell today said that Canada’s strong, sound banks help provide a shock absorber for Canadians against the global economic turmoil

“Strong banks are needed more than ever to help families buy a home, help Canadians save for retirement and help small businesses to grow and thrive,” said Mr. Campbell. “We should continue to focus on our strengths – well-run banks and solid supervision – but at the same time we must not allow ourselves to become complacent.”

Mr. Campbell pointed to three reasons why Canada’s banks remain strong and able to continue lending to businesses and consumers in communities across the country:

first, Canada’s banks are highly diversified organizations combining retail, commercial and investment banks in one financial group. This allows them to offset weaker growth from one area of the bank with stronger growth from another.
second, a key strength of the country's financial system lies in the sound management of our banks, particularly how they manage their risk and their capital.
third, Canada has a strong regulatory system and effective oversight of the financial services sector.

Mr. Campbell also spoke about the volume and pace of new global regulations and how important it is for our banks to continue working with policy-makers and regulators in Canada to find the right balance – one that builds on:

the track record of our banks as strong risk managers that know how to operate profitable institutions.
the track record of our regulators who recognize that while rules are important, it is perhaps even more important to ensure that there is strong supervision.
ensuring that while Canada evolves with the broad thrusts of global reform at home, we do not lose our competitive edge on the world stage.

The full text of Mr. Campbell’s speech can be found at the following link:
http://www.cba.ca/contents/files/presentations/pre_20111027_montreal_en.pdf

Facts about banks in Canada and their contribution to the economy

Banks make a significant contribution to Canada and the Canadian economy and, in 2010 banks in Canada:

contributed $55 billion to the gross domestic product of Canada;
spent more than $14 billion on goods and services from outside suppliers, stimulating local economies throughout the country;
provided $10.3 billion in dividend income to millions of Canadians, including through pension and retirement funds and in many cases directly to retirees. The banks were able to do that because they remained profitable;
paid $8.3 billion in taxes to all levels of government;
provided close to $87.5 billion in credit to 1.6 million small and medium-sized businesses.

About the Canadian Bankers Association

Follow the CBA on Twitter: @CdnBankers

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For more information:
Maura Drew-Lytle
Canadian Bankers Association
Tel: (416) 362-6093, ext. 338
Cell: (416) 918-2777
E-mail: mdrewlytle@cba.ca

Our Banks: Safety and Soundness amid Global Uncertainty (PDF)

Safety and soundness during global uncertainty; Canadian Bankers Association President to address International Finance Club of Montreal

Canadian Bankers Association — Mon, 24 Oct 2011 18:17:17 +0000

Media Advisory

For Immediate Release

Montreal, Quebec, October 24, 2011 – On Thursday, October 27, Terry Campbell, President of the Canadian Bankers Association, will deliver a keynote speech at a luncheon hosted by the International Finance Club of Montreal.

Steeped in a tradition of prudent risk management and regulatory oversight, Canadian banks are considered the soundest in the world. Mr. Campbell will discuss what global economic uncertainty, new international banking regulations and additional rules here at home mean for banks in Canada and for Canadians.

Date:	Thursday, October 27, 2011
Time:	Registration and lunch: 12 noon Speech: approximately 1:10 p.m.
Location:	Club Mount Stephen 1440, rue Drummond Montréal

Media Registration

Members of the media are invited to attend and, because of space constraints, are asked to pre-register (see contact information below). Mr. Campbell will be available to answer media questions following the speech.

The speech will also be available on the CBA website at www.cba.ca.

Follow the CBA on Twitter: @CdnBankers

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For more information:

Christelle Chesneau
Canadian Bankers Association
Tel: (514) 840-8747, ext. 722
Cell: (416) 587-7733
E-mail: cchesneau@cba.ca

Canadian Bankers Association recognizes Canada’s seniors on first annual National Seniors Day

Canadian Bankers Association — Thu, 29 Sep 2011 15:43:47 +0000

For Immediate Release

TORONTO, September 29, 2011 – As Canada marks its first annual National Seniors Day on October 1st, the Canadian Bankers Association (CBA) and banks in Canada join the federal government in celebrating the contributions that seniors have made and continue to make to Canadian society.

“Canadian communities and families rely on seniors and their dedication, experience, energy and breadth of knowledge,” said Terry Campbell, President of the Canadian Bankers Association. “And we salute our seniors as they continue to break new ground: anything from starting companies to running marathons.”

Seniors are also valued customers and banks are working hard to offer a range of products and services designed to meet their specific needs – everything from no-fee bank accounts, comfortable and accessible branches and advice to help plan for retirement and protect hard-earned money from fraudsters.

Banking for seniors

Banks across Canada offer a number of bank account packages designed specifically for seniors, with both low-fee or no-fee accounts available. Many of these packages offer regular transactions such as withdrawals, deposits, bill payments and cheque-writing privileges, and some also have more specialized services such as no-fee money orders, certified cheques and discounts on safety deposit box rentals.

Bank branches and websites have information about what packages are available for seniors and the Financial Consumer Agency of Canada (FCAC) also has information and charts comparing seniors’ accounts. The FCAC’s charts comparing seniors’ account can be found on its website here or by calling toll-free 1-866-461-FCAC (3222).

Planning for retirement and making the money last

Whether seniors are saving for retirement or have already retired and want to effectively manage their money, banks offer financial advice and savings and investing plans that can help. Banks can provide financial planning, investment and taxation advice to help seniors develop good retirement plans as well as retirement savings products such as Registered Retirement Savings Plans (RRSPs), Registered Retirement Income Funds (RRIFs) and Tax Free Savings Accounts (TFSAs).

Canada’s banks are also working with the federal government to help create pooled registered pension plans (PRPPs) which will improve the range of retirement savings options available to Canadians who do not currently have a pension plan at work, including the self-employed and employees of small businesses.

Protecting seniors from fraud and financial abuse

Sometimes it may be useful for a senior to have a family member or other caregiver help with their financial affairs. A joint account, power of attorney or other arrangement can allow a trusted third party to help manage a senior’s financial affairs; however, such tools should always be used in the primary account holder’s best interest.

Financial abuse occurs when a trusted individual tries to take control of a senior’s financial affairs for their own benefit. Sadly financial abuse is often perpetrated by a trusted person, such as a family member or friend who may exploit their relationship to gain access to an individual’s finances or estate. To avoid such situations, seniors should make sure their wishes and expectations are clear before they enter into any legally binding financial arrangement. The CBA has more information on its website about how seniors can protect themselves from financial abuse at this link.

There are also a number of scams that specifically target seniors and the CBA website has information and tips on these scams at the following links:

For more information about financial abuse and to sign up for the CBA’s fraud prevention tips, please visit www.cba.ca/fraud.

About the CBA

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For more information:
Andrew Addison, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca

Durham and Edmonton police officers honoured for exceptional efforts in fight against financial crime

Canadian Bankers Association — Wed, 24 Aug 2011 05:00:00 +0000

For Immediate Release

Windsor, ON, August 24, 2011 – Tracking and apprehending a gang of violent bank robbers and devising a major take-down of an organized crime syndicate threatening millions of dollars of debit card fraud losses: these might sound like plot lines from the latest summer blockbusters, but are actually the achievements of this year’s Canadian Banks’ Law Enforcement Award (CBLEA) recipients.

Sergeant Randy Rechner of the Edmonton General Investigation Section of the RCMP and Detective Constable Jay Shaddick of the Durham Regional Police Service will each receive the award during this evening’s gala ceremony for the 106th annual Canadian Association of Chiefs of Police conference in Windsor, Ontario.

“We are pleased to honour the outstanding achievements of these two officers, whose dedication and hard work have brought dangerous criminals to justice and protected Canadian banks, their customers and their employees,” said William J. Crate, Director of Security for the Canadian Bankers Association. “Banks in Canada work closely with police forces across the country, assisting with prevention and investigation of bank robberies and fraud. This award is our way of publicly recognizing the significant efforts of these two officers.”

Sergeant Randy Rechner – Edmonton General Investigation Section, RCMP

In late 2009, several financial institutions in northern Alberta were held up by a gang of armed bank robbers. With each new robbery, the criminals became more unpredictable, assaulting bank customers and staff and increasing the potential for serious injury or death. Sergeant Randy Rechner of the Edmonton General Investigation Section of the RCMP was assigned to coordinate and lead a multi-jurisdictional investigation into the robberies.

With an already heavy caseload and limited resources, Sergeant Rechner was able to determine that the stolen vehicles used in the robberies had come from Edmonton. Armed with this information, he tapped into his network of sources to identify suspects and coordinate a manhunt that encompassed Edmonton and surrounding communities.

Working tirelessly over an eight week period, including over Christmas and New Year’s, Sergeant Rechner and his team were able to identify and apprehend all suspects involved. Sergeant Rechner’s hard work and determination led to the arrest of a dangerous group of criminals and enabled prosecutors to develop a strong case against the suspects.

Detective Constable Jay Shaddick – Durham Regional Police Service

Between May and June of 2009, a number of banks in Ontario’s Durham Region began to notice a sharp increase in ABM tampering, with criminals installing overlay devises on machines’ card readers, in an effort to fraudulently copy and duplicate unsuspecting victims’ debit cards. Detective Constable Jay Shaddick of the Durham Regional Police Service was assigned to the case and quickly organized a joint task force with the Ontario Provincial Police’s Identity Crimes Unit to investigate the fraudulent activity.

Through his investigative work and the work of the task force, Shaddick learned that a sophisticated organized crime group with international connections was behind these crimes. Coordinating a full-time surveillance team, Shaddick was able to monitor a warehouse where it was suspected the fraudulent ABM overlay devices were produced.

This surveillance led to multiple arrests, and resulted in the largest seizure of ABM tampering devices in Durham Regional Police history. Included in the seizure were over 110 ABM tampering devices, thousands of counterfeit debit cards as well as hundreds of thousands of dollars of stolen property.

Detective Constable Shaddick’s perseverance and commitment to the case led to the apprehension of a well organized group of internationally connected criminals, directly contributing to Canada’s economic integrity. It was estimated that each ABM overlay device seized may have netted the criminal organization between $80,000 to $100,000, which could have meant millions of dollars in potential losses to banks.

About the Canadian Banks’ Law Enforcement Award

Since the creation of the CBLEA in 1972, 221 officers from across Canada have been honoured with the Canadian Banks’ Law Enforcement Award for their outstanding bravery, dedication and other noteworthy achievements in combating crimes against Canada’s banks. For additional information about the CBLEA, please visit www.cba.ca/award.

About the Canadian Bankers Association

Follow the CBA on Twitter: @CdnBankers

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For more information:
Andrew Addison
Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca

Financial institutions in Canada accepting donations for Red Cross relief efforts in the Horn of Africa

Canadian Bankers Association — Fri, 05 Aug 2011 13:30:25 +0000

(Ottawa, August 5, 2011) – The Canadian Red Cross is pleased to announce that ten financial institutions in Canada are accepting cash donations in support of Red Cross relief efforts in the Horn of Africa. It is estimated that over 12.5 million people have been affected by the drought, many fleeing their homes and are now left with limited access to food, clean water and shelter.

“Financial institutions are making it easier for Canadians to support the efforts of the Red Cross in the Horn of Africa,” says Conrad Sauvé, secretary general and CEO of the Canadian Red Cross. “We are grateful that participating financial institutions have shown leadership and been consistent in supporting the needs of the Red Cross in responding to both international and domestic crises.”

The Red Cross response to this disaster was immediate. Local volunteers have rapidly mobilized across East Africa to support the needs of vulnerable communities. These activities include assisting in emergency first aid and delivering much-needed supplies. The International Red Cross is continuing to scale up the response to the nutritional situation at their 18 feeding centres in Somalia, these measures will benefit up to 36,000 people. To date, the Canadian Red Cross has committed $1 million to support relief efforts in Kenya and Somalia. This money will be used by the Kenya Red Cross Society and the Somali Red Crescent in their efforts to help provide immediate life saving assistance and help people recover their livelihoods.

Canadians wishing to make a financial donation may give online at www.redcross.ca, call 1-800-418-1111 or visit their local Canadian Red Cross office or one of the participating financial institutions. Cheques should be made payable to the Canadian Red Cross and earmarked "Horn of Africa Drought". ING DIRECT is accepting donations online at www.ingdirect.ca. Canadians can also donate $5 by texting AFRICA to 30333. A one-time donation of $5 will be added to your mobile phone bill. All charges are billed by and payable to your mobile service provider.

The Government of Canada will match the donations of individual Canadians between July 6 and September 16, 2011. Those funds will go into a relief fund that is separate from the Canadian Red Cross and will be administered by the Government of Canada. Funds from the matching program will support on-going humanitarian assistance in drought-affected parts of East Africa.

The following financial institutions are accepting financial donations from August 5 to September 16, 2011:

BMO Financial Group
Canadian Western Bank
CIBC
HSBC Bank Canada
ING DIRECT
Desjardins Group
National Bank Financial Group
RBC
Bank of Nova Scotia
TD Bank Group

The Canadian Red Cross is a member of the International Red Cross and Red Crescent Movement, which includes the International Federation of Red Cross and Red Crescent Societies, the International Committee of the Red Cross and 185 National Red Cross and Red Crescent Societies. Our mission is to improve the lives of vulnerable people by mobilizing the power of humanity in Canada and around the world.

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For more information please contact
Canadian Red Cross Media Line
(613) 740-1994

Summer is here; time to think about…Christmas

Canadian Bankers Association — Thu, 23 Jun 2011 13:26:26 +0000

The Canadian Bankers Association recommends planning ahead for Christmas shopping

TORONTO, ONTARIO, June 23, 2011 – With the summer holidays almost here, the Canadian Bankers Association (CBA) is making an unusual but helpful suggestion: start thinking about Christmas.

“Planning for Christmas shopping is probably the last thing on people’s minds as we head into the summer holidays, but now is a great time to start budgeting and saving to avoid the January bills and the January blahs,” said Maura Drew-Lytle, Director of Communications at the Canadian Bankers Association. “In 10 minutes, you can develop a Christmas financial plan that will make your Christmas shopping less stressful and much more enjoyable.”

Develop Your Christmas Financial Plan

To help develop a Christmas Financial Plan, the CBA recommends the following:

Make a list, check it twice – Make a list of everyone you plan to buy presents for. For each person write down the gifts you are thinking of (if you know) and how much you plan to spend. You may want to over-estimate a bit to give yourself a cushion. That will be your budget.
Set aside money now – Take your budget and break it down into payments. That could be six monthly payments until Christmas or, if you get paid every two weeks, 12 payments. Put the money into a savings account until you’re ready to access it for Christmas shopping.

For example, if your budget for gifts is $400, set aside $35 each payday and, by the time you are ready to brave the malls in December, you’ll have more than enough in your account to cover your costs.
Set up an automatic savings program – Many banks offer accounts with automated savings services, which automatically move pre-set amounts from your chequing to your savings account on regular intervals. This approach makes saving easier because you don’t have to actively move money around each time you get paid, the bank does the work for you.
Shop early and look for bargains – You may be able to find bargains by doing some of your shopping in advance. So, if someone on your list would like summer sports equipment or summer clothing, you may be able to find it on sale in July or August. And buying gifts as you go will mean less spending in December.
Stick to your budget – Make sure you stick to the budget you’ve set. And don’t forget, it’s the thought that counts, not how much you’ve spent.

“Sixty-four per cent of Canadians pay off their credit cards every month, but bills in January can be bigger than usual,” said Ms. Drew-Lytle. “With a little planning and some simple budgeting, you can enjoy the Christmas season a little more knowing you don’t have to worry about January bills.”

Creating a Christmas Financial Plan could be the first stop on the road to getting your finances in order. If you set a family budget, you will have a better sense of the money you have coming in and where it is being spent. It will also help you save for your short and long-term goals, like going on a vacation, buying a house or paying for post-secondary education. Find our more about the importance of budgeting and visit the website of the Financial Consumer Agency of Canada and try out their budget calculator.

Follow the CBA on Twitter: @CdnBankers

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For more information:
Andrew Addison, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca

Federal budget focussed on Canada’s economic recovery and long-term competitiveness: Canadian Bankers Association

Canadian Bankers Association — Mon, 06 Jun 2011 20:53:41 +0000

For Immediate Release

TORONTO, ONTARIO, June 6, 2011 – The Canadian Bankers Association (CBA) today welcomed the tabling of the federal budget and the federal government’s continued commitment to strengthening our economy and maintaining Canada’s financial sector advantage internationally for the benefit of all Canadians.

“We were pleased to see that the federal government remains committed to the measures from the March 2011 budget and that the government continues to recognize that our sound banking system plays an important role in Canada’s economic recovery,” said Terry Campbell, President and Chief Executive Officer of the Canadian Bankers Association. “The CBA will continue to work with the government as it moves forward with pooled retirement pension plans and with a Canadian Securities Regulator, two measures in the federal budget that will benefit Canadians and the Canadian economy.”

Key Budget Measures

Among the measures highlighted by the CBA are:

Government working towards establishing pooled retirement pension plans (PRPPs) – PRPPs will give all working Canadians the benefits of professionally-managed pension plans, and will be particularly beneficial to the self-employed and employees of small businesses.
Commitment remains strong to a Canadian Securities Regulator – A single, Canadian regulator will offer improved investor protection and greater efficiencies in capital markets.
Continued steps to improve financial literacy – A strong national economy is built on the foundation of a financially literate population.

The CBA applauds the federal government for maintaining the corporate income tax cuts. It is important that businesses small and large are able to create new jobs, increase investment and boost productivity.

Follow the CBA on Twitter: @CdnBankers

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For more information:
Andrew Addison, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca

Canada Post Strike: Canadian Bankers Association provides recommendations for bank customers

Canadian Bankers Association — Fri, 03 Jun 2011 18:30:58 +0000

For Immediate Release

Toronto, ON, June 3, 2011 – With Canada Post now on strike, this action could affect bank customers who receive information by mail, since the strike could disrupt the delivery of statements, bills and other communication.

“Banks have been monitoring this situation for some time and have many different ways that customers can monitor their accounts and check and pay their bills without relying on mail delivery,” said Maura Drew-Lytle, Director of Communications for the Canadian Bankers Association (CBA). “It is important that customers understand that they are still responsible for making regular payments on their credit cards, bills, mortgages and other loans even though they may not receive statements or bills by mail due to the strike.”

To ensure that bank customers can continue to track their banking transactions and do not fall behind in their payments, the CBA is providing the following recommendations:

Consider signing up for online banking rather than paying bills by mail. This will allow you to view your bank transactions throughout the month.
Bills can be paid through online, telephone or mobile banking, at an ABM or at a bank branch.
Payment dates and amounts for credit cards, mortgages and other loans can be obtained through telephone or online banking or at a bank branch.
Consider requesting electronic delivery of statements and credit card bills by e-mail or through online banking so you won’t miss any payment deadlines.
For services from other companies such as phone, cable or utilities, contact that organization or look on its website for information about making payments and receiving statements.
Consider setting up pre-authorized debits for regular payments so that the amount will be automatically debited from your bank account when it is due. Regular payments can also be automatically charged to your credit card if you prefer.
If you receive cheques or regular payments from other organizations or government agencies, find out how you can receive these payments in other ways. If possible, sign up for direct deposit so the payments are automatically deposited into your bank account.

Customers with specific questions about how the Canada Post strike could impact their own day-to-day banking are encouraged to call their bank, visit its website, or stop by their local branch.

Follow the CBA on Twitter: @CdnBankers

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For more information:
Andrew Addison, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca

CBA president: Steps needed to preserve Canada’s banking advantage for the benefit of the Canadian economy

Canadian Bankers Association — Wed, 25 May 2011 14:13:41 +0000

For Immediate Release

Toronto ON, May 25, 2011 – In his first speech as President and CEO of the Canadian Bankers Association, Terry Campbell today highlighted the importance of maintaining Canada’s strong banking system for the benefit of all Canadians, in light of increasing global and domestic financial regulation. During the luncheon address to the Toronto Board of Trade, Mr. Campbell emphasized that a profitable banking sector is critical to supporting Canada’s economic recovery and highlighted the global and domestic policy issues that must be addressed to ensure that Canada maintains its current financial sector advantage.

“There is a tendency to think of the new regulatory architecture – Basel III and the Financial Stability Board standards – as yesterday’s story because the broad framework has been agreed to,” Mr. Campbell stated in his address. “Far from it – we are in the middle of the biggest implementation operations our members have ever experienced, and there’s more to come.”

Global financial regulation – a level playing field needed

Noting Canada has a well-respected banking brand on the global stage, Mr. Campbell stressed that we need to maintain that advantage, particularly in light of the new international regulatory environment. Important work is still being carried out by international regulatory bodies to finalize: liquidity and leverage measures; non-viability contingent capital standards; the criteria that will identify systemically important financial institutions; and a range of other regulatory matters.

“Pressures from outside of Canada to apply regulations to our best-in-class banking system show no sign of abating. It is important, therefore, that Canadian officials act as a voice of experience and moderation both when dealing with international standard-setters and as they apply these rules in our domestic context,” said Mr. Campbell. “The CBA and our member banks want to work very closely with the government and our regulators to make sure that we get it right. And we need to make sure that additional regulatory measures are balanced and don’t have unintended consequences on the rest of the economy.”

Capping credit card interest rates would harm consumers

Credit card interest rates is another issue that Mr. Campbell touched on in his address. Noting that some are calling for regulated caps to credit card interest rates, Mr. Campbell highlighted the fact that two-thirds of Canadians pay off their credit card balance in full each month, so pay no interest at all, and that credit card debt accounts for only five per cent of total household debt. He also noted that there are more than 50 low-rate credit cards available in Canada.

“Competition and choice for consumers must continue to be the hallmarks of Canada’s credit card system,” said Mr. Campbell. “Capping credit card interest rates at arbitrary levels would harm the very people it is meant to help, by reducing choice in the marketplace and rationing credit. Ultimately, it would not be in the best interests of Canadian consumers.”

Protecting the federal jurisdiction over banking

Focusing on domestic issues, Mr. Campbell noted that while Canada’s regulatory system has been recognized as among the world’s most effective, it doesn’t mean that improvements aren’t needed or that there aren’t dangers to be avoided. One area of concern highlighted in the speech is the growing efforts by provinces to regulate the business of banking. For example, the federal government should be the policy maker for banks in areas such as credit cards and consumer regulation relating to banking to ensure national uniformity.

“Let’s be clear, banking is a matter of federal jurisdiction,” said Mr. Campbell. “Efforts by provinces to regulate banking work against international standards that require strong and coherent bank regulatory regimes at the national level and they introduce unneeded inefficiency to our national economy. As well, they cause confusion for consumers by creating inconsistencies and different standards of service across the country.”

Mr. Campbell concluded his presentation by stressing that, although a strong degree of uncertainty remains in the international regulatory environment, Canada’s banks are working hard to make sure that Canadians continue to have the best banking system in the world.

The full text of the speech is available through the following link: http://www.cba.ca/contents/files/presentations/pre_20110525_tbot_en.pdf

Follow the CBA on Twitter: @CdnBankers

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For more information:
Andrew Addison
Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca

Banks in Canada accepting donations for Red Cross Alberta Fires response

Canadian Bankers Association — Fri, 20 May 2011 14:00:57 +0000

OTTAWA, May 20, 2011 – The Canadian Red Cross is pleased to announce that eight banks in Canada are accepting cash donations in support of Red Cross relief efforts in Alberta. Approximately 10,000 people have been forced from their homes due to wildfires and the situation continues to unfold.

“Canadian Red Cross volunteers in Alberta responded immediately to support affected communities,” says Ange Sawh, director of the Canadian Red Cross disaster management team in Western Canada. “Canadians are always generous when disaster strikes and participating banks offer an easy and convenient way for Canadians to support our work.”

Financial donations to the Canadian Red Cross will help support families in their recovery. The Canadian Red Cross plays a vital role during recovery by supporting specific vulnerabilities that require help right away and aid for families who need support beyond insurance and provincial disaster assistance. This may include household repair and clean-up materials, replacement items for children such as cribs, occupational and transportation support and replacement of essential health items.

Canadians can give online, call toll-free at 1-800-418-1111 or visit their local Red Cross office or one of the participating bank branches. Cheques should be earmarked “Alberta Fires”.

The following banks are accepting financial donations from May 20 to June 20, 2011:

BMO Financial Group
Canadian Western Bank
CIBC
HSBC Bank Canada
National Bank Financial Group
RBC
Bank of Nova Scotia
TD Bank Group

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For more information please contact
Canadian Red Cross Media Line
(613) 740-1994

Banks in Canada accepting donations for Red Cross flood response operations in Western Canada

Canadian Bankers Association — Fri, 13 May 2011 15:24:25 +0000

OTTAWA, May 13 - The Canadian Red Cross is pleased to announce that eight banks in Canada are accepting cash donations in support of Red Cross relief efforts in Western Canada. Thousands of people have been forced from their homes and the situation continues to unfold, particularly in Manitoba.

"Our local volunteers have been working hard for weeks to support affected communities," says Ange Sawh, director of the Canadian Red Cross disaster management team in Western Canada. "We are grateful to participating banks for making it even easier for Canadians to support Red Cross relief and recovery operations in affected communities."

Donations to the Canadian Red Cross will help support families in their recovery. The Canadian Red Cross plays a vital role during flood recovery by supporting specific vulnerabilities that require help right away and aid for families who need support beyond provincial disaster assistance. This may include household repair and clean-up materials, replacement items for children such as cribs, occupational and transportation support and replacement of essential health items.

Canadians can give online, call toll-free at 1-800-418-1111 or visit their local Red Cross office or one of the participating bank branches. Cheques should be earmarked Western Canada Severe Weather or can be earmarked to individual provinces.

The following banks are accepting financial donations from May 13 to June 13, 2011:

BMO Financial Group
Canadian Western Bank
CIBC
HSBC Bank Canada
National Bank Financial Group
RBC
Bank of Nova Scotia
TD Bank Group

The Canadian Red Cross is a member of the International Red Cross and Red Crescent Movement, which includes the International Federation of Red Cross and Red Crescent Societies, the International Committee of the Red Cross and 187 National Red Cross and Red Crescent Societies. Our mission is to improve the lives of vulnerable people by mobilizing the power of humanity in Canada and around the world.

For further information:
Canadian Red Cross Media Line
(613) 740-1994

Banks in Canada accepting donations for Red Cross flood response operations in Quebec

Canadian Bankers Association — Wed, 11 May 2011 13:22:34 +0000

(Ottawa, May 11, 2011) – The Canadian Red Cross is pleased to announce that nine banks in Canada are accepting cash donations in support of Red Cross relief efforts in Quebec. To date, some 3,500 residents have been impacted by floods in 70 areas and hundreds of families have been forced to evacuate their homes.

“Our local volunteers have been working around the clock to meet the most urgent needs in affected communities,” says Michel Léveillé, director general of the Canadian Red Cross Quebec Division. “Canadians are always generous when disaster strikes and we are grateful to participating banks for making it even easier for Canadians to support Red Cross relief operations.”

Funds raised will be used to provide immediate aid and recovery to people most affected by this disaster. This includes temporary shelter, food and supplies to meet urgent personal needs and the needs of children. Assistance will be disbursed through a detailed aid program and will be available to those who have experienced a complete loss or major damage to their home.

Canadians can give online, call toll-free at 1-800-418-1111 or visit their local Red Cross office or one of the participating bank branches. Cheques should be earmarked Quebec Floods 2011.

The following banks are accepting financial donations from May 11 to June 10, 2011:

BMO Financial Group
Canadian Western Bank
CIBC
HSBC Bank Canada
Laurentian Bank of Canada
National Bank Financial Group
RBC
Bank of Nova Scotia
TD Bank Group

The Canadian Red Cross is a member of the International Red Cross and Red Crescent Movement, which includes the International Federation of Red Cross and Red Crescent Societies, the International Committee of the Red Cross and 187 National Red Cross and Red Crescent Societies. Our mission is to improve the lives of vulnerable people by mobilizing the power of humanity in Canada and around the world.

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For more information please contact
Canadian Red Cross Media Line
(613) 740-1994

The Montreal Police Service is looking for two suspects in robberies of financial institutions: A reward of $10,000 is offered for each suspect (in French only)

Canadian Bankers Association — Mon, 02 May 2011 19:57:14 +0000

Montreal Police Service website

Fraudster impersonating Canadian Bankers Association to obtain personal and financial information

Canadian Bankers Association — Thu, 21 Apr 2011 13:44:08 +0000

TORONTO, ONTARIO, April 21, 2011 – The Canadian Bankers Association (CBA) today warned the public that fraudsters have been phoning households pretending to be a CBA representative and requesting personal banking and credit card information. The CBA is advising the public that it does not have direct contact with bank customers or their financial information and the Association would never make phone calls or send e-mails asking for personal or financial information.

“It’s important that Canadians know that neither the CBA, nor any bank, will ever call an individual to request personal banking information such as PINs, passwords or credit card numbers,” said Maura Drew-Lytle, Director of Communications at the CBA. “The CBA does not offer any financial products or services and never contacts bank customers directly.”

Anyone who thinks they may have provided personal banking or financial information to a fraudster should contact their bank to report the matter as soon as possible and can also contact local police. Once reported, banks will take the appropriate steps to protect customers and their accounts from fraudulent activity.

“As a rule, individuals should be cautious about who they share their personal information with,” said Ms. Drew-Lytle. “If you receive a call from someone who claims to work for the CBA or your bank and you are uncomfortable or at all suspicious, hang up and contact your bank using the phone number on the back of your debit or credit card, on your statement or a published number you have looked up yourself.”

As part of a legitimate conversation with a financial institution, a customer may be asked verification questions so the bank can ensure that they are speaking to the account holder. However a bank will never ask a customer to provide their Personal Identification Number, banking passwords or account numbers.

The CBA has reported this incident to police and the Canadian Anti-Fraud Centre.

For more information on what banks do to protect their customers from fraud and the simple steps customers can take to protect themselves, visit the fraud section of the CBA website at www.cba.ca/fraud.

The Canadian Bankers Association works on behalf of 51 domestic banks, foreign bank subsidiaries and foreign bank branches operating in Canada and their 260,000 employees. The CBA advocates for effective public policies that contribute to a sound, successful banking system that benefits Canadians and Canada's economy. The Association also promotes financial literacy to help Canadians make informed financial decisions.

Follow the CBA on Twitter: @CdnBankers

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For more information:
Andrew Addison, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca

The City of Calgary Newsroom: Bank Robberies - Seeking Public Assistance

Canadian Bankers Association — Tue, 19 Apr 2011 15:16:20 +0000

The Calgary Police Service is seeking public assistance in identifying a man believed to be responsible for a series of bank robberies in Calgary and the Greater Toronto Area.

To assist with the investigation, the Canadian Bankers Association is offering a $10,000 reward for information that leads to the arrest and conviction of the offender who is known as the ‘Vaulter Bandit.’

Read the full release here.

Federal budget keeps the focus on Canada’s economic competitiveness: Canadian Bankers Association

Canadian Bankers Association — Tue, 22 Mar 2011 21:57:17 +0000

For Immediate Release

TORONTO, ONTARIO, March 22, 2011 – The Canadian Bankers Association (CBA) today welcomed the federal government’s continued commitment to strengthening our economy, enabling Canadians to save for the future, taking steps to improve financial literacy and maintaining Canada’s financial sector advantage internationally.

“In the budget, the federal government recognized that our sound banking system plays an important role in Canada’s economic recovery,” said Terry Campbell, President and Chief Executive Officer of the Canadian Bankers Association. “The CBA believes that many of the proposals in the federal budget will benefit Canadians and the Canadian economy and we will continue to work cooperatively with the government in these areas.”

Key Budget Measures

Government working towards establishing pooled retirement pension plans (PRPPs) – PRPPs will give all working Canadians the benefits of professionally-managed pension plans, and will be particularly beneficial to the self-employed and employees of small businesses.
Commitment remains strong to a Canadian Securities Regulator – A single, Canadian regulator will offer improved investor protection and greater efficiencies in capital markets.
Continued steps to improve financial literacy – A strong national economy is built on the foundation of a financially literate population.

“The banking industry looks forward to working with the government, the Financial Consumer Agency of Canada and the new Financial Literacy Leader to promote financial literacy,” said Mr. Campbell.

The CBA applauds the federal government for maintaining the corporate income tax cuts already approved by Parliament. It is important that businesses of all sizes are able to create new jobs, increase investment and boost productivity.

Follow the CBA on Twitter: @CdnBankers

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For more information:
Andrew Addison, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca

Canadian banks accepting donations for Red Cross relief efforts in Japan

Canadian Bankers Association — Mon, 14 Mar 2011 19:43:12 +0000

(Ottawa, March 14, 2011) – The Canadian Red Cross is pleased to announce that ten banks in Canada are accepting cash donations in support of Red Cross relief efforts in Japan. On Friday March 11, an 8.9 magnitude earthquake struck Japan causing major damage and triggering 4 metre waves in Japan and a tsunami warning across the Pacific Coast.

“Local Red Cross teams have been working around the clock to help millions of people left devastated by the recent earthquake and tsunami in Japan,” says Conrad Sauvé, Secretary General and CEO of the Canadian Red Cross. “We are grateful to the participating banks for making it easier for Canadians to support Red Cross relief operations underway in affected communities and for the generous donations already made by a number of banks.”

The Red Cross response to this disaster was immediate. The Japanese Red Cross has a network of over 2 million registered volunteers. Over 80 health and disaster relief teams are currently on the ground providing emergency medical assistance, assisting in evacuations and distributing urgently needed supplies including over 30,000 blankets.

Canadians can give online, call toll-free at 1-800-418-1111 or visit their local Red Cross office or one of the participating bank branches. Cheques should be earmarked Japan Earthquake Asia Pacific 2011.

The following banks are also accepting financial donations from March 15 to April 15, 2011:

BMO Financial Group
Canadian Western Bank
CIBC
HSBC Bank Canada
ING DIRECT
Laurentian Bank of Canada
National Bank Financial Group
RBC
Bank of Nova Scotia
TD Bank Group

The Canadian Red Cross is a member of the International Red Cross and Red Crescent Movement, which includes the International Federation of Red Cross and Red Crescent Societies, the International Committee of the Red Cross and 187 National Red Cross and Red Crescent Societies. Our mission is to improve the lives of vulnerable people by mobilizing the power of humanity in Canada and around the world.

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For more information please contact

Canadian Red Cross Media Line
(613) 740-1994

Andrew Addison
Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca

International Fraud Prevention Experts in Ottawa March 7 and 8 for Fraud Prevention Conference

Canadian Bankers Association — Thu, 03 Mar 2011 17:21:30 +0000

Toronto Police Service: Police request assistance with fraud investigation, Unique gold bars stolen, valued at $1,895,751

Canadian Bankers Association — Wed, 02 Mar 2011 17:31:07 +0000

Nominations Now Being Accepted for Canadian Banks' Law Enforcement Award

Canadian Bankers Association — Thu, 24 Feb 2011 20:26:44 +0000

For Immediate Release

Toronto, ON, February 24, 2011 – The Canadian Bankers Association (CBA) is now accepting nominations for the 2011 Canadian Banks’ Law Enforcement Awards (CBLEA), which recognizes outstanding police work in fighting crime against Canada’s banks.

“The banking industry works very closely with law enforcement officers from across the country and to protect customers from fraud and keep bank branch staff and customers safe,” said William J. Crate, Director, Security at the Canadian Bankers Association. “With this Award, the banking industry can recognize individual officers who have gone above and beyond the call of duty when investigating crimes against banks.”

Nominations from banks and Canadian law enforcement agencies will be accepted until April 30, 2011.

Eligibility

All active (at the time of the incident) law enforcement officers considered to have exhibited outstanding bravery, detective ability or other noteworthy achievement involving Canadian banks are eligible to receive the Award. Other criteria that are considered are:

exceptional bravery, a degree of resourcefulness or an individual knowingly putting themselves at risk protecting bank employees, customers or bank property.
investigations involving unusual obstacles, extenuating circumstances, lengthy period of time or personal sacrifice

Additional information about the nomination process and eligibility, as well as a list of past award recipients, can be found on the CBA website at www.cba.ca/award.

About the CBLEA

Since the creation of the CBLEA in 1972, 219 officers from across Canada have been honoured for their outstanding bravery, investigative ability and other noteworthy achievements to combat crimes against the banking industry in Canada. This year’s awards will be presented at the closing ceremony and dinner of the Canadian Association of Chiefs of Police annual conference in Windsor, Ontario on August 24, 2011.

Follow the CBA on Twitter: @CdnBankers

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For more information:
Andrew Addison
Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca

Canadian Banks’ Law Enforcement Award

Canadian Bankers Association to host roundtable: Why Canada needs a Canadian Securities Regulator

Canadian Bankers Association — Thu, 10 Feb 2011 21:25:39 +0000

Media Advisory
For Immediate Release

Ottawa, ON, February 10, 2011 – Tomorrow the Canadian Bankers Association (CBA) will host a panel of experts in a roundtable discussion on Canada’s need for a Canadian Securities Regulator. Members of the media are invited to attend.

The discussion will be led by Patrick J. Monahan, Vice-President Academic and Provost of York University.

Panellists are:

Margaret E. Franklin, Chair of the Board of Governors of the CFA Institute and President of Kinsale Private Wealth
Oliver Murray, President and CEO of Brandes Investment Partners
Nathalie Clark, General Counsel at the Canadian Bankers Association

Date: Friday, February 11, 2011
Time: 1:00 P.M. to 2:00 P.M
Location: Canadian Bankers Association, 50 O’Connor Street, Suite 1421, Ottawa

The discussion will touch on issues of enforcement, administrative complexities and cost under the current system as well as the effects this has on foreign investors’ perceptions of Canada. Each participant will address why they believe the creation of a Canadian Securities Regulator is beneficial for Canada. Following participants’ opening statements, the media will be invited to ask questions.

Bilateral interviews are available upon request, following the discussion.

Follow the CBA on Twitter: @CdnBankers

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For more information:
Robin Walsh
Vice President, Strategy and Communications
Canadian Bankers Association
613-325-5128
rwalsh@cba.ca

Task Force on Financial Literacy report a good blueprint for improving financial literacy of Canadians – Canadian Bankers Association

Canadian Bankers Association — Wed, 09 Feb 2011 16:15:06 +0000

For Immediate Release

Toronto, ON, February 9, 2011 – The Canadian Bankers Association (CBA) welcomed today’s report from the Task Force on Financial Literacy, and its approach for a national strategy to increase financial literacy among Canadians. The CBA was among the many groups to make a submission to the Task Force and appeared before it as part of its nationwide consultations.

“The Task Force rightly recognizes that a strong national economy is built on the foundation of a financially literate population, where people can make informed decisions and take control of their financial future,” said Nancy Hughes Anthony, President and Chief Executive Officer of the Canadian Bankers Association. “We encourage the federal government to use the report in its next steps to improve financial literacy across the country.”

Among the report’s recommendations, the Task Force has called for the development of a federally run, single-source website where Canadians can access information and materials related to a broad range of financial matters. This was one of the recommendations that the CBA submitted to the Task Force last April, and one which the CBA believes will benefit all Canadians at different stages throughout their lives.

“We were very pleased to see this recommendation in today’s report. I think there is a great need for an online, one-stop source that provides financial information for all Canadians – from students and new home owners, to employers and retirees,” said Ms. Hughes Anthony. “The financial needs of Canadians are diverse and change throughout the course of a lifetime. Creating a site that people know they can return to for reliable financial information would have great value indeed.”

In its submission to the Task Force the CBA also suggested that federal, provincial and territorial governments work together to make financial education a part of school systems across the country. This was another recommendation included in today’s report.

“We hope governments move forward with the Task Force’s curriculum recommendations,” said Ms. Hughes Anthony. “Educating young Canadians on financial matters within the formal school system will ensure they have the skills to help them make sound financial decisions throughout their lives.”

The Task Force also recommended that progress on the national strategy be measured and assessed against specific targets. This too was among the suggestions put forward in the CBA’s submission and will help ensure that best practices are identified moving forward.

Ms. Hughes Anthony noted that the CBA and its member banks have been dedicated to boosting financial literacy levels for years, and that banks in Canada are always looking for ways to improve how they reach out and provide information to their customers.

“Banks in Canada recognize they have a shared responsibility in contributing to Canadians’ financial literacy. Each day millions of Canadians turn to banks for advice to help them save, buy homes, start businesses and plan for retirement. Our institutions will continue to look for ways to effectively reach out to Canadians about financial matters.”

For over a decade, the CBA has brought financial literacy to Canadians through its high school seminar program, YourMoney, which has taught more than 197,000 senior high school students about budgeting, borrowing, saving, investing, and protecting themselves from fraud. The non-commercial seminar uses volunteer bankers from the local community to teach young Canadians about responsible money management. YourMoney is offered in collaboration with the Financial Consumer Agency of Canada (FCAC).

Follow the CBA on Twitter: @CdnBankers

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For more information:
Andrew Addison, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca

Terry Campbell named next President and CEO of the Canadian Bankers Association

Canadian Bankers Association — Tue, 01 Feb 2011 20:27:13 +0000

For Immediate Release

Toronto, ON, February 1, 2011 – The Executive Council of the Canadian Bankers Association (CBA) today announced the appointment of Terry Campbell as President and Chief Executive Officer of the CBA, effective March 1, 2011. Mr. Campbell succeeds Nancy Hughes Anthony, who announced her retirement in September 2010 and has been in this role for nearly four years.

"We are extremely pleased that Terry Campbell has accepted our offer to lead the Canadian Bankers Association," said Mr. Réjean Lévesque, Executive Vice-President – Personal and Commercial Banking at National Bank Financial Group and Chair of the CBA’s Executive Council. "We conducted an extensive search and interviewed a number of very strong candidates. We felt that Terry brings the experience, strategic thinking and leadership qualities that will be needed to represent Canada’s highly-regarded banking industry at home and abroad. Terry will be a strong voice for banks in Canada."

Mr. Campbell is currently the Vice President of Policy for the Canadian Bankers Association. Prior to joining the CBA in 1997, Mr. Campbell had a sixteen year career in the Ontario public service, including serving at the director level with responsibility for policy related to provincially-regulated financial services.

“Canada’s highly competitive and strong banking sector is a real Canadian success story,” said Mr. Campbell. “Having a sound banking system is critical to the success of our economy and helps Canadians build their financial futures. I am honoured to be taking on this role at a time when our industry is recognized around the world for its strength and resilience.”

Mr. Campbell graduated with a Masters degree in History from Queen’s University and completed his undergraduate work at the University of Toronto. He has served on the Guelph Museums Board of Management and the Board of the Deposit Insurance Corporation of Ontario and he is active in mentoring programs for recent immigrants to Canada.

Mr. Lévesque acknowledged the contributions of retiring President and CEO, Nancy Hughes Anthony. “Nancy has done an outstanding job in her tenure at the CBA. During the recent economic downturn, as many financial institutions around the world either failed or needed government bailouts, Nancy clearly delivered the message that Canada’s banks remained strong and were the envy of the world. We wish Nancy all the best in her retirement.”

Follow the CBA on Twitter: @CdnBankers

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For more information:
Andrew Addison
Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca

About the CBA - President and CEO: Terry Campbell

Canadian Bankers Association files factum with Supreme Court in support of a national securities regulator

Canadian Bankers Association — Tue, 11 Jan 2011 14:18:55 +0000

For Immediate Release

Toronto, ON, January 11, 2011 – The Canadian Bankers Association (CBA) has filed a factum with the Supreme Court of Canada supporting the federal government’s move to create a national securities regulator through the Canadian Securities Act.

In its factum, the CBA argues that the federal government has the power to “assure the integrity and competitiveness of Canada’s capital markets and to create a comprehensive and coordinated national securities enforcement regime”.

“A single, Canadian regulator will offer improved investor protection and greater efficiencies in capital markets and will reduce the cost of raising capital for businesses of all sizes across the country,” said Nancy Hughes Anthony, President and Chief Executive Officer, Canadian Bankers Association. “For many years the CBA has advocated for a more efficient and effective securities regulation, with the strong belief that a national regulator would benefit all Canadians.”

The CBA’s factum points out that three independent committees of experts – the Wise Persons’ Committee (2003), the Crawford Panel (2006) and the Hockin Panel (2009) – all concluded that our fragmented system of provincial securities regulation is a national economic concern that warrants a national regulator, identifying a number of key problems with the current system:

There is inadequate enforcement and inconsistent investor protection across Canada, which the Crawford Panel called a “domestic and international embarrassment for Canada”.
Capital markets are increasingly national and international, and have been for years.
Provincial securities regulation is not integrated into the regulation of systemic risk, and there is no national entity responsible for the stability of our capital markets.
Multiple provincial regulators increase regulatory costs for businesses and discourage investment in Canada.
There has been a slow regulatory response to the changing global marketplace because consensus among 13 autonomous provincial regulators is needed to develop new policies.
Canada is the only industrialized country without a national securities regulator and lacks a national voice on the international stage.

The CBA has intervener status in the Canada Securities Act case and the Supreme Court of Canada is scheduled to hear arguments in mid-April, 2011. The CBA’s factum can be found at this link: http://www.cba.ca/contents/files/misc/msc_20110110_scc_factum_en.pdf

Follow the CBA on Twitter: @CdnBankers

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For more information:
Andrew Addison
Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca

New International Financial Reporting Standards will change how banks report financial results

Canadian Bankers Association — Mon, 10 Jan 2011 15:14:12 +0000

For Immediate Release

Toronto, ON, January 10, 2011 – As Canada moves to new International Financial Reporting Standards (IFRS) in 2011, there will be a number of changes to how banks and other publicly-traded companies report their quarterly and annual financial results. It is important that analysts and investors understand the changes and, to help them do so, the Canadian Bankers Association (CBA) today hosted an IFRS Investor Education Event in Toronto.

IFRS is being implemented in Canada to provide a set of global, high-quality accounting standards, replacing Canadian Generally Accepted Accounting Principles (GAAP) for all publicly accountable and government business enterprises. IFRS has been adopted by over 100 countries, including those in the European Union and much of the Pacific Rim.

“Banks in Canada have been working on their IFRS transition plans for several years now and will be ready to comply with the new requirements,” said Linda Mezon, Chief Accountant, Royal Bank of Canada and Chair of the CBA’s Chief Accountants Specialists Group. “Moving to IFRS is a significant undertaking for banks and other businesses and it is important that analysts, investors and other groups looking at bank financial statements understand the changes before the banks begin IFRS reporting.”

At the IFRS Investor Education Event, Jason Boggs, a partner and an IFRS specialist at PricewaterhouseCoopers LLP, outlined the timing of IFRS transition and some of the more significant changes to the financial statement account balances, formats and notes that analysts and investors will soon see on bank financial statements.

In his presentation, Mr. Boggs stressed that the impact of IFRS changes will affect individual banks in different ways, depending on their operations and business mix. Among the accounting areas commonly expected to be most affected by the IFRS transition are securitization, consolidation of off-balance sheet vehicles and pension and acquisition accounting.

Following Mr. Boggs’ presentation, senior finance executives from Canada’s largest banks participated in a panel discussion and provided their views on IFRS related topics including the efforts of Canadian banks in preparing for transition, stakeholder communication strategies and the impact IFRS will have from accounting, business operations and regulatory capital perspectives.

Accessing IFRS Investor Education Event Materials

The slide deck of the IFRS Investor Education Event presentation is available on the CBA website at the following link: www.cba.ca/ifrs-event. An audio file and a transcript of the event will also be posted at this link as soon as they are available.

Follow the CBA on Twitter: @CdnBankers

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For more information:
Andrew Addison
Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca

CBA event highlights how new International Financial Reporting Standards will change how Canadian banks report financial results

Canadian Bankers Association — Wed, 05 Jan 2011 20:09:53 +0000

For Immediate Release
Media Advisory

Toronto, ON, January 5, 2011 – International Financial Reporting Standards (IFRS) are coming in 2011 and will change the way banks in Canada report their financial results. To help investors better understand the broad impacts of these new requirements on the banking industry, the Canadian Bankers Association is holding an IFRS Investor Education Event on January 10, 2011.

The event will be moderated by Tricia O’Malley, past chair of the Canadian Accounting Standards Board and former member of the International Accounting Standards Board. It will also include a presentation from Jason Boggs, a partner and IFRS specialist from PricewaterhouseCoopers LLP in Toronto, and a panel discussion with senior finance executives from the Canadian banks.

Institutional investors and members of the media are invited to view the webcast of this event or dial in by phone on a listen-only basis. Presentation slides will be available prior to the event at www.cba.ca/ifrs-event.

Date:	Monday, January 10, 2011
Time:	10:00 – 11:30 a.m. Eastern time
Webcast link:	http://www.bellwebcasting.ca/audience/index.asp?eventid=79766481
Dial in:	416-340-2217 (local) 1-866-696-5910 (toll free)
Participant Passcode:	4742660

The webcast and an audio replay will be available for twelve months at: www.cba.ca/ifrs-event

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For more information:
Andrew Addison
Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca

Canadian Bankers Association welcomes increased access to private pension plans

Canadian Bankers Association — Thu, 16 Dec 2010 16:49:46 +0000

For Immediate Release

Toronto, December 16, 2010 – The Canadian Bankers Association (CBA) today welcomed the proposal from Finance Minister Jim Flaherty for a new framework for pooled registered pension plans, improving the range of retirement savings options available to Canadians.

“What a great holiday gift for the self-employed, small business employees and other Canadians who don’t currently have a pension plan at work. This proposal will create greater access to pension plans in Canada, making it easier for employees to save for their retirement,” said Nancy Hughes Anthony, President and CEO of the CBA.

Research done by the CBA found that Canadians save for retirement in many different ways depending on their age and individual circumstances. Individuals’ financial priorities change throughout their lives and a one-size-fits-all public sector approach cannot address everyone’s needs. Individuals should have a variety of options available to them as their needs evolve.

“There has been much discussion in the past year about how to encourage people to save for their retirement and the federal government is taking a significant step forward in helping people achieve their goals,” said Ms. Hughes Anthony. “We encourage all of the provinces to work with the federal government to make this plan a reality for the good of all working Canadian families.”

Follow the CBA on Twitter: @CdnBankers

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For more information:
Maura Drew-Lytle, Canadian Bankers Association
Tel: (416) 362-6093, ext. 338
Cell: (416) 918-2777
E-mail: mdrewlytle@cba.ca

Banks in Canada help newcomers find their financial footing

Canadian Bankers Association — Mon, 15 Nov 2010 16:52:06 +0000

For Immediate Release

Toronto, November 15, 2010 – Making a purchase with a debit card, having a paycheque deposited into a bank account or paying a bill online – for millions of Canadians these tasks are carried out every week without a second thought. But for newcomers to Canada, such routine actions can seem difficult or even overwhelming. As a sponsor of Credit Education Week 2010, the Canadian Bankers Association (CBA) has tips and suggestions to help newcomers to Canada learn about our banking system and take control of their financial future in their adopted homeland.

“Banks in Canada recognize that cultural differences and language challenges can make even the most basic banking tasks appear intimidating for newcomers, which is why many banks offer special services in multiple languages, designed specifically for new Canadians,” said Nancy Hughes Anthony, President and Chief Executive Officer, Canadian Bankers Association. “Our banks pride themselves on helping newcomers to Canada get started on the right financial path with affordable, accessible services and sound financial advice.”

How to Open a Bank Account

Setting yourself up on a sound financial footing is a key factor in succeeding in a new country and one of the first steps in getting there is to open an account with a financial institution. Opening a bank account is a good idea for many reasons – it can help you save money and track spending and it provides a secure location to store money, reducing the need to carry large amounts of cash. Also, many employers in Canada pay staff by depositing paycheques directly into employees’ bank accounts; having a bank account open and ready to go will make it that much easier for a newcomer to get their first paycheque.

To open a bank account in Canada you need to present two pieces of identification, such as a permanent resident card and a foreign passport (a complete list of acceptable identification is available on the CBA website). Banks offer a wide range of bank accounts and specialized services tailored to meet the needs of new Canadians, including high-interest savings accounts, no-fee chequing accounts, specialized mortgage products and financial tutorials. More information and links to individual bank resources for newcomers are available on the CBA’s consumer information webpage.

Tips for Managing Your Money Wisely

Once an account has been opened, the next step towards financial security is learning sound money management skills.

“We all use money in different ways, reflecting our individual values and priorities,” said Ms. Hughes Anthony. “What is common to everyone though, is the impact that today’s financial decisions can have on our lives tomorrow, which is why it is so important to take control of your money sooner rather than later.”

One of the simplest ways to ensure you spend within your means is to create a budget. By tracking how much you spend each month and where you spend it you can ensure your expenses don’t exceed your income. Budgeting is also a great way to help you plan ahead and save for a trip or major purchase without going into unnecessary debt.

Today Canadians have more spending options than ever before and more choices for how to make payments, including cash, cheques, credit cards, debit cards, pre-authorized withdrawals or through the Internet. While all this choice is certainly good news for consumers, it doesn’t mean financial decisions should be taken lightly. Newcomers, along with all Canadians, should avoid over-extending themselves with unnecessary debt. By paying down credit card balances in full each month consumers can avoid interest payments and keep from getting into financial difficulties.

It’s also a good idea to put some money aside each month into an emergency fund. Most financial experts recommend Canadians should have three to six month’s worth of living expenses put aside to help cope with unexpected financial difficulties, such as a job loss or an extended illness.

Banks Support Financial Literacy

Banks in Canada recognize the importance of providing all Canadians with the necessary tools and services to be sound money managers. That’s why the CBA developed and manages the YourMoney program, a free, non-commercial financial literacy seminar for senior high school students and other community groups.

Sponsored by Canada’s banks and developed in partnership with the Financial Consumer Agency of Canada (FCAC), the 50-minute YourMoney seminar is presented by more than 800 community bankers from across Canada who volunteer their time and expertise to deliver the seminar in schools. Since its inception ten years ago, more than 190,000 students have participated in the program. Those interested in learning more about the program can visit www.yourmoney.cba.ca.

Credit Education Week

Supported by leaders within the financial services industry, consumer advocacy groups, community organizations and government, Canada's fourth annual Credit Education Week runs from November 15 to19, 2010 and gives free access to financial advice and resources from Canada's leading experts. This year Credit Education Week focuses on newcomers and how they can spend, save and manage their finances in Canada. More information can be found at www.crediteducationweekcanada.com.

Canadian Bankers Association

Follow the CBA on Twitter: @CdnBankers

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For more information:
Andrew Addison, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca

Small Business Week: Working with your bank to help your business grow

Canadian Bankers Association — Fri, 15 Oct 2010 16:51:41 +0000

For Immediate Release

Toronto, October 15, 2010 – Have you ever thought about turning that good idea into your own small business? If you have, your bank can help. As Small Business Week^® approaches, the Canadian Bankers Association (CBA) and local bankers celebrate the contribution small businesses make to our communities and economy and provide advice to those thinking of starting their own business.

“Starting a small business may seem a bit overwhelming at first, but with some careful planning and determination it can be done and can be a very rewarding experience,” said Nancy Hughes Anthony, President and CEO of the Canadian Bankers Association. “Bankers in communities across the country work with nearly two million small businesses, providing advice, financing and other banking services to help these entrepreneurs realize their dreams of business ownership.”

Tips on Turning Your Small Business Dreams into Reality

If you’re thinking of starting a small business, here are some things you will need to do:

Know Your Market – Do your homework and find out what the market is for your product or service before you start. Identify your potential customer base, decide how you will market to them and find out who your competitors are and what they are doing. This information can be the basis of a good marketing plan.

Set Up a Business Structure – Will your business be a sole proprietorship, partnership or a corporation? How many employees will you have, what will your company be called and where will it be located? How will you manage your finances and deal with legal issues? What sort of advisors will you need? These are some of the questions you’ll need to think about before getting started.

Financing Your Business – You will need “seed money” to launch your business, buy equipment and supplies and cover your initial operating costs. There are many types of debt (borrowed money) and equity (invested money) financing available, from loans, lines of credit and credit cards to leasing arrangements. Find out more about the types of small business financing that is available and decide what is right for you.

Talk to Your Bank – Banks can offer the advice and services you need to start and then manage your business, including deposit and transaction accounts, payments facilitation, day-to-day cash management services, foreign exchange, records management, trade advice and business succession planning. In a recent survey by The Strategic Counsel, 78 per cent of small business owners report having a positive working relationship with their main financial institution and they remain loyal: nearly one-quarter (22 per cent) have had a business relationship with their bank for more than 20 years.

Develop a Strong Business Plan – Now that you’ve done all this thinking, you should write your business plan, a clear description of what your company will do and how it will be run. Many banks and other organizations offer free information kits and software to help develop a business plan, but generally it should outline:

How the company will be managed and owned and the markets in which it will operate
The products and/or services you will offer and how they will be produced, marketed and sold
The strengths and weaknesses of your company and your short and long-term plans
The amount, sources and types of financing you will need
Information on operating costs and sales and cash flow forecasts

You may require the assistance of an accountant, lawyer or other business advisor to develop you plan, but it should reflect your own thinking. A good business plan can be an important element in a small business' future success.

Seek Out Advice and Information – Depending on your business, you may need to seek out professional advice in accounting, legal and regulatory issues, insurance or technology. Small businesses are such an important part of Canada’s economy, that there is an extensive network of organizations providing a wealth of resources.

The CBA has a list of the tools and resources available for entrepreneurs. In addition, Industry Canada’s Canada Business website can help with information about a variety of government and non-government business services.

Small business week runs from October 17 to 23, 2010.

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For more information:
Andrew Addison, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca

^{Small Business Week® is a registered trademark of the Business Development Bank of Canada (BDC).}

Canadian Bankers Association welcomes report from Task Force on Financial Literacy

Canadian Bankers Association — Wed, 22 Sep 2010 19:13:52 +0000

For Immediate Release

Toronto, ON, September 22, 2010– The Canadian Bankers Association (CBA) today welcomed findings released by the Task Force on Financial Literacy, from its nationwide public consultations with Canadians. The CBA was among the many groups to submit recommendations to the Task Force for its creation of a national strategy to increase the financial literacy of Canadians.

“We are very appreciative of the work being carried out by the Task Force and were pleased to see that so many Canadians share our opinion of the importance of financial literacy and the need to educate students on financial matters in Canada’s school systems,” said Nancy Hughes Anthony, President and CEO, Canadian Bankers Association. “We have always believed that financially literate Canadians are a vital part of a strong national economy and look forward to the Task Force’s final recommendations scheduled for later this year.”

In April of this year the CBA put forward a submission to the Task Force, outlining a number of recommendations to increase the financial literacy of Canadians. Among these, the CBA suggested including financial training as part of secondary school curriculum; reviewing all financial literacy programs already in place; providing a central hub where Canadians can go to learn of these existing programs and; in acknowledgement of the influence that families have in shaping young people’s healthy attitudes toward money, providing tools to help parents educate their children about financial matters.

The CBA and its member banks have been dedicated to boosting financial literacy levels for years. For over a decade, the CBA has brought financial literacy to Canadians through its high school seminar program, YourMoney, which has taught more than 192,000 senior high school students about budgeting, borrowing, saving, investing, and protecting themselves from fraud. The non-commercial seminar uses volunteer bankers from the local community to teach young Canadians about responsible money management. YourMoney is offered in collaboration with the Financial Consumer Agency of Canada (FCAC).

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For more information:
Andrew Addison, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca

York Regional Police: Press conference announces reward for serial bank robbery suspect

Canadian Bankers Association — Tue, 21 Sep 2010 13:19:41 +0000

Canadian banks accepting donations for Red Cross relief efforts in Pakistan

Canadian Bankers Association — Wed, 15 Sep 2010 05:00:00 +0000

For immediate release

Ottawa, August 20, 2010 – The Canadian Red Cross is pleased to announce that nine banks in Canada are accepting cash donations in support of Red Cross relief efforts in Pakistan. Over 20 million people have been left devastated as the worst disaster the world has seen in a decade wreaks havoc across the country.

“The scale of this disaster is unimaginable,” says Conrad Sauvé, secretary general and CEO of the Canadian Red Cross. “We urgently need more support to meet the overwhelming humanitarian needs in Pakistan. We are grateful to these banks for making it easier for Canadians to rapidly turn their compassion into aid, support and hope.”

The Red Cross Movement is rapidly mobilizing to support the urgent needs of affected communities. The Pakistan Red Crescent has over 50,000 volunteers who have already reached 300,000 people with emergency supplies and medical assistance.

The Canadian Red Cross is actively supporting the global response and has already deployed four mobile health units and a seven-person paramedic team to affected communities. In addition, $2.5 million has been contributed to the International Red Cross appeal including an international delegate to lead the Field Assessment team and 900 much-needed tents.

Canadians can give online, call toll-free at 1-800-418-1111 or visit their local Red Cross office or one of the participating bank branches. Cheques should be earmarked Pakistan Floods 2010.

The following banks are accepting financial donations from August 20 to October 3 2010:

BMO Financial Group
Canadian Western Bank
CIBC
HSBC Bank Canada
Laurentian Bank of Canada
National Bank Financial Group
RBC
Bank of Nova Scotia
TD Bank Group

Canadians wishing to make a financial donation may give online at www.redcross.ca, call 1-800-418-1111 or contact their local Canadian Red Cross office. The 24-hour toll free line accepts Visa, MasterCard and American Express. Cheques should be made payable to the Canadian Red Cross, earmarked “Pakistan Floods 2010” and mailed to the Canadian Red Cross National Office, 170 Metcalfe Street, Suite 300, Ottawa, Ontario, K2P 2P2.

The Canadian Red Cross is a member of the International Red Cross and Red Crescent Movement, which includes the International Federation of Red Cross and Red Crescent Societies, the International Committee of the Red Cross and over 185 national Red Cross and Red Crescent Societies. Our mission is to improve the lives of vulnerable people by mobilizing the power of humanity in Canada and around the world.

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For more information or to arrange an interview, please contact:

Canadian Red Cross
Media Line
613-740-1994

Andrew Addison, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca

Canada ideal location for Global Risk Institute: Canadian Bankers Association

Canadian Bankers Association — Mon, 13 Sep 2010 18:37:45 +0000

For Immediate Release

Toronto, September 13, 2010 – The Canadian Bankers Association (CBA) today applauded the creation of the Global Risk Institute in Financial Services (GRi), a partnership of the Government of Canada, the Government of Ontario, the financial services industry and a number of universities.

“Canada’s banking system has become a model of sound risk management for the rest of the world, and I think it is only fitting that the Global Risk Institute be located here. We have a lot of knowledge and best practices to share with the world,” said Nancy Hughes Anthony, President and CEO of the Canadian Bankers Association. “Throughout the recent global financial crisis, Canada’s banking and financial sectors performed well and avoided many of the risk-related issues that caused financial institutions in other parts of the world to falter.”

Last week the World Economic Forum ranked Canada’s banking system as the world’s soundest for the third year in a row, recognition that Canada’s banks are well-managed, well-capitalized and well-regulated. Many of Canada’s banks will provide their expertise as well as financial backing in support of the Global Risk Institute.

“The Global Risk Institute is a great example of how governments and the private sector can work together to promote Canada as a financial services leader,” said Ms. Hughes Anthony. “We have seen this cooperation really highlighted in recent years, and that cooperation continues as the banks, governments and regulators work through new international regulations designed to avoid future financial crises.”

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For more information:
Andrew Addison, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca

Good news for all Canadians: World Economic Forum again ranks Canada’s banks as the world’s soundest

Canadian Bankers Association — Thu, 09 Sep 2010 19:04:42 +0000

For Immediate Release

Toronto, September 9, 2010 – The Canadian Bankers Association (CBA) hailed today’s report from the World Economic Forum, which ranked Canada’s banking system as the world’s soundest for the third consecutive year, as good news for all Canadians.

“To again be named the soundest banking system in the world is positive for all Canadians. A steady and secure banking system is an important contributor to Canada’s economic recovery and long-term growth,” said Nancy Hughes Anthony, President and CEO, Canadian Bankers Association. “This report reinforces the fact that, through the financial crisis and into the recovery, our banks have continued to work with consumers and small businesses, providing credit, financial products and advice.”

Canadians recognize that Canada’s banks are well-capitalized, well-regulated and well-managed and, because of this, they performed better than many banks in other countries during the global financial crisis. In a recent survey,¹ 81 per cent of Canadians identified Canada’s banks as more stable and secure than other banks around the world, an increase of seven points since May 2009 and 17 points since May 2008.

“Today there is a great deal of focus on global financial regulation and ensuring future stability,” said Ms. Hughes Anthony. “While the Canadian banking industry supports the goal of stabilizing and strengthening the global financial system and the move towards improved and consistent global capital standards, it is important to ensure that banks in Canada remain on a level playing field with banks around the world.”

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For more information:
Andrew Addison, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca

^{1 Data from public opinion research conducted by The Strategic Counsel on behalf of the Canadian Bankers Association. The findings are based on a national proportionate sample of adult Canadians 18 years or older, interviewed by telephone between May 5 and 12, 2010. The sample of 1200 is accurate within +/- 2.9 percentage points, 19 times out of 20.}

Nancy Hughes Anthony announces retirement from the Canadian Bankers Association

Canadian Bankers Association — Tue, 07 Sep 2010 15:42:24 +0000

For Immediate Release

Toronto, September 7, 2010 – Nancy Hughes Anthony, President and CEO of the Canadian Bankers Association (CBA), today announced her decision to retire in the spring of 2011, once a successor is in place. Ms. Hughes Anthony is retiring after 40 years of working in government, the private sector and business associations, and is looking forward to spending more time with her family and having an active retirement that includes travel and staying involved in business.

“It has been a privilege to be the head of Canada’s most important business association representing member banks at a time when Canada’s banking system was shown to be a model to the world,” said Ms. Hughes Anthony. “With strong member support and involvement, the CBA has been a clear voice and advocate for the industry in Canada and abroad and has strengthened its reputation as a source of expertise on public policy issues affecting banks.”

“Ms. Hughes Anthony has successfully led the CBA through some of the most complex and challenging issues facing banks, particularly during the global financial crisis,” said Réjean Lévesque, Executive Vice-President – Retail and Commercial Banking, National Bank Financial Group, and Chair, CBA Executive Council. “Ms. Hughes Anthony has been an extremely effective spokesperson on behalf of banks in Canada at a time when the industry around the world has come under intense scrutiny. On behalf of all members and staff of the CBA, I wish to express our appreciation for her excellent work and wish her the best in her future pursuits.”

Prior to joining the CBA in early 2007, Ms. Hughes Anthony was President and Chief Executive Officer of the Canadian Chamber of Commerce. During her career, she also gained senior experience in the federal and provincial governments as well as the private sector, having served as a federal deputy minister, a senior advisor to the government of Prince Edward Island and as a corporate vice-president.

The CBA’s Executive Council has created a search committee and will begin the process of recruiting a new President and CEO.

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For more information:
Andrew Addison, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca

Toronto and Burnaby police officers recognized for outstanding efforts in fighting financial crime

Canadian Bankers Association — Wed, 25 Aug 2010 05:00:00 +0000

For Immediate Release

Edmonton, AB, August 25, 2010 – Tracking down violent serial bank robbers and uncovering a global crime ring that used counterfeit identification to obtain fraudulent bank loans are among the achievements of this year’s Canadian Banks’ Law Enforcement Award (CBLEA) winners.

Detective Sergeant Brian McCready, Detective Russ Fairey, Constable Michael Kelly and Constable Timothy Trotter of the Toronto Police Service and Constable Chad Premack of the RCMP Burnaby detachment will each receive the award at this evening’s gala ceremony at the 105th annual Canadian Association of Chiefs of Police Conference in Edmonton.

“We are pleased to recognize the remarkable achievements of these five officers who have worked hard to protect Canadian banks, their customers and their employees,” said William J. Crate, Director of Security for the Canadian Bankers Association. “Banks in Canada work closely with police forces to ensure Canada’s economic integrity by investigating bank robberies and fraud. This award is our way of publicly recognizing the outstanding efforts of these officers.”

Detective Sergeant Brian McCready & Detective Russ Fairey – Toronto Police Service

In December 2009, five individuals dubbed the “Over the Counter Bandits” began aggressively robbing financial institutions in the Toronto area, often physically injuring bank employees. Over the next three months, these violent criminals targeted several more bank branches and were the subject of wide-spread media attention. In February 2010 the CBA offered a $10,000 reward for information leading to the arrests and convictions of the suspects. The reward was later increased to $50,000.

Throughout the investigation, Detective Russ Fairey and Detective Sergeant Brian McCready, who also received a CBLEA in 1994, both worked diligently to strengthen the intelligence-sharing relationship between law enforcement and banks in Canada. In March of this year, five suspects were arrested and charged with numerous robbery and firearms offences.

Constable Michael Kelly and Constable Timothy Trotter – Toronto Police Service

Constable Michael Kelly and Constable Timothy Trotter are recognized for their outstanding investigative skills in a year-long case that uncovered a multi-million dollar global crime ring and led to strengthened fraud protection measures used in government agencies and the private sector.

In June 2009, while investigating a fraud case at a Toronto bank, Constables Kelly and Trotter uncovered hundreds of fictitious identities that were being used to obtain mortgages, car loans and other types of credit, with the funds then being sent to other countries. By tracing the fake identities, Kelly and Trotter were able to identify the sources of the IDs and determine how they were being used for illegal activities. This information was shared with affected financial institutions, which were then able to identify the suspicious accounts and prevent further financial losses.

The investigative efforts of Constables Kelly and Trotter resulted in the arrest of 10 suspects, the identification of 30 additional suspects and the creation of a master list of more than 600 fictitious identities. The investigation has also taken on global significance as the Department of Homeland Security in the U.S., Interpol and law enforcement agencies in Europe have all expressed an interest in the Toronto Police project.

RCMP Constable Chad Premack – Burnaby RCMP

In May 2008, an individual wearing a disguise and threatening bank employees with a gun entered a bank branch in Burnaby and demanded $10,000 from the bank teller. Over the next 16 months the same individual robbed five additional bank branches in the Burnaby area.

Upon taking lead of this file, Constable Premack demonstrated commitment and vigilance to the investigation and ensured the file remained a priority. In addition to his on-duty efforts, Constable Premack spent many voluntary hours working on the case.

In November 2009, the suspect was arrested along with a second individual involved in various criminal activities. Numerous handguns, rifles, ammunition, cash and disguises used in the robberies were seized.

About the Canadian Banks’ Law Enforcement Award

Since the creation of the CBLEA in 1972, 219 officers from across Canada have been honoured with the Canadian Banks’ Law Enforcement Award for their outstanding bravery, dedication and other noteworthy achievements in combating crimes against Canada’s banks. This is the first year the award has had a repeat winner. For additional information about the CBLEA, please visit www.cba.ca/award.

About the Canadian Bankers Association

The Canadian Bankers Association works on behalf of 51 domestic chartered banks, foreign bank subsidiaries and foreign bank branches operating in Canada and their 260,000 employees. The CBA advocates for efficient and effective public policies governing banks and promotes an understanding of the banking industry and its importance to Canadians and the Canadian economy. The Association also promotes financial literacy to help Canadians make informed financial decisions. www.cba.ca

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For more information:
Andrew Addison, Canadian Bankers Association
Tel: (416) 362-6093 ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca

Canadian Banks’ Law Enforcement Award

Binders, backpacks and budgets: Financial tips for students heading back to class

Canadian Bankers Association — Tue, 24 Aug 2010 13:29:12 +0000

For Immediate Release

Toronto, August 24, 2010 – High schools across the country are gearing up to re-open their doors and, in the back-to-school spirit, the Canadian Bankers Association (CBA) is providing five tips from its YourMoney financial literacy program to help students stretch their dollars as they head back to class.

“Students who have been working hard to earn money through the summer will soon be spending more time in the classroom and less time flipping burgers or working behind cash registers,” said Melanie Minos, Manager of Public Education Communications at the Canadian Bankers Association. “For teens accustomed to their regular summer paycheque, adjusting to the reduced cash flow that comes with working fewer hours can be tough.”

To help ease this transition, the CBA is providing the following financial tips for students:

Create a Budget

Budget is just a fancy word for planning when and how you spend your money. Keep track of how much money you make each month, how much you spend and where you spend it. Look at where you are spending your cash and see if there are places you can cut back. If you drop $200 per month on lunches, consider brown bagging it to save some money.

Pay Yourself First

Saving seems like a no brainer, but is often harder than it sounds. One way to ensure that you save is to pay yourself first by putting a set amount of money into a separate account each time you get your paycheque, before you have a chance to spend it. Some banks even offer services that automatically transfer money from your chequing account into your savings account every time your paycheque is deposited. This is an easy way to save, because the money is set aside before you even miss it.

Invest Your Savings

You may have heard the phrase “get your money working for you”. Well this is exactly what investing can do; it can take the money you have and turn it into more money. Investing can be quite complex and there are risks involved, so it is a good idea to speak with a parent or financial advisor for advice. However, even earning interest on money held in a savings account is a simple form of investing.

Over time the money you earn as interest also earns interest. This is known as compound interest and is a powerful tool to grow your money. Saving and investing go hand in hand and are a smart way to ensure you have money for the future whether it’s for a trip, post-secondary education or even buying a house or condo. Do the math on how compound interest works using our compound interest calculator at this link: www.yourmoney.cba.ca/students/inside/tools/savings_calculator/

Borrow Wisely

Learning how borrowing works is an essential life skill. At some point you’ll probably need to get a loan to make a significant purchase, such as buying a car or paying for tuition at a college or university. If you need to, borrowing to help get a degree is smart, using it to buy a video game console because you would rather not save the money is not.

If you do need to borrow money it’s important you understand the terms and conditions of the loan, such as the interest rate and when and how often payments must be made. Always make your payments on time. Missing a payment on a loan or credit card can negatively affect your credit rating and can hurt your chances of getting future loans.

Protect your money

You worked hard this summer to earn money. Unfortunately there are also thousands of criminals working to find ways to take it from you. With the continued growth and popularity of the Internet, fraudsters are busy creating new online scams to separate innocent people from their money. The best way to ensure you don’t become a victim is to protect your personal financial information such as your bank account and PIN numbers and to avoid offers that seem too good to be true. If someone offers you a big chunk of money for simply cashing a cheque, or offers to pay you well above the asking price for something you are selling online, be suspicious, ask questions and don’t be afraid to walk away.

YourMoney

Banks in Canada recognize the importance of providing young Canadians with the understanding and tools to be sound money managers. For close to ten years the CBA has coordinated the YourMoney program, a free 50-minute non-commercial financial literacy seminar for senior high school students.

Sponsored by Canada’s banks and developed in partnership with the Financial Consumer Agency of Canada (FCAC), the YourMoney seminar is presented by more than 800 community bankers from across Canada who volunteer their time and expertise to deliver the seminar in schools. To date, more than 190,000 students have participated in the program.

Students, teachers or parents interested in learning more can visit www.yourmoney.cba.ca.

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For more information:
Andrew Addison, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca

Record number of Ontarians banking online

Canadian Bankers Association — Fri, 23 Jul 2010 18:04:35 +0000

For Immediate Release

Toronto, July 28, 2010 – More than ever, Ontario residents are going online to do their banking according to a new study by the Canadian Bankers Association. The bi-annual survey found that 61 per cent of Ontarians reported conducting banking transactions online during past year, a significant jump of six percentage points from 2008.

In addition, 43 per cent of Ontario respondents identified online banking as their primary means of conducting financial transactions, higher than any other types of banking.

“It’s clear that people in Ontario appreciate the ease and convenience of banking online, and the growth in this province over the past decade has been quite remarkable,” said Maura Drew-Lytle, Director of Communications for the Canadian Bankers Association. “In 2000, only ten per cent of Ontario residents did most of their banking online while 44 per cent did most of their banking at ABMs. Today all that has changed.”

The personal touch of in-person banking

While online is the most popular way to bank for the majority of Ontarians, the second most popular choice is banking in person at a branch. One quarter (26 per cent) of Ontario respondents identified in-person banking as their primary means of conducting financial transactions, while slightly less, 22 per cent, pointed to banking at an ABM as their primary choice when banking.

“While the convenience of online banking appeals to many living in Ontario there are also significant groups who appreciate the diverse options available at ABMs, and the personal touch that in-branch customer service representatives provide,” said Ms. Drew-Lytle. “Our research shows that people in Ontario choose to bank in different ways. This is a competitive business and banks in Canada ensure they can meet the diverse needs of their customers by offering a range of banking options and new technologies to make banking even more convenient.”

A mobile future

As technology continues to develop, banks in Canada now offer mobile banking services that allow Canadians to carry out a variety of day-to-day banking transactions through their smart phones. Although this technology is fairly new, Canadians from coast to coast appear enthusiastic about the prospects for this technology. When asked about the possibility of conducting banking transactions with a mobile phone in the next two years, 23 per cent of respondents Canada-wide believe it is likely. This number jumped to 54 per cent among BlackBerry owners and 64 per cent among owners of PDAs, including iPhones.

Banking and paying bills made easier

The survey results indicate that Ontario residents do indeed appreciate the ease that technology has brought to their banking experience, with 81 per cent reporting that technology has made their personal banking experience more convenient.

Ontarians’ comfort with online banking is also evident when looking at how they make their regular bill payments; 43 per cent identified online payments as their primary choice for paying bills, compared to 14 per cent making in-branch payments and only six per cent at ABMs.

Survey Highlights

Canadian and Ontario residents’ primary means of conducting financial transactions (percentage)

	2008		2010
Method	Canada	Ontario	Canada	Ontario
ABMs	28	20	23	22
Telephone banking	5	7	4	4
Online banking	35	40	45	43
In person in a branch	24	27	23	26
Combinations / Other	8	6	5	5

Canadian and Ontario residents’ primary method of making regular bill payments (percentage)

	2008		2010
Method	Canada	Ontario	Canada	Ontario
Computer/online	35	38	45	43
ABMs	10	5	8	6
By cheque	7	6	5	3
In person in a branch	11	13	12	14
Pre-authorized debit/credit	18	20	19	21
Telephone banking	8	8	5	6
Cash	1	1	1	1
Combinations / Other	10	9	5	6

Canadian and Ontario residents’ opinions on how technology has affected banking convenience (percentage)

	2008		2010
Convenience	Canada	Ontario	Canada	Ontario
Total more convenient	79	80	82	81
Neither	13	11	9	10
Total less convenient	6	6	4	4
N/A	2	3	5	5

Survey methodology

The survey was commissioned by the Canadian Bankers Association and conducted by The Strategic Counsel. The findings are based on a random, nationally proportionate sample of 1200 adult Canadians 18 year of age or older. Respondents were interviewed by telephone between May 25 and May 31, 2010. A sample of 1200 is accurate within +/-2.9 percentage points, 19 times out of 20. Among subgroups the margin for error is larger.

For more information and a detailed backgrounder on how Canadians’ bank please visit www.cba.ca.

For more information:
Andrew Addison, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca

Atlantic residents turn to online banking in record numbers

Canadian Bankers Association — Fri, 23 Jul 2010 18:04:35 +0000

For Immediate Release

Halifax, July 28, 2010 – More than ever, residents of Atlantic Canada love to bank online according to a new study by the Canadian Bankers Association. The bi-annual survey found that 63 per cent of those living in New Brunswick, Nova Scotia, Prince Edward Island, and Newfoundland reported conducting banking transactions online during the past year, a significant jump of 16 percentage points from 2008 and the highest year-over-year increase in Canada.

In addition, 44 per cent of Atlantic respondents identified online banking as their primary means of conducting financial transactions, higher than any other method of banking.

“Clearly people living in the Atlantic provinces appreciate the ease and convenience of banking online, and the growth in this region over the past decade has been impressive,” said Maura Drew-Lytle, Director of Communications for the Canadian Bankers Association. “In 2000, only six per cent of Atlantic Canadians did most of their banking online while 37 per cent did most of their banking at ABMs. Now all that has changed.”

Diverse preferences

Although online banking is the most popular way to bank for the majority living in Atlantic Canada, banking at ABMs and in person at a branch are also popular choices among a significant number. According to the survey, 28 per cent of respondents identified banking at an ABM as their primary means of conducting financial transactions and 20 per cent pointed to in-branch banking.

“While the convenience of online banking appeals to Atlantic Canadians there are also many who appreciate the diverse options available at ABMs and the personal touch that in-branch customer service representatives provide,” said Ms. Drew-Lytle. “Our research shows that people choose to bank in different ways. This is a competitive business and banks in Canada ensure they can meet the diverse needs of their customers by offering a range of banking options and new technologies to make banking even more convenient.”

A mobile future

As technology continues to develop, banks in Canada now offer mobile banking services that allow Canadians to carry out a variety of day-to-day banking transactions through their smart phones. Although this technology is fairly new, Canadians from coast to coast appear enthusiastic about its prospects. When asked about the possibility of conducting banking transactions with a mobile phone in the next two years, 23 per cent of respondents Canada-wide believe it is likely. This number jumped to 54 per cent among BlackBerry owners and 64 per cent among owners of PDAs, including iPhones.

Banking and paying bills made easier

The survey results indicate that those from the Atlantic provinces do indeed appreciate the ease that technology has brought to their banking experience, with 82 per cent reporting that technology has made their personal banking experience more convenient.

Atlantic residents’ comfort with online banking is also evident when looking at how they make their regular bill payments; 44 per cent identified online payments as their primary choice for paying bills.

Survey Highlights

Canadian and Atlantic residents’ primary means of conducting financial transactions (percentage)

	2008		2010
Method	Canada	Province	Canada	Province
ABMs	28	32	23	28
Telephone banking	5	6	4	2
Online banking	35	30	45	44
In person in a branch	24	25	23	20
Combinations / Other	8	7	5	6

Canadian and Atlantic residents’ primary method of making regular bill payments (percentage)

	2008		2010
Method	Canada	Province	Canada	Province
Computer/online	35	29	45	44
ABMs	10	5	8	7
By cheque	7	10	5	4
In person in a branch	11	12	12	10
Pre-authorized debit/credit	18	21	19	23
Telephone banking	8	10	5	5
Cash	1	5	1	1
Combinations / Other	10	8	5

Canadian and Atlantic residents’ opinions on how technology has affected banking convenience (percentage)

	2008		2010
Convenience	Canada	Province	Canada	Province
Total more convenient	79	78	82	82
Neither	13	9	9	7
Total less convenient	6	9	4	4
N/A	2	4	5	7

Survey methodology

For more information:
Andrew Addison, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca

Quebec residents flock to online banking

Canadian Bankers Association — Fri, 23 Jul 2010 18:04:35 +0000

For Immediate Release

Montreal, July 28, 2010 – Quebec residents are going online to bank in record numbers according to a new study by the Canadian Bankers Association. The bi-annual survey found that 59 per cent of Quebecers reported conducting banking transactions online during past year, a significant jump of 10 percentage points from 2008.

In addition, 41 per cent of Quebec respondents identified online banking as their primary means of conducting financial transactions, higher than any other type of banking.

“Looking at the remarkable growth over the past decade, it’s clear that Quebecers have come to appreciate the ease and convenience of banking online,” said Maura Drew-Lytle, Director of Communications for the Canadian Bankers Association. “In 2000, only eight per cent of Quebec residents did most of their banking online while 60 per cent did most of their banking at ABMs. Now all that has changed.”

Diverse preferences

Although online banking is the most popular way to bank for the majority living in Quebec, banking at ABMs and in person at a branch are also popular choices among a significant number. According to the survey, 35 per cent of respondents identified banking at an ABM as their primary means of conducting financial transactions and 14 per cent pointed to in-branch banking.

“While the convenience of online banking appeals to many living in Quebec there are also many who appreciate the diverse options available at ABMs and the personal touch that in-branch customer service representatives provide,” said Ms. Drew-Lytle. “Our research shows that people choose to bank in different ways. This is a competitive business and banks in Canada ensure they can meet the diverse needs of their customers by offering a range of banking options and new technologies to make banking even more convenient.”

A mobile future

As technology continues to develop, banks in Canada now offer mobile banking services that allow Canadians to carry out a variety of day-to-day banking transactions through their smart phones. Although this technology is fairly new, Canadians from coast to coast appear enthusiastic about its prospects. When asked about the possibility of conducting banking transactions with a mobile phone in the next two years, 23 per cent of respondents Canada-wide believe it is likely. This number jumped to 54 per cent among BlackBerry owners and 64 per cent among owners of PDAs, including iPhones.

Banking and paying bills made easier

The survey results indicate that Quebec residents do indeed appreciate the ease that technology has brought to their banking experience, with 82 per cent reporting that technology has made their personal banking experience more convenient.

Quebecers’ comfort with online banking is also evident when looking at how they make their regular bill payments; 45 per cent, identified online payments as their primary choice for paying bills, compared to 18 per cent at ABMs.

Survey Highlights

Canadian and Quebec residents’ primary means of conducting financial transactions (percentage)

	2008		2010
Method	Canada	Quebec	Canada	Quebec
ABMs	28	43	23	35
Telephone banking	5	2	4	4
Online banking	35	30	45	41
In person in a branch	24	20	23	14
Combinations / Other	8	5	5	6

Canadian and Quebec residents’ primary method of making regular bill payments (percentage)

	2008		2010
Method	Canada	Quebec	Canada	Quebec
Computer/online	35	33	45	45
ABMs	10	25	8	18
By cheque	7	6	5	5
In person in a branch	11	10	12	7
Pre-authorized debit/credit	18	15	19	13
Telephone banking	8	6	5	4
Cash	1	-	1	1
Combinations / Other	10	5	5	7

Canadian and Quebec residents’ opinions on how technology has affected banking convenience (percentage)

	2008		2010
Convenience	Canada	Quebec	Canada	Quebec
Total more convenient	79	78	82	82
Neither	13	16	9	44
Total less convenient	6	5	4	4
N/A	2	1	5	3

Survey methodology

For more information:
Andrew Addison, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca

British Columbians flock to online banking

Canadian Bankers Association — Fri, 23 Jul 2010 18:04:35 +0000

For Immediate Release

Vancouver, July 28, 2010 – More than any other group of Canadians, British Columbians love to bank online according to a new study by the Canadian Bankers Association. The bi-annual survey found that 72 per cent of BC residents reported conducting banking transactions online during past year, a significant jump of 15 percentage points from 2008 and a full nine points higher than the national average of 63 per cent.

In addition, 50 per cent of BC respondents identified online banking as their primary means of conducting financial transactions, five per cent above the national average of 45 per cent and higher than all other types of banking combined.

“Clearly British Columbians appreciate the ease and convenience of banking online, and the growth in this province over the past decade has been remarkable,” said Maura Drew-Lytle, Director of Communications for the Canadian Bankers Association. “In 2000, only four per cent of BC residents did most of their banking online while 39 per cent did most of their banking at ABMs. Now all that has changed.”

The personal touch of in-person banking

While online banking is the most popular way to bank for the majority of BC residents, the second most popular choice is banking in person at a branch. Thirty-two per cent of BC respondents identified in-person banking as their primary means of conducting financial transactions, well above the national average of 23 per cent. At the same time BC residents are the lowest users of ABMs for their main banking needs at just 11 per cent, in stark contrast to the national average of 23 per cent and a high in Quebec of 35 per cent.

“While the convenience of online banking certainly appeals to many in BC, it is also apparent that a large group appreciates the high level of service that comes with in-person banking,” said Ms. Drew-Lytle. “Our research shows that people choose to bank in different ways. This is a competitive business and banks in Canada ensure they can meet the diverse needs of their customers by offering a range of banking options and new technologies to make banking even more convenient.”

A mobile future

As technology continues to develop, banks in Canada now offer mobile banking services that allow Canadians to carry out a variety of day-to-day banking transactions through their smart phones. Although this technology is fairly new, Canadians from coast to coast appear enthusiastic about its prospects. When asked about the possibility of conducting banking transactions with a mobile phone in the next two years, 23 per cent of respondents Canada-wide believe it is likely. This number jumped to 54 per cent among BlackBerry owners and 64 per cent among owners of PDAs, including iPhones.

Banking and paying bills made easier

The survey results indicate that BC residents do indeed appreciate the ease that technology has brought to their banking experience, with 86 per cent reporting that technology has made their personal banking experience more convenient.

British Columbians’ comfort with online banking is also evident when looking at how BC residents make their regular bill payments; the majority, 55 per cent, identified online payments as their primary choice for paying bills, compared to only two per cent at ABMs. This number is 10 per cent higher than the national average of 45 per cent.

Survey Highlights

Canadian and BC residents’ primary means of conducting financial transactions (percentage)

	2008		2010
Method	Canada	BC	Canada	BC
ABMs	28	29	23	11
Telephone banking	5	9	4	5
Online banking	35	32	45	50
In person in a branch	24	21	23	32
Combinations / Other	8	10	5	2

Canadian and BC residents’ primary method of making regular bill payments (percentage)

	2008		2010
Method	Canada	BC	Canada	BC
Computer/online	35	37	45	55
ABMs	10	8	8	2
By cheque	7	9	5	7
In person in a branch	11	9	12	12
Pre-authorized debit/credit	18	14	19	17
Telephone banking	8	11	5	5
Cash	1	1	1	-
Combinations / Other	10	11	5	2

Canadian and BC residents’ opinions on how technology has affected banking convenience (percentage)

	2008		2010
Convenience	Canada	BC	Canada	BC
Total more convenient	79	81	82	86
Neither	13	10	9	6
Total less convenient	6	8	4	4
N/A	2	1	5	4

Survey methodology

For more information:
Andrew Addison, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca

Record number of Prairie residents logging on to bank

Canadian Bankers Association — Fri, 23 Jul 2010 18:04:35 +0000

For Immediate Release

Calgary, July 28, 2010 – More than ever, Prairie residents love to bank online according to a new study by the Canadian Bankers Association. The bi-annual survey found that more than two-thirds (67 per cent) of those living in Alberta, Saskatchewan and Manitoba reported conducting banking transactions online during the past year, a significant jump of 13 percentage points from 2008 and four points higher than the national average of 63 per cent.

In addition, 49 per cent of Prairie respondents identified online banking as their primary means of conducting financial transactions, four per cent above the national average of 45 per cent and higher than any other method of banking.

“It is clear that people living in the Prairie provinces really appreciate the ease and convenience of banking online, and the growth in this region over the past decade has been remarkable,” said Maura Drew-Lytle, Director of Communications for the Canadian Bankers Association. “In 2000, only nine per cent of Prairie residents did most of their banking online while 36 per cent did most of their banking at ABMs. Now all that has changed.”

The personal touch of in-person banking

While online banking is the most popular way to bank for the majority living in the Prairies, the second most popular choice is banking in-person at a branch. Twenty-five per cent of respondents identified in-person banking as their primary means of conducting financial transactions. At the same time Prairie residents are the second lowest national users of ABMs for their main banking needs at just 19 per cent, in contrast to the national average of 23 per cent and a high in Quebec of 35 per cent.

“While the convenience of online banking certainly appeals to many living in the Prairies, it is also apparent that a significant group of people appreciate the high level of service that comes with in-person banking,” said Ms. Drew-Lytle. “Our research shows that people choose to bank in different ways. This is a competitive business and banks in Canada ensure they can meet the diverse needs of their customers by offering a range of banking options and new technologies to make banking even more convenient.”

A mobile future

As technology continues to develop, banks in Canada now offer mobile banking services that allow Canadians to carry out a variety of day-to-day banking transactions through their smart phones. Although this technology is fairly new, Canadians from coast to coast appear enthusiastic about its prospects. When asked about the possibility of conducting banking transactions with a mobile phone in the next two years, 23 per cent of respondents Canada-wide believe it is likely. This number jumped to 54 per cent among BlackBerry owners and 64 per cent among owners of PDAs, including iPhones.

Banking and paying bills made easier

The survey results indicate that those from the Prairies do indeed appreciate the ease that technology has brought to their banking experience, with 82 per cent reporting that technology has made their personal banking experience more convenient.

Prairie residents’ comfort with online banking is also evident when looking at how they make their regular bill payments; 44 per cent identified online payments as their primary choice for paying bills, compared to only four per cent at ABMs.

Survey Highlights

Canadian and Prairie residents’ primary means of conducting financial transactions (percentage)

	2008		2010
Method	Canada	Prairie	Canada	Prairie
ABMs	28	24	23	19
Telephone banking	5	6	4	3
Online banking	35	35	45	49
In person in a branch	24	26	23	25
Combinations / Other	8	9	5	4

Canadian and Prairie residents’ primary method of making regular bill payments (percentage)

	2008		2010
Method	Canada	Prairie	Canada	Prairie
Computer/online	35	35	45	44
ABMs	10	5	8	4
By cheque	7	8	5	7
In person in a branch	11	12	12	13
Pre-authorized debit/credit	18	19	19	20
Telephone banking	8	6	5	3
Cash	1	1	1	3
Combinations / Other	10	15	5	6

Canadian and Prairie residents’ opinions on how technology has affected banking convenience (percentage)

	2008		2010
Convenience	Canada	Prairie	Canada	Prairie
Total more convenient	79	80	82	82
Neither	13	14	9	10
Total less convenient	6	5	4	4
N/A	2	1	5	4

Survey methodology

For more information:
Andrew Addison, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca

Overwhelming majority of Canadians against global tax on banks in Canada

Canadian Bankers Association — Mon, 31 May 2010 12:43:26 +0000

For Immediate Release

TORONTO, ON, May 31, 2010 – The International Monetary Fund’s (IMF) push to have Canada participate in a punitive global bank tax has been soundly rejected by the vast majority of Canadians. According to a new poll conducted by The Strategic Counsel more than three-quarters of Canadians (76 per cent) report that Canada’s banks should not be subject to the proposed global bank tax as it unfairly punishes Canadian banks that performed well and remained stable throughout the financial crisis.

Furthermore, more than eight-in-ten Canadians (85 per cent) agree that Canada’s banks should not be required to pay for the mistakes of banks in the U.S. and Europe that led to the recent financial crisis.

“These results show that Canadians strongly support the government’s move to reject an unfair tax on Canada’s financial institutions,” said Nancy Hughes Anthony, President and Chief Executive Officer, Canadian Bankers Association. “We hope that the upcoming G20 meeting will focus on developing effective, even-handed regulations that will prevent a repeat of the global financial crisis.”

The Strategic Counsel survey also revealed that Canadians are concerned about the impact of new international banking regulations on banks in Canada. Eight-in-ten Canadians (80 per cent) agree with the view that Canada’s banks were a major exception when it came to the problems in the financial sector over the last year. As a result, Canada’s banks should not be put at a disadvantage when it comes to new regulation.

“Those who are in favour of a bank tax see this as a way to recoup the costs of bank bailouts in other countries and curb speculative behaviour. It doesn't seem fair to make the customers and shareholders of financial institutions throughout the world fund the bailouts of a handful of financial institutions,” said Ms. Hughes Anthony. “What is important is stability in the financial sector and good risk management, which you do not get by imposing a tax on financial institutions.”

When asked about their impressions of Canada’s banks, 78 per cent of Canadians registered favourable impressions. As well, more than eight-in-ten (81 per cent) of Canadians believe that Canada’s banks are more stable and secure compared to other banks around the world.

Survey Methodology

The survey findings are based on a national proportionate sample of 1200 adult Canadians 18 years or older who were interviewed by telephone between May 5 and May 12, 2010. The results are accurate within +/-2.9 percentage points, 19 times out of 20.

The Canadian Bankers Association works on behalf of 50 domestic banks, foreign bank subsidiaries and foreign bank branches operating in Canada and their 263,400 employees. The CBA advocates for effective public policies that contribute to a sound, successful banking system that benefits Canadians and Canada's economy. The Association also promotes financial literacy to help Canadians make informed financial decisions. www.cba.ca.

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For more information:
Andrew Addison, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca

Backgrounder: What Canadians Think About Their Bank

Canadian Bankers Association welcomes legislation to create a national securities regulator

Canadian Bankers Association — Wed, 26 May 2010 05:00:00 +0000

For Immediate Release

Toronto, ON, May 26, 2010 – The Canadian Bankers Association (CBA) applauded today’s move by the federal government to table legislation to create a national securities regulator. A single, Canadian regulator will offer improved investor protection and greater efficiencies in capital markets and will reduce the cost of raising capital for businesses across the country.

“We are pleased by the government’s perseverance on this important economic issue as Canada’s current fragmented system puts us out of step with other countries around the world,” said Nancy Hughes Anthony, President and Chief Executive Officer, Canadian Bankers Association. “We believe a national securities regulator will benefit businesses of all sizes in all parts of Canada and improve our global competitiveness.”

The CBA agrees with the federal government’s decision to bring the proposed legislation to the Supreme Court of Canada and will continue to support the government’s efforts to create a national securities regulator.

For many years the CBA has advocated for efficient securities regulation, with the strong belief that a national regulator would benefit all Canadians. This includes entrepreneurs and businesses seeking capital to grow and create jobs, savers and investors seeking opportunities to build their financial future in a secure marketplace, and employees working for companies that depend on the capital markets for financing and growth.

“We are also pleased to see that the national securities regulator will ensure that market participants benefit from regional policy and regulatory expertise in locations across the country,” said Ms. Hughes Anthony.

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For more information:
Andrew Addison, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca

Teach money matters in school as part of a national strategy on financial literacy: Canadian Bankers Association

Canadian Bankers Association — Fri, 30 Apr 2010 14:06:31 +0000

FOR IMMEDIATE RELEASE
April 30, 2010

Toronto, ON – The Canadian Bankers Association (CBA) today submitted a report to the Task Force on Financial Literacy containing recommendations for the creation of a national strategy to increase the financial literacy of Canadians. Among suggestions included in the report, the CBA encourages federal, provincial and territorial governments to work together to make financial education a mandatory part of the secondary school curriculum taught across the country.

“Financially literate Canadians are a vital part of a strong national economy,” said Nancy Hughes Anthony, President and Chief Executive Officer of the Canadian Bankers Association. “By directly educating students on financial matters within the secondary school system, we can ensure that all young Canadians have the strong foundation necessary to help them make sound financial decisions throughout their lifetime.”

Beyond the education system, the CBA’s submission also highlights the key role that families play as a major source of information about personal money management and how to approach it. A recent CBA study found that two-thirds of teenagers (65 per cent) and nearly three-quarters of parents (73 per cent) identified parents as the primary source of information about managing money and finances for teens. Furthermore, 92 per cent of parents and 81 per cent of teens reported discussing money and financial matters at home together. A national strategy on financial literacy should recognize the influence that families have in shaping young people’s healthy attitudes toward money and provide tools to help parents educate their children.

“Both parents and teenagers recognize the importance of financial literacy and agree that parents play a substantial role in the financial education of their teenage children,” said Ms. Hughes Anthony. “A national strategy on financial literacy should take advantage of this strong relationship and provide parents with support so they can present their children with the best information available.”

To ensure all Canadians can easily access financial literacy information and related materials, the CBA recommends that the federal government create and promote a single, online portal where Canadians can find financial literacy information, activities, tools, links to participating organizations and other related news and data. A logical host to manage such a central hub would be the Financial Consumer Agency of Canada, which already provides consumers with valuable information on financial matters.

In addition a national financial literacy strategy should tap into the broad expertise and experience of the private sector, including banks and other financial service providers.

“Millions of Canadians turn to banks every day for products, services and advice to help them save, buy homes, start businesses and plan for retirement,” said Ms. Hughes Anthony. “Banks in Canada have much to offer when it comes to effectively reaching out to Canadians about financial matters.”

The job before the Task Force is indeed a challenging one and would be extremely difficult without reliable data that provides insight into Canadians’ financial literacy needs and identifies where gaps in knowledge currently exist. To be most effective, the development of national strategy should be heavily based on quantitative research that can tells us where we stand today, where we need to go and eventually to tell us how far we have come as a country.

The CBA and its member banks have been dedicated to boosting financial literacy levels for years. For over a decade, the CBA has brought financial literacy to Canadians through its high school seminar program, YourMoney, which has taught more than 186,000 senior high school students about budgeting, borrowing, saving, investing, and protecting themselves from fraud. The non-commercial seminar uses volunteer bankers from the local community to teach young Canadians about responsible money management. YourMoney is offered in collaboration with the Financial Consumer Agency of Canada (FCAC).

To view the CBA’s full submission to the Task Force on Financial Literacy, please visit: contents/files/submissions/sub_20100429_taskforcefinlit_en.pdf

The Canadian Bankers Association works on behalf of 51 domestic banks, foreign bank subsidiaries and foreign bank branches operating in Canada and their 263,400 employees. The CBA advocates for effective public policies that contribute to a sound, successful banking system that benefits Canadians and Canada's economy. The Association also promotes financial literacy to help Canadians make informed financial decisions. www.cba.ca.

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For more information:
Andrew Addison, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca

Submission to the Task Force on Financial Literacy (PDF)

Canadian Bankers Association recommends governments allow more flexibility in Canada’s private sector retirement savings system

Canadian Bankers Association — Tue, 27 Apr 2010 16:59:00 +0000

For Immediate Release
April 27, 2010

Toronto, ON – The Canadian Bankers Association has provided the federal government with a submission outlining its views on Canadians’ savings and the adequacy of Canada’s pension and retirement system. The submission, Enhancing Canadians’ Savings Options, provides suggestions on how governments can make Canada’s retirement savings system more flexible, and underlines the importance of ensuring that Canadians have the tools and skills needed to manage their financial security throughout their life and into retirement. The submission elaborates on the CBA’s November 2009 report, Modernizing Canada’s Retirement Savings System.

“Canadians save in many different ways depending on their age and individual circumstances and Canada’s retirement savings system should reflect this,” said Nancy Hughes Anthony, President and Chief Executive Officer, Canadian Bankers Association. “While our current system is indeed strong, there are some adjustments needed to improve the flexibility of the system so that all Canadians have an opportunity to save for retirement.”

The submission highlights the importance of looking at financial security at all stages of a family’s lifecycle. Individuals’ financial priorities change throughout their lives and public policy should reflect this fact. A one-size-fits-all public sector approach cannot effectively address the savings needs of all Canadians. Individuals should have a variety of savings options available to them and have the ability to use new and different tools as their needs evolve over time.

Open Access to Structured Pension Plans

One way to introduce more flexibility into the private sector retirement savings system is by de-linking pension plans from employment relationships. Currently, participation in a structured pension plan is only available to individuals through their employer, leaving many Canadians outside the structured plan system. As the CBA’s submission notes, revising federal regulations to allow multi-employer and third party pension plans would enhance access to structured plans for many people currently shut out of structured plans, such as employees of small and medium sized businesses and self-employed individuals.

“One of the best ways to improve the current system is to give all Canadians the opportunity to participate in a structured pension plan,” said Ms. Hughes Anthony. “This would not only encourage more people to save for their retirement, it would introduce new competition into the market and would lower costs for consumers through economies of scale.”

Expert Advice

Understanding how to manage money and save for retirement is a key factor in achieving financial security and the banking industry believes that sound, professional advice is an extremely important part of the retirement planning process. Saving for retirement involves long-term planning that takes into account potential changes in income, expenses, personal tax status and risk tolerance, not to mention market fluctuations and other economic factors. Without adequate consideration of all these factors and more, individuals may find themselves financially unprepared for retirement.

Banks and other financial institutions employ thousands of trained experts who provide customers with sound financial advice and help individuals balance priorities, set realistic goals and manage debt so that they are able to sufficiently save for their retirement needs.

“In the public policy discussions now underway, it is important to recognize that financial planning and advice provided by the private sector are key components of an effective national retirement savings system,” said Ms. Hughes Anthony.

The CBA’s submission was provided to the government in response to its March 24th consultation paper, “Ensuring the Ongoing Strength of Canada’s Retirement Income System”. The full CBA submission can be found at the following link: www.cba.ca/en/component/content/publication/67-submission-reports-and-letters#y_2010

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For more information:
Andrew Addison, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca

Final Call for Nominations for the Canadian Banks' Law Enforcement Award

Canadian Bankers Association — Wed, 07 Apr 2010 18:51:01 +0000

For Immediate Release

Toronto, ON, April 7, 2010 – The deadline to submit nominations for the 2010 Canadian Banks’ Law Enforcement Awards (CBLEA) is fast approaching. Nominations from banks and Canadian law enforcement agencies will be accepted by the Canadian Bankers Association (CBA) until May 14, 2010. The award recognizes outstanding police work in fighting crime against Canada’s banks.

“The banking industry works very closely with law enforcement officers from across the country and their dedication helps banks protect their customers from fraud and keep bank branch staff and customers safe,” said William J. Crate, Director, Security at the Canadian Bankers Association. “With this Award, the banking industry can recognize officers who have gone above and beyond the call of duty when investigating crimes against banks.”

Additional information about the nomination process and eligibility, as well as a list of past award recipients, can be found on the CBA website at www.cba.ca/award.

Eligibility

exceptional bravery, a degree of resourcefulness or an individual knowingly putting themselves at risk protecting bank employees, customers or bank property.
investigations involving unusual obstacles, extenuating circumstances, lengthy period of time or personal sacrifice

About the CBLEA

Since the creation of the CBLEA in 1972, 214 officers from across Canada have been honoured for their outstanding bravery, investigative ability and other noteworthy achievements to combat crimes against the banking industry in Canada. This year’s awards will be presented at the closing ceremony and dinner of the Canadian Association of Chiefs of Police annual conference in Edmonton on August 25, 2010.

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For more information:
Andrew Addison, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220, Cell: (416) 587-7733,
E-mail: aaddison@cba.ca

Canadian Banks’ Law Enforcement Award

Canadian Bankers Association responds to Ontario budget

Canadian Bankers Association — Thu, 25 Mar 2010 21:32:35 +0000

For Immediate Release

Toronto, Ontario, March 25, 2010 – The Canadian Bankers Association (CBA) welcomes the acknowledgement in today’s Ontario budget of the key role of the banking sector in the long term economic growth of the province. As noted in the budget, Ontario’s financial services sector is a world leader that provides thousands of jobs and drives significant economic activity.

In addition, the CBA commends the government’s continued commitment of moving to a competitive tax structure for businesses and individuals.

“We believe that creating and sustaining a competitive tax advantage is a key factor in strengthening the provincial economy and building long term prosperity,” said Nancy Hughes Anthony, President and Chief Executive Officer, Canadian Bankers Association. “We applaud the government’s continued commitment to ensuring that its tax system is a source of economic growth and job creation.”

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For more information:
Andrew Addison, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca

Canadian Bankers Association welcomes Canada-wide pension consultations

Canadian Bankers Association — Wed, 24 Mar 2010 19:41:08 +0000

For Immediate Release

Toronto, ON, March 24, 2010 – The Canadian Bankers Association (CBA) welcomes the public consultation process on Canada’s retirement income system announced today by Minister Flaherty. The CBA shares the concerns that have been expressed about the adequacy of Canadians’ savings in general and retirement savings in particular.

“The current retirement savings system is not broken – quite the opposite, it is a strong and well-functioning system, but it is in need of some improvements,” said Nancy Hughes Anthony, President and CEO of the Canadian Bankers Association. “We will be participating in the public consultation process and will provide the government with specific recommendations that would make our already good retirement savings system even better. We encourage all stakeholders not to rush to a solution but to take the time to understand the issue in all its complexity.”

As providers of retirement savings vehicles, sponsors of defined benefit pension plans, and providers of advice to Canadians throughout their financial life cycles, banks in Canada have been actively exploring ways to strengthen Canada’s retirement savings system.

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For more information:
Andrew Addison, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca

Canadian Bankers Association: Reaction to federal budget

Canadian Bankers Association — Thu, 04 Mar 2010 23:52:39 +0000

TORONTO, ONTARIO, March 4, 2010 – The Canadian Bankers Association (CBA) today welcomed the federal government’s continued commitment to reduce corporate tax rates for Canadian businesses big and small as announced in today’s federal budget. This is an important measure that will contribute to Canada’s economic recovery and job creation.

However, the budget also proposed certain measures and additional regulations that raise concerns for the banking industry.

“On the one hand, we’re pleased to see measures that will help all businesses and contribute to Canada’s long-term economic growth,” said Nancy Hughes Anthony, President and CEO, Canadian Bankers Association. “Unfortunately, there are some proposed new measures that were introduced today that lead us to question whether they will have the intended benefits for consumers and bank customers.”

On the positive side, the government announced that it will introduce legislation setting out a framework for covered bonds. This is good news as it will increase legal certainty for investors in these debt instruments, making it easier for Canadian financial institutions to access this low-cost source of funding. This will also level the playing field for Canadian financial institutions competing for funding in international markets.

The budget also included a commitment to review consolidated tax reporting in Canada which will reduce the administrative burden for businesses.

The following measures raise concerns that the CBA will be discussing with the government to ensure that the proposed measures are in the best interest of all consumers:

Reducing the Maximum Cheque Hold Period from Seven to Four Days

Cheque holds protect the customer. If a cheque is returned, the customer’s account will be debited which can cause inconvenience and potential hardship if the customer has already used those funds. Moving to a four-day cheque hold period could create substantial risks that need to be considered. Current cheque hold policies are an important part of the banks’ efforts to control cheque fraud.

Prohibiting Negative Option Billing in the Financial Sector

It is not clear why the government is proposing new measures in this area. The industry already has very strong disclosure standards and has a long-standing commitment to not engage in negative option billing practices. Further discussion with the government on its intentions is required.

Standardizing the Calculation and Disclosure of Mortgage Prepayment Penalties

It is important that consumers have the information they need when making financial decisions, including when to prepay a mortgage. However, banks already have very clear disclosure practices that set out specifically what is required when consumers want to pre-pay their mortgages.

Creating a Federal Framework for Credit Unions

The banking industry welcomes new competition into the marketplace, but at the same time it is essential that any new type of national financial institution operate on a level playing field with other players in the marketplace. One of the strengths of the Canadian financial services sector is our robust capital and regulatory standards, and it is important that these be maintained for all federally-regulated institutions. This proposal represents a major change to the federal financial services legislative framework and the banking industry will need to work with the government to review the details carefully.

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For more information:
Andrew Addison, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca

Parents and teens agree - financial literacy a family affair

Canadian Bankers Association — Wed, 10 Feb 2010 17:06:15 +0000

For Immediate Release
February 10, 2010

Toronto, ON - Both parents and teenagers recognize the importance of financial literacy and agree that parents play a substantial role in the financial education of their teenage children, this according to a recent Strategic Counsel survey commissioned by the Canadian Bankers Association (CBA). The survey, developed to compare parents’ assessments of their teenaged children’s financial literacy with teens’ own assessments, also found that the majority of both groups believe that teenagers’ basic money management skills are relatively strong but more sophisticated capabilities, such as investing and understanding personal credit history, are underdeveloped.

Learning begins at home

The study found that a substantial majority of parents (95 per cent) and teenagers (86 per cent) agree that an understanding of money and financial matters is an important component of an individual’s education. And learning begins at home with two-thirds of teens (65 per cent) and nearly three-quarters (73 per cent) of parents citing parents as the primary source of information about managing money and finances. Moreover, 92 per cent of parents and 81 per cent of teens report discussing money and financial matters at home together.

“These results are encouraging and show that across the country, household discussions about money management and financial issues are taking place,” said Nancy Hughes Anthony, President and CEO, Canadian Bankers Association. “The global financial crisis has certainly highlighted the importance of financial literacy and personal money management so it’s good to see that parents and teens are discussing these issues.”

Other sources of information on financial matters were self-learning, identified by 13 per cent of parents and 18 per cent of teens and school courses, cited by seven per cent of parents and 12 per cent of teens.

Strong basic financial skills

Encouragingly, the study found that approximately two-thirds of both parents (64 per cent) and teenagers (68 per cent) describe teenagers’ basic financial understanding as good or very good. Furthermore, 66 per cent of parents and 72 per cent of teens reported that teens are well or very well equipped to manage their money.

Looking at specific financial skill sets, the survey found:

84 per cent of teens and 68 per cent of parents reported teens have an excellent or good understanding of the value of saving money.
73 per cent of teens and 59 per cent of parents reported teens are excellent or good with their own personal money management
66 per cent of teens and 52 per cent of parents reported teens are doing an excellent or good job of saving for their future.

Interestingly, 64 per cent of teens reported they had personal savings set aside for their education, but only 56 per cent of parents reported their teens had done so. These results suggest that teenagers may exert more independence in their personal financial management than parents realize.

Room for improvement

While both groups agree that teens have relatively strong basic money management skills, the survey results show that the same may not be true with more sophisticated financial matters:

56 per cent of teens and 64 per cent of parents reported teens have a fair or poor understanding of credit ratings and personal credit history
59 per cent of teens and 71 per cent of parents reported teens have a fair or poor understanding of investing
63 per cent of teens and 71 per cent of parents reported teens have a fair or poor understanding of borrowing and accessing credit

Financial ability increases with age

While these numbers certainly show there is room for improvement in teenagers’ understanding of complex financial issues, the study also found that age has a substantial influence on how teens rate their money management capabilities. In every category examined, teens’ self-reported skill levels increased as the age of the respondent increased.

For example, on the issue of budgeting, 67 per cent of all teens described their skills as excellent or good. However, when broken down by age, the results tell an interesting story:

Among teens aged 14 and 15, 58 per cent described their skills as excellent or good
Among teens aged 16 and 17 this number jumps to 66 percent
Among teens aged 18 and 19 it further increases to 73 per cent

This pattern was consistent in every performance area examined in this study.

“This may be a case of ability and confidence increasing with experience,” explained Ms. Hughes Anthony. “As teenagers grow older they handle money more regularly, for example many get part time jobs and receive regular paycheques. This regular interaction with money may deepen their understanding of financial matters. Along these same lines, most teenagers have limited experience with investing and credit, which may help explain why they provided lower self-assessments in these areas.”

Survey methodology

This survey was commissioned by the Canadian Bankers Association and conducted by The Strategic Counsel. Two studies were conducted on-line using quotas by region and by age. The first study was conducted among 1,000 parents of children between the ages of 14 and 19 years and took place between December 9 and December 14, 2009. The second study was conducted among 1,000 teenagers between the ages of 14 and 19 years and took place between December 8 and December 13, 2009. A random probability sample of 1,000 respondents would yield a margin of error of plus or minus 3.1 percentage points at the 95 percent confidence interval.

A detailed backgrounder and survey results are available at www.cba.ca.

Banks and financial literacy

Banks in Canada provide a wide range of educational materials for their young customers, including information about how to read a bank statement, the importance of saving and budgeting, and how interest works. Many banks also offer no-fee youth and student accounts, so young people are able to learn about money management and banking through hands-on experience.

The CBA has long been a strong advocate of financial literacy in Canada. For over a decade, the CBA has brought financial literacy to Canadians through its high school seminar program, YourMoney, which has taught more than 186,000 senior high school students about budgeting, borrowing, saving, investing, and protecting themselves from fraud.

The non-commercial seminar uses volunteer bankers from the local community to teach young Canadians about responsible money management. YourMoney is offered in partnership with the Financial Consumer Agency of Canada (FCAC). Teachers and bankers interested in finding out more about the YourMoney program or bringing it to their classroom are encouraged to visit www.yourmoney.cba.ca.

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For more information:
Andrew Addison, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca

Nominations Now Being Accepted for Canadian Banks' Law Enforcement Award

Canadian Bankers Association — Wed, 03 Feb 2010 16:57:39 +0000

For Immediate Release
February 3, 2010

Toronto, ON – The Canadian Bankers Association (CBA) is now accepting nominations for the 2010 Canadian Banks’ Law Enforcement Awards (CBLEA), which recognizes outstanding police work in fighting crime against Canada’s banks.

Nominations from banks and Canadian law enforcement agencies will be accepted until April 30, 2010.

Eligibility

exceptional bravery, a degree of resourcefulness or an individual knowingly putting themselves at risk protecting bank employees, customers or bank property.
investigations involving unusual obstacles, extenuating circumstances, lengthy period of time or personal sacrifice

Additional information about the nomination process and eligibility, as well as a list of past award recipients, can be found on the CBA website at www.cba.ca/award.

About the CBLEA

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For more information:
Andrew Addison, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca

Banks call for colleges of supervisors to better manage risk: IBFed

Canadian Bankers Association — Tue, 12 Jan 2010 16:29:42 +0000

A more globally coordinated approach to liquidity reporting by banks is needed the International Banking Federation [IBFed] said today. The IBFed called on the Basel Committee to use colleges of supervisors to help tailor liquidity reporting requirements for individual banks, based on a menu of different reporting options.

The IBFed also said that this approach would improve the international stability of the banking system by cutting out much of the multiple reporting that currently goes on and which is costly and introduces unnecessary duplication into the system.

Simon Hills, chair of IBFed’s Basel working party, said:

“The IBFed wants liquidity reporting to be tailored to individual banks because a ‘one size fits all’ approach is not the best way to ensure that banks properly manage risk. This is particularly important for banks operating across international borders which are currently required to complete different reports for the authorities of the different countries in which they operate.

“IBFed’s longer term objective is for regulators to develop a more holistic approach to regulating liquidity, mirroring the way in which internationally active banks tend to manage funding in order to cut costs and avoid liquidity being tied up in different countries, limiting the international flow of funds. “

Mr Hills said the IBFed recognised this was unlikely to happen overnight but developing an internationally harmonised liquidity reporting framework and improving information sharing between regulators would be an important first step towards this ultimate objective.

For further information contact:

BRITISH BANKERS’ ASSOCIATION:
Brian Capon Tel: +44 (0) 207 216 8810 E: brian.capon@bba.org.uk

AMERICAN BANKERS ASSOCIATION
Jonathan Snowling Tel +00 1 202-663-5468 E: jsnowlin@aba.com

CANADIAN BANKERS ASSOCIATION
Maura Drew-Lytle Tel +00 1 416.362 6093 Ext 338 E: MDrewLytle@cba.ca

EUROPEAN BANKING FEDERATION
Florence Ranson +32 (0)2 508 37 34 E: f.ranson@ebf-fbe.eu

JAPANESE BANKERS ASSOCIATION
Masaaki Misawa +81-3-5252-4316 E: misawa@zenginkyo.or.jp

Notes for Editors

1. IBFed released its discussion paper, “Harmonising Liquidity Risk Reporting through Colleges of Supervisors” following the Basel Committee on Banking Supervision’s release of its consultation paper on the proposed “International framework for liquidity risk measurement, standards and monitoring” which can be found at: http://www.bis.org/publ/bcbs165.pdf?noframes=1

Seize window of opportunity to make financial services a key Canadian industry

Canadian Bankers Association — Mon, 07 Dec 2009 00:00:00 +0000

Long-term vision needed to maintain Canada’s competitive advantage

For Immediate Release
December 7, 2009

Ottawa, ON – Today Canada’s banks, financial regulators and the Canadian government have a unique opportunity to build on our financial sector’s current position of strength to develop a vision of financial services as a key strategic industry for this country. That was the message delivered by Nancy Hughes Anthony, President and CEO of the Canadian Bankers Association, in a speech today to the Economic Club of Canada in Ottawa.

“As we emerge from the global financial crisis, now is the time for government and regulators to pause and reflect, to consider how, together with our banks, they can help maintain Canada’s competitive advantage in financial services,” said Ms. Hughes Anthony. “With cooperation, we can develop a shared commitment to making Canada’s financial services industry a world leader: a flagship industry for Canada in the global marketplace.”

In support of this position, Ms. Hughes Anthony highlighted that, while there have been 150 bank failures in the United States and hundreds of billions of dollars in taxpayer-funded bailouts, Canada has not had a single bank failure and the Canadian government has not had to use taxpayers’ money to bailout Canada’s banks. She went on to caution policy makers against rushing into decisions without fully understanding or considering their long-term implications.

“Prudent regulation has certainly helped our financial sector achieve its current level of success while protecting Canadians, but it has not been responsible for the banks’ growth or their own risk management,” noted Ms. Hughes Anthony. “The key will be to give banks the maximum amount of freedom to grow, balanced with the minimum level of regulation necessary for protection. Changes to regulation should be limited and implemented only after thorough consultation with those whose businesses stand to be affected.”

Ms. Hughes Anthony pointed to four main areas of action to help Canada’s financial system capitalize on its current strengths:

A principles-based approach to regulation of the financial sector, which avoids the dangers of over-regulation and regulation that is too prescriptive.
A national, uniform approach to the regulation of financial services that includes a single securities regulator. Today Canada is the only industrialized country without a national regulator for securities.
Legislation to protect both consumers and financial institutions from financial crimes, including fraud. Measures like the recently-passed federal identity theft legislation are a good step in the right direction.
The government should stay the course with respect to the direction of its taxation policies. It has made excellent progress to date and this will have a beneficial impact on all businesses, on jobs and economic growth across Canada.

It is the combination of good regulation and good management that has made Canada’s banks strong and well-positioned globally. But government policies and regulation cannot build a business or an industry. That takes good management, which Canada’s banks have demonstrated that they have. Canada’s banks avoided irresponsible mortgage lending, maintained higher capital levels than they were required to, kept credit flowing to help businesses grow and continued to invest in technology, branches and jobs.

This is why, as Ms. Hughes Anthony noted in her speech, it is not surprising that a recent Strategic Counsel survey found that more than three-quarters of Canadians have favourable views of our banks and that this number has grown since the start of the global financial crisis. Furthermore, over 80 per cent believe our banks are stable and secure and 88 per cent agree that it is important for Canada to have a strong banking sector that can compete internationally.

Ms. Hughes Anthony concluded her presentation noting that it will be through cooperative efforts that a truly visionary national strategy for financial services will emerge, to the benefit of all Canadians.

The full text of the speech is available through the following link: http://www.cba.ca/contents/files/presentations/pre_20091207_nha_01_en.pdf

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For more information:
Andrew Addison, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca

Retirement savings system not broken but needs improvement to help Canadians save more

Canadian Bankers Association — Fri, 27 Nov 2009 14:57:07 +0000

For Immediate Release
November 27, 2009

Toronto, ON – As governments from across the country grapple with how to ensure that Canadians have adequate retirement savings, the Canadian Bankers Association (CBA) today released a report outlining its views that Canada already has a good retirement savings systems in place, but some necessary fixes to out-of-date and restrictive rules should be implemented to increase savings.

The report, “Modernizing Canada’s Retirement Savings System”, presents new research on Canadian household savings. It found that families save in many different ways depending on factors such as their stage in life and whether or not they have an employer-sponsored pension plan. The CBA report cautions, therefore, against rushing into a one-size-fits-all public approach, such as creating a new government pension plan, when it may not be the best solution and could duplicate existing private retirement savings and employer-sponsored pension programs.

“Ensuring that all Canadians have sufficient retirement savings is a national issue, and requires national public policy solutions that will encourage Canadians to save more,” said Nancy Hughes Anthony, President and CEO of the Canadian Bankers Association. “The banking industry believes that the retirement savings system in Canada is not broken, but it is in need of some urgent improvements. Why reinvent the wheel when it may be more effective for governments in Canada to work together to improve the private-sector, tax-assisted system that we already have?”

How to repair the current system

In the report, the CBA makes a number of recommendations about how the current retirement savings system could be modernized to help Canadians better prepare for retirement. Among the recommendations are:

Encouraging the development of new and innovative types of pension plans – For example, the right to offer pension plans should be de-linked from the employment relationship, and legislation should allow the development of multi-sponsor or third party plans open to a wider range of membership. Such plans could lower costs because of economies of scale, offer small and medium sized businesses effective alternatives to setting up their own plans and be open to self-employed individuals, so more Canadians have the opportunity to participate in pension plans.
Improving Registered Retirement Savings Plan (RRSP) rules – To help give older Canadians “more retirement income bang from their savings buck”, the CBA makes a number of recommendations, including increasing the age at which an RRSP must be closed out and taxing RRSP withdrawals at more favourable rates. Also, the report suggests a lifetime approach to tax-assisted retirement savings rather than an annual approach so that workers who have difficulty saving in certain periods of their lives can catch up when they are in a position to save more.
Harmonizing pension laws – Harmonizing pension laws across the federal and provincial jurisdictions would remove barriers for companies operating in more than one province when considering whether to offer pension plans to their employees. The Ontario government has said that it is considering pension harmonization with the federal government’s recent reform proposals, and the CBA urges other provinces to do the same.

The CBA report also points out the need for enhanced financial literacy as it relates to savings in general and retirement savings in particular. The federal government has taken a leadership role in this area through a number of initiatives, including creating the Financial Literacy Task Force. As a strong proponent of increased financial literacy among Canadians of all ages, the banking industry supports the federal government’s efforts and is encouraging the Task Force to ensure that retirement planning is a key element of its deliberations.

“It is our belief that coordinated action by governments across Canada to modernize these retirement savings rules would strengthen the ability of the private sector to help Canadians save for their retirement,” said Ms. Hughes Anthony. “Rather than limiting the options available to Canadians, the focus should be on making better use of the resources, expertise and advisory skills of the private sector to develop retirement savings vehicles that meet the needs of families at different stages of their life cycle.”

The CBA report was submitted to the Research Working Group on Retirement Income Adequacy, the group created by the federal, provincial and territorial Ministers of Finance in May 2009 to study retirement adequacy in Canada. Chaired by Ted Menzies, parliamentary secretary to federal Finance Minister Jim Flaherty, and supported by research director Jack Mintz and finance ministers from British Columbia, Alberta, Manitoba, Ontario and Nova Scotia, the Working Group is expected to report to finance ministers and ministers responsible for pensions by the end of 2009.

The full report, including the CBA’s research and recommendations, can be found at
www.cba.ca/contents/files/submissions/sub_20091209_pension_en.pdf.

The Canadian Bankers Association (CBA) works on behalf of 50 domestic banks, foreign bank subsidiaries and foreign bank branches operating in Canada and their 263,400 employees. The CBA advocates for effective public policies that contribute to a sound, successful banking system that benefits Canadians and Canada’s economy. The Association also promotes financial literacy to help Canadians make informed financial decisions.

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For more information:
Andrew Addison
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca

CBA Report: Modernizing Canada’s Retirement Savings System

IBFed says it's time for action

Canadian Bankers Association — Fri, 06 Nov 2009 18:06:36 +0000

G20 members need to follow through on their commitments, the International Banking Federation [IBFed] told Finance Ministers attending this weekend’s G20 Summit in Scotland today. The IBFed called on governments to focus on the coordinated reforms they had signed up to at previous summits, adding up the total cost and impact of what they were suggesting before agreeing more and more new measures.

Nancy Hughes Anthony, Chairman of the IBFed and CEO of the Canadian Bankers’ Association, said:

“Worldwide the banking industry recognises the need for reform and is committed to working with governments and regulators to bring about effective change. But change must be co-ordinated to be effective and we need to fully understand the cost and implications of all the measures we have already agreed. It is vital we understand the total impact of measures already agreed. These must be assessed urgently. Failing to do so risks the development of an incoherent regulatory regime or the implementation of measures which will have a very real impact on a fragile world economy.

"The IBFed supports many of the regulatory changes identified by the G20 but the high level of coordination and agreement reached in previous summits must not be lost. Markets are global and it is important that regulatory regimes and policy makers recognise this. Warm words won't fix the banking industry. G20 members need to follow though on the decisions they have already taken."

Notes to editors:

The IBFed is the representative body for national and international banking federations from leading financial nations around the world. Its membership includes the American Bankers’ Association, the Australian Bankers’ Association, the Canadian Bankers’ Association, the European Banking Federation, and the Japanese Bankers’ Association. The China Banking Association, Indian Banks’ Association and the Bankers’ Association of South Africa are associate members. This worldwide reach enables the Federation to function as the key international forum for addressing legislative, regulatory and other issues of interest to the global banking industry.
The G20 Finance Ministers meet in St Andrews, Scotland on 6 and 7 November 2009.

IBFed G20 Finance Ministers Letter – November 2009

New identity theft legislation welcomed by the Canadian Bankers Association

Canadian Bankers Association — Tue, 27 Oct 2009 13:44:46 +0000

For Immediate Release
October 27, 2009

Toronto, ON – The Canadian Bankers Association (CBA) today applauded federal Justice Minister Rob Nicholson, the Government of Canada and all Parliamentarians for passing legislation that will protect Canadians against identity theft.

“The CBA has long advocated for the need to make identity theft a defined offence under the Criminal Code in Canada,” said Nancy Hughes Anthony, President and CEO of the CBA. “With this legislation, law enforcement agencies will now be able to charge criminals for possessing the personal information of others before it is used for fraud or theft. Police were not able to do that before, so this is a huge step forward.”

Identity theft, the theft of personal information, can lead to a wide variety of crimes – from financial fraud and forgery to real estate fraud and the abuse of government programs. Banks take their role in the fight against financial fraud extremely seriously and have highly sophisticated security systems and trained experts to protect customers’ information and to protect them from financial fraud. They also work closely with law enforcement on their investigations and help educate consumers about steps they can take to minimize the risk of becoming a victim.

For more information on identity theft, financial fraud and consumer protection tips, visit the CBA website at www.cba.ca/fraud.

The Canadian Bankers Association (CBA) works on behalf of 50 domestic chartered banks, foreign bank subsidiaries and foreign bank branches operating in Canada and their 263,400 employees. The CBA advocates for effective public policies that contribute to a sound, successful banking system that benefits Canadians and Canada’s economy. The Association also promotes financial literacy to help Canadians make informed financial decisions.

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For more information:
Andrew Addison
Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca

Canada’s banks welcome federal government move to level international playing field with interbank loan insurance

Canadian Bankers Association — Fri, 23 Oct 2009 00:00:00 +0000

For Immediate Release
October 23, 2008

Toronto, ON – The Canadian Bankers Association welcomed the announcement today that the federal government will create the Canadian Lenders Assurance Facility to provide temporary loan insurance for inter-bank borrowing by Canadian banks.

“Canada’s banks are well capitalized and financially sound with or without this federal government loan insurance,” said Nancy Hughes Anthony, president and CEO of the Canadian Bankers Association. “Governments around the world have guaranteed loans between banks and our federal government has recognized that, without a similar move in Canada, our strong banks could find it more difficult to compete for loans on the international market, which ultimately could affect borrowing for consumers and businesses.”

Canada’s banks are well managed and well regulated and have largely avoided the financial problems that have impacted some banks in other countries. Canadian banks have been prudent lenders, avoiding the sub-prime mortgage loans that were popular in the United States, and were also the first in the world to adopt the advanced approaches to risk management under the new international Basel II capital framework.

“Our banks stand head and shoulders above the rest in terms of responsible lending practices and prudent management and this has allowed them to weather this storm better than most,” said Ms. Hughes Anthony. “But the difficulties in global credit markets are the result of problems that originated outside of Canada. We are not immune to the impacts of that turbulence, although Canada’s banks are in a far better position to deal with these new realities than others have been.”

A recent World Economic Forum report found that Canada’s banking system is the most sound in the world.¹ The International Monetary Fund also found that: “The Canadian financial sector is among the world’s most highly developed. The institutions, markets, infrastructure, safety nets, and oversight arrangements that comprise the system are sophisticated.”²

The Canadian Bankers Association works on behalf of 51 domestic chartered banks, foreign bank subsidiaries and foreign bank branches operating in Canada and their 257,000 employees to advocate for efficient and effective public policies governing banks and to promote an understanding of the banking industry and its importance to Canadians and the Canadian economy.

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For more information:
Andrew Addison, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca

¹ World Economic Forum, “Global Competitiveness Report 2008-2009”, October 2, 2008, page 456.
² International Monetary Fund, “Canada: Financial System Stability Assessment – Update”, February 2008, page 6.

Survey reveals challenges for small businesses during economic downturn

Canadian Bankers Association — Fri, 16 Oct 2009 19:12:51 +0000

For Immediate Release
October 16, 2009

Toronto, ON – The current economic downturn has been challenging for small businesses and a recent survey shows how they have coped and what that means for their relationship with their bank. The Strategic Counsel and the Canadian Bankers Association (CBA) recently conducted a survey of small-and medium-sized enterprise (SME) owners across Canada and found that 43 per cent of SMEs reported a significant reduction in business revenue over the last 12 months. However, it is encouraging that 57 per cent did not.

Noteworthy is the fact that the longer the businesses have been operating, the more they reported decreased revenues: 46 per cent of SMEs operating for more than 20 years had reduced revenue compared to only 37 per cent of those operating for 10 years or less.

So how do small businesses cope with tough economic times and decreased revenues? For some it may be cutting back on expenses and operating costs where they can. Some others will seek out additional credit from financial institutions, but they are in the minority. The CBA survey found that 68 per cent of SME owners who have a relationship with a credit provider say they are unlikely to seek additional credit for their business in the next six months while 32 per cent say they will.

Banks meeting SME credit needs

Banks have been very willing to work with their SME customers through the recent tough economic times to help them meet their credit needs. Only three per cent of respondents reported banks have not been at all willing to help.

“Throughout the past year banks have worked hard to help SME owners navigate a difficult economic environment. They have continued to lend to credit worthy businesses and stepped in to fill gaps left as other lenders reduced credit or left the marketplace all together,” said Nancy Hughes Anthony, President and CEO of the Canadian Bankers Association. “The majority of bank business customers are small businesses and banks work in communities across the country to understand the challenges each business faces and find solutions tailored to its needs.”

The substantial majority (78 per cent) of survey respondents have a positive relationship with their main financial institution. Furthermore, of the 77 per cent of SME owners who have a credit relationship with a bank, 90 per cent describe it as good or very good.

More than just credit

Banks play an important part in helping SMEs meet the diverse financial needs that drive growth and innovation. SME owners use banks for a wide range of services, not just credit. The top three bank services used by SME owners are deposit services (82 per cent), transaction accounts (59 per cent) and payment facilitation (51 per cent). When asked what were the most important factors in their relationship with their bank, SME owners identified having a face-to-face relationship (92 per cent), providing low-priced products and services (91 per cent) and providing access to credit (85 per cent).

“SME owners recognize the high level of service banks provide to ensure their needs are consistently met. This is confirmed by the survey results which found that more than half of all respondents had been with their main financial institution for more than 10 years and nearly a quarter (22 per cent) had been with their main financial institution for more than 20 years,” said Ms. Hughes Anthony.

Many SMEs now banking online

While in-branch service with a teller continues to be the most frequent way SME owners conduct their day-to-day business banking – 79 per cent of respondents report using this method – the second most frequently used channel is now online banking at 66 per cent, an increase of 12 per in the past year. Furthermore, 79 per cent of business owners who bank online say Internet banking has made their business more efficient by reducing the time needed to do basic banking.

More information on SMEs and the survey can be found on the CBA website.

Survey methodology

The survey was commissioned by the Canadian Bankers Association and conducted by The Strategic Counsel. The findings are based on a random, representative sample of 200 SME business leaders from across Canada. Respondents were interviewed by telephone from August 10 to 25, 2009. A sample of 200 is accurate within +/-6.9 percentage points, 19 times out of 20.

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For more information:
Andrew Addison, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca

Small and Medium-Sized Enterprises

International financial experts agree: Canadians have the best banks in the world

Canadian Bankers Association — Fri, 09 Oct 2009 17:51:41 +0000

For Immediate Release
October 9, 2009

Toronto, ON – For the second year running, Moody’s Investor Service has ranked Canada’s banks as number one in the world in terms of financial strength. This follows the recent ranking of Canada’s banks as number one in the world for soundness by the World Economic Forum (WEF), also for two years running.

“The international recognition for Canada’s banks confirms the fact that our banks are well managed and use prudent lending practices and this benefits Canadians,” said Nancy Hughes Anthony, President and CEO of the Canadian Bankers Association. “While the recognition is appreciated, what is really important to remember is that our banks have not been a burden to taxpayers and they continue lending to consumers and businesses during the global economic downturn. Banks are playing an important role in Canada’s economic recovery.”

Banks in Canada have taken a prudent approach to lending which has allowed them to avoid the financial difficulties that banks in other countries have experienced. In a survey by The Strategic Counsel, 81 per cent of respondents believe that prudent lending is a key reason why Canadian banks have performed better than their international peers.

Canada’s banks are also among the best capitalized in the world and have been strengthening their capital levels by raising new capital from investors and through retained earnings. This allows the banks to continue to lend and provides a cushion against loan losses. Moreover, Canadian taxpayers have not had to bail out or inject capital into our financial institutions.

Despite tough economic times, credit has continued to be available to creditworthy businesses and banks have helped fill a credit gap as some lenders have slowed their financing or left the Canadian market completely. Banks are also working in collaboration with the federal government’s Business Credit Availability Program (BCAP) as an extra effort to find credit solutions for creditworthy business clients during this challenging economic time.

“While the international attention is new, banks in Canada have a proud history of helping our country prosper and today our strong and stable banking system is at the heart of Canada’s economic recovery and long-term growth,” said Ms. Hughes Anthony. “Our banks are a Canadian success story that all Canadians, and our government, should be proud of.”

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For more information:
Andrew Addison, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca

Canadian consumers lose again

Canadian Bankers Association — Wed, 07 Oct 2009 21:31:59 +0000

For Immediate Release
October 7, 2009

Toronto, ON – In response to a letter sent today to banks by federal Finance Minister Jim Flaherty changing long-standing insurance rules under the Bank Act, the Canadian Bankers Association issued the following statement:

We are completely shocked that Mr. Flaherty would want to limit how and where consumers can access information about insurance. Further, Mr. Flaherty has taken this step without any public consultations with Canadians or the banking industry.

The Bank Act permits banks to offer a full range of insurance products through insurance company subsidiaries. These subsidiaries provide insurance to their customers using a variety of permitted channels and for years, one of those channels has been through the Internet. The rules here are very clear and have been in place for several years.

In June, OSFI looked at this and issued a ruling saying that a bank website is not a bank branch and that banks are in compliance with the Bank Act when they promote insurance products on their websites. We heard no concerns from the government when OSFI issued its ruling, but it’s clear that the Insurance Brokers Association of Canada has been lobbying to have this ruling overturned.

The federal government and all parliamentarians are focused on the enormous challenges of managing the Canadian economy in the face of a global recession. Canada’s banking industry has been a proud partner with the government to help with Canada’s economic recovery.

In the middle of an economic crisis, when others including Canada’s banks are working cooperatively with government and all parliamentarians, is no time to surprise Canadians with changes that limit access to basic financial products.

It is clear that the losers here are consumers, who will be denied access to the information they need to make informed financial decisions.

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For more information:
Andrew Addison, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca

Canadian banks accepting donations for Red Cross relief efforts in Asia Pacific

Canadian Bankers Association — Wed, 07 Oct 2009 14:04:04 +0000

October 7, 2009

Banks in Canada will be accepting donations to support efforts following two typhoons, a tsunami and an earthquake that have affected millions of people in the Philippines, Vietnam, Samoa, Tonga and Indonesia.

Donations to “Canadian Red Cross – International Disaster Relief Fund” can be made between October 8 and November 6, 2009 at any branch of the following banks:

BMO Financial Group
CIBC
Canadian Western Bank
HSBC Bank Canada
Laurentian Bank of Canada
National Bank of Canada
RBC
Bank of Nova Scotia
TD Bank Group

Donations of goods are not accepted.

For more information please see the Canadian Red Cross news release.

Learn how to avoid online threats and protect personal information during Cyber Security Awareness Month

Canadian Bankers Association — Fri, 02 Oct 2009 16:57:00 +0000

For Immediate Release
October 2, 2009

Toronto, ON – The Internet has made it easier than ever to conduct business, keep in touch with friends and manage our finances with greater speed, efficiency and convenience. Unfortunately, criminals also use the Internet to try to gain access to personal and financial information.

October is Cyber Security Awareness Month and, to raise awareness among Canadians, banks have teamed up to provide information, consumer tips and an interactive quiz to educate consumers about online threats so they can protect themselves and their computers.

“Banks and other businesses have sophisticated security systems in place that are very difficult to overcome, which is why criminals are online trying to get confidential, personal information directly from unsuspecting Canadians,” said Nancy Hughes Anthony, President and CEO of the Canadian Bankers Association. “Once the criminals get information such as passwords, personal banking and credit card details and social insurance numbers, that information can be used or sold to others to commit identity theft and financial fraud.”

Protect yourself online

Online browsing habits may unknowingly put individuals in danger of downloading malicious codes or viruses or making personal information available to strangers. Fortunately there are a number of steps individuals can take to protect themselves and their home computers:

Protect your home computer – make sure that you install anti-virus, anti-spyware and Internet firewall tools purchased from trusted retailers or suppliers. Keep these programs enabled and continuously updated to protect your computer against malicious software.
Be wary of downloading free files, programs, software or screensavers – malicious software, like spyware (that secretly monitors what you do online) and keystroke loggers (that secretly track what you are typing) can be hidden within the downloaded file and used to access personal information, such as passwords and financial information.
Protect your passwords – ensure that you create strong and unique passwords for each Internet log-in identity. Pet names, birthdates and simple number combinations (e.g. 1234) are examples of predictable passwords that can be easily “cracked” by criminals. Avoid using the same log-in passwords for multiple websites, especially when they access websites with sensitive personal or financial information.
Be wary of unsolicited pop-up warnings and security alerts – Pop-up messages can be used to distribute malware, so be familiar with your computer’s security alerts and learn to recognize alerts that may be fraudulent. If you receive an unfamiliar or suspicious warning or security message, do not click anywhere on the screen (including the ‘Cancel’ button in the on-screen dialogue box) which may contain malware. Instead, use Alt+F4 or Ctrl+Alt+Delete and launch Task Manager to close the window.
Ensure that you are in a secure environment when doing financial transactions online – look for the closed-lock or unbroken-key icons on your browser when entering credit card or other sensitive data. If you don’t see these icons, or if you see the broken key or the open padlock, your transaction is not being securely transmitted across the Internet and the website may be a fraudulent one.
Clear your cache – when you visit different websites, the website addresses are stored in the cache, or memory, of your computer. Make sure you clear the cache of your browser after visiting secure sites so that nobody else can view any confidential information you may have transmitted.

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For more information:
Andrew Addison, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca

Durham and Calgary police officers to receive awards for heroic efforts in fighting financial crime

Canadian Bankers Association — Wed, 12 Aug 2009 14:51:35 +0000

For Immediate Release
August 12, 2009

Charlottetown, PEI – Shutting down an organized crime syndicate’s multi-million dollar card skimming operation and bringing a knife-wielding serial bank robber to justice – these are the heroic actions of this year’s recipients of the Canadian Banks’ Law Enforcement Award (CBLEA). Detective Jeff Caplan of the Durham Regional Police Service and Detective Stu Keown of the Calgary Police Service will receive the award at this evening’s gala ceremony for the annual Canadian Association of Chiefs of Police Conference in Charlottetown.

“It is a great honour to recognize the outstanding efforts of these two individuals who have gone above and beyond the call of duty to combat crime against Canadian banks, their customers and their employees,” said Nathalie Clark, General Counsel and Corporate Secretary of the Canadian Bankers Association (CBA), who will present the awards this evening on behalf of the banking industry. “Banks in Canada have a close working relationship with police and we assist with many of their investigations. Today’s ceremony is a great opportunity to publicly recognize the hard work of two highly dedicated officers.”

Detective Jeff Caplan – Durham Regional Police Service

As a member of the Durham Regional Police Service’s Major Fraud Unit, Detective Jeff Caplan was a leading investigator with “Project Off-Guard” a joint operation of the Durham Regional Police Service and the Ontario Provincial Police’s Organized Crime Unit. In this role, Detective Caplan developed strong relationships with bank security professionals across the Greater Toronto Area to investigate a series of card skimming crimes that were believed to be connected.

Though his collaborative approach and astute investigative skills, Detective Caplan was instrumental in the identification, profiling and arrest of 93 suspects, resulting in 1063 debit and credit card skimming offence charges. The majority of those arrested are believed to be members of a number of organized crime groups.

Detective Caplan has raised the bar for card skimming investigations in Canada and continues to proactively target the organized crime groups behind these operations.

Detective Stu Keown – Calgary Police Service

On October 5, 2007 an unidentified male armed with a knife entered a Calgary bank branch and demanded money from a customer service representative. This marked the beginning of a string of robberies by one of Calgary’s most prolific bank robbers. Detective Keown, a 28-year veteran of the Calgary Police Service, was able to profile and identify a suspect who had a prior manslaughter conviction.

Detective Keown developed an operational plan to catch and arrest the dangerous suspect, which took into account the safety and security of bank employees and customers. This plan was shared with all financial institutions in the city of Calgary.

Two months after the suspect’s first robbery, a confidential informant provided information which led to an arrest soon after. The suspect was charged with robbing 16 banks and two commercial businesses and is now serving a 12 year federal jail sentence.

About the Canadian Banks’ Law Enforcement Award

Since the creation of the CBLEA in 1972, 214 officers from across Canada have been honoured with the Canadian Banks’ Law Enforcement Award for their outstanding bravery, dedication and other noteworthy achievements in combating crimes against Canada’s banks. For additional information about the CBLEA, please click here.

About the Canadian Bankers Association

The Canadian Bankers Association works on behalf of 50 domestic chartered banks, foreign bank subsidiaries and foreign bank branches operating in Canada and their 263,400 employees. The CBA advocates for efficient and effective public policies governing banks and promotes an understanding of the banking industry and its importance to Canadians and the Canadian economy.

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For more information:
Andrew Addison, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca

Business coalition urges premiers to open trade within Canada as prelude to Canada-Europe negotiations

Canadian Bankers Association — Thu, 30 Jul 2009 00:00:00 +0000

July 30, 2009

OTTAWA - Premiers have a unique opportunity to improve Canada’s negotiating position in free trade talks with the European Union by honouring their commitment to remove barriers to interprovincial trade and labour mobility, a coalition of national business associations said today.

Speaking in advance of next week’s planned meeting of the Council of the Federation in Regina, the business groups urged Canada’s premiers and territorial leaders to accelerate efforts to eliminate internal trade restrictions and put in place an effective dispute settlement mechanism – the two essential elements of a strong economic union.

The provinces and territories will play a key role in the success of the current Canada-EU negotiations since they would be responsible for implementing any treaty obligations that fell within their jurisdiction, including in areas such as the environment, food and agriculture, and government procurement.

Last fall, the Council of the Federation issued a statement promising to collaborate fully with the federal government in hopes of achieving a “comprehensive and ambitious transatlantic accord” that would open new markets for Canadian businesses and create new opportunities for Canadian workers.

Business groups welcome the support of the provinces for the Canada-EU negotiations. But they also point out that Canada has yet to implement a strong and effective free trade agreement within its own borders. In effect, the coalition says, the provinces need to clean up their own backyard first to ensure that Canada is not stymied in its efforts to secure the greatest possible access to European markets.

Last year, the premiers pledged to amend the 1995 Agreement on Internal Trade (AIT) to achieve full labour mobility for Canadians by January 1, 2009. However, the new labour mobility rules have yet to take effect – two jurisdictions still have not signed – and several of the provinces are now seeking exemptions from those provisions. The business coalition urges swift action to fully implement the labour mobility agreement as soon as possible.

In the area of dispute resolution, too, there is much unfinished business. Fourteen years after the AIT went into effect, consumers and businesses – the two groups that are most affected by interprovincial trade barriers – still have no access to an enforceable dispute resolution mechanism.

In April 2008, the business coalition proposed four key steps that, taken together, would eliminate barriers to trade and labour mobility that weaken the domestic economy:

Federal legislation to establish a set of “open trade principles” designed to ensure a free and open market, without discriminatory practices;
The creation of a standing internal trade tribunal that would be accessible to all Canadians as a means of resolving internal trade disputes;
Implementation of all outstanding rulings by panels established under the AIT; and,
An agreement that all tribunal orders and existing panel decisions would be subject to enforcement by the courts at the option of the disputants.

Coalition members include: the Canadian Bankers Association, the Canadian Chamber of Commerce, the Canadian Council of Chief Executives, the Canadian Federation of Independent Business, Canadian Manufacturers and Exporters, the Canadian Petroleum Products Institute, the Certified General Accountants Association of Canada, and the Dairy Processors Association of Canada.

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For further information, please contact:

Carole Presseault, Vice President
Government and Regulatory Affairs
CGA-Canada
Cell: 613 796-0422
cpresseault@cga-canada.org

Ross Laver, Vice President
Policy and Communications
Canadian Council of Chief Executives
Office: 613 238-3727
ross@ceocouncil.ca

Copies of the coalition’s discussion paper, Improving Internal Trade: A Bold Approach, are available online at http://www.cga-canada.org/en-ca/ResearchAndAdvocacy/AreasofInterest/InternalTrade/Pages/InternalTrade.aspx

Canadian Bankers Association welcomes creation of financial literacy task force

Canadian Bankers Association — Fri, 26 Jun 2009 15:43:53 +0000

June 26, 2009

TORONTO – The Canadian Bankers Association (CBA) today welcomed the announcement by Finance Minister Jim Flaherty of the creation of the federal government’s Task Force on Financial Literacy. The task force, which is made up of education leaders and individuals from Canada’s financial services industry and the broader private sector, will make recommendations to the Minister of Finance on a cohesive national strategy on financial literacy.

“Canada’s banking industry has long recognized the importance of financial literacy and we applaud Minister Flaherty for the creation of this task force,” said Nancy Hughes Anthony, President and CEO of the Canadian Bankers Association. “The task force’s broad membership brings a range of expertise to the table and we look forward to working closely with its members to ensure Canadians are better able to make informed choices about important financial decisions.”

For over a decade, the CBA has been bringing financial literacy to Canadians through its high school seminar program, which has taught more than 180,000 young Canadians about budgeting, borrowing, saving, investing, and protecting themselves from fraud.

Last year, the CBA updated its financial literacy program, now called YourMoney, which continues as a non-commercial, in-class seminar using volunteer bankers to teach senior high school students about responsible money management. The YourMoney program is offered in partnership with the Financial Consumer Agency of Canada.

For more information about the CBA’s commitment to financial literacy and the YourMoney program, please visit www.cba.ca and www.yourmoney.cba.ca.

The Canadian Bankers Association (CBA) works on behalf of 50 domestic chartered banks, foreign bank subsidiaries and foreign bank branches operating in Canada and their 263,400 employees. The CBA advocates for efficient and effective public policies governing banks and promotes an understanding of the banking industry and its importance to Canadians and the Canadian economy. For more information please visit www.cba.ca.

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For more information:
Andrew Addison, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733,
E-mail: aaddison@cba.ca

Canadian Bankers Association welcomes launch of Canadian securities regulator transition office

Canadian Bankers Association — Mon, 22 Jun 2009 20:10:36 +0000

For Immediate Release
June 22, 2009

Toronto, ON – The Canadian Bankers Association (CBA) today applauded federal Finance Minister Jim Flaherty’s creation of a transition office to establish a single securities regulator, and the appointment of Doug Hyndman and Bryan Davies to head up this office.

“This is significant step and great news for Canada’s economic competitiveness. Both Mr. Hyndman and Mr. Davies have extensive financial market expertise and are well-respected across Canada,” said Nancy Hughes Anthony, President and CEO of the Canadian Bankers Association. “Minister Flaherty should be commended for his perseverance in continuing to pursue a single securities regulator.”

The CBA has long advocated for a single securities regulator that will benefit individual Canadians, entrepreneurs and businesses seeking capital to grow and create jobs. The CBA produced a research study in 2007 showing that the current system of raising capital is costly and burdensome, particularly for small and medium-sized businesses.

“A single Canadian securities regulator will enhance efficiency and allow regulators to respond more quickly to changing market events, which is particularly important as Canada copes with the recession,” said Ms. Hughes Anthony. “The transition office is an important stage in the creation of the single regulator, and a more streamlined and effective regulatory system in Canada.”

The Canadian Bankers Association (CBA) works on behalf of 50 domestic chartered banks, foreign bank subsidiaries and foreign bank branches operating in Canada and their 263,400 employees. The CBA advocates for efficient and effective public policies governing banks and promotes an understanding of the banking industry and its importance to Canadians and the Canadian economy. For more information please visit www.cba.ca.

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For more information:
Andrew Addison
Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca

Canadian Bankers Association welcomes legislation to fight identity theft

Canadian Bankers Association — Tue, 31 Mar 2009 00:00:00 +0000

For Immediate Release
March 31, 2009

Toronto, ON – Canada’s banking sector applauded today’s announcement by the federal government that it has introduced legislation to protect Canadians against identity theft. Nancy Hughes Anthony, President and CEO of the Canadian Bankers Association (CBA), joined federal Justice Minister Rob Nicholson as he made the announcement.

“Currently Canada is the only developed country without legislation designating identity theft as a crime,” said Ms. Hughes Anthony. “With this legislation, Canada is poised to move from the back of the pack to the front, because we will have some of the most comprehensive legislation against identity theft in the industrialized world.”

Identity theft, the theft of personal information, is currently not illegal but it can lead to a wide variety of crimes – from financial fraud and forgery to real estate fraud and the abuse of government programs.

“It is important that law enforcement agencies have the tools necessary to stop criminal activity at its earliest root source,” said Ms. Hughes Anthony. “There is an urgent need to make identity theft a defined offence – an actual crime – in Canada and we urge all parties to join together and pass this legislation quickly.”

Currently in Canada it is not illegal to possess multiple pieces of identification or to traffic in stolen personal information. The CBA has long advocated for the need to make identity theft a defined offence under the Criminal Code in Canada.

“Today it is an offence to possess burglary tools yet it is not illegal to have a fist full of driver’s licences, credit card numbers and debit card PINs,” explained Ms. Hughes Anthony. “Minister Nicholson’s legislation represents concrete action in the fight against identity theft and we applaud and support his efforts to protect Canadians.”

Banks take their role in the fight against financial fraud extremely seriously and have highly sophisticated security systems and trained experts to protect customers’ information and to protect them from financial fraud. They also work closely with law enforcement on their investigations and help educate consumers about steps they can take to minimize the risk of becoming a victim.

For more information on identity theft, financial fraud and consumer protection tips, visit the CBA website at www.cba.ca/fraud.

The Canadian Bankers Association works on behalf of 50 domestic chartered banks, foreign bank subsidiaries and foreign bank branches operating in Canada and their 257,000 employees to advocate for efficient and effective public policies governing banks and to promote an understanding of the banking industry and its importance to Canadians and the Canadian economy.

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For more information:
Andrew Addison
Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca

Canadian Bankers Association’s financial literacy program for youth receives Alberta Consumer Champion Award

Canadian Bankers Association — Tue, 10 Mar 2009 00:00:00 +0000

For Immediate Release
March 10, 2009

Edmonton, AB – YourMoney, the financial literacy program for high school students developed and managed by the Canadian Bankers Association (CBA), received an Alberta Consumer Champion Award from Service Alberta at a ceremony Monday in Edmonton. The program was recognized for its commitment to providing high school students with the information needed to navigate the financial world around them.

“We are honoured to receive this award and share it with all the bankers across Alberta who volunteer their time and have made the YourMoney program such a success,” said Nancy Hughes Anthony, President and CEO of the Canadian Bankers Association. “Through this program, more than 40,000 high school students in Alberta have been empowered to assess their goals and make informed choices about important financial decisions.”

The YourMoney program is an in-class seminar that teaches senior high school students about responsible money management and brings financial literacy to life. More than 900 bankers from across the country generously volunteer their time to present the non-commercial program in their local communities and answer students’ questions about a range of financial issues.

One such volunteer is Brett Roessel, a Personal Banking Officer at Bank of Nova Scotia’s McKenzie Towne Blvd. branch in Calgary. Since 2005 Mr. Roessel has personally reached more than 2,100 students in Calgary high schools with the message to plan for the future, save to reach your goals, use credit wisely and keep your money safe. Teachers have praised Mr. Roessel’s ability to connect with students on a personal level and to make financial literacy relevant to their daily lives.

“Without the expertise and the overall enthusiasm of volunteers such as Brett Roessel, the YourMoney program would not exist,” said Ms. Hughes Anthony. “While it is a great honour for the CBA to be recognized today, this award really belongs to the hundreds of dedicated YourMoney local bankers who have been so generous with their time.”

YourMoney is offered in partnership with the Financial Consumer Agency of Canada. Teachers and community leaders interested in finding out more about the YourMoney program or bringing it to their classroom are encouraged to visit www.yourmoney.cba.ca.

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For more information:
Andrew Addison, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca

Canadian Bankers Association calls for nominations: 2009 Canadian Banks' Law Enforcement Award

Canadian Bankers Association — Mon, 09 Mar 2009 00:00:00 +0000

For Immediate Release
March 9, 2009

Toronto, ON – The Canadian Bankers Association (CBA) is now accepting nominations for the 2009 Canadian Banks’ Law Enforcement Awards (CBLEA), which recognizes outstanding police work in fighting crime against Canada’s banks.

“We are proud to have the opportunity to recognize and honour those individuals who have gone above and beyond the call of duty to prevent and investigate crimes against Canada's financial institutions,” said Nancy Hughes Anthony, President and CEO of the Canadian Bankers Association. “This is a chance to show our appreciation for the excellent work done by members of law enforcement to protect the security and safety of bank employees and customers.”

Nominations from banks and Canadian law enforcement agencies will be accepted until April 30, 2009. Additional information about the nomination process and eligibility, as well as a list of past award recipients, can be found on the CBA website at www.cba.ca/award.

Since the creation of the CBLEA in 1972, 212 officers from across Canada have been honoured for their outstanding bravery, investigative ability and other noteworthy achievements to combat crimes against the banking industry in Canada. This year’s awards will be presented at the closing ceremony and dinner of the Canadian Association of Chiefs of Police annual conference in Charlottetown, Prince Edward Island on August 12, 2009.

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For more information:
Andrew Addison, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733,
E-mail: aaddison@cba.ca

CBA Statement in Response to Federal Government’s Announcement about Credit Markets

Canadian Bankers Association — Mon, 02 Mar 2009 12:00:00 +0000

For Immediate Release
October 10, 2008

Toronto, ON – The Canadian Bankers Association released the following statement today in response to the federal government’s announcement about measures to maintain the availability of longer-term credit:

Canada’s banks are supportive of the federal government's latest step to maintain the availability of longer-term funding in Canada by purchasing up to $25 billion in insured mortgage pools through the Canada Mortgage and Housing Corporation (CMHC).

Canada's ability to act in this measured and prudent fashion is possible because of Canada's sound regulatory system and sound, prudently-managed banks.

Canadian banks are well capitalized, well regulated and well managed. In fact, the World Economic Forum’s Global Competitiveness Report, released this week, found that Canada has the most sound banking system in the world.

Today’s announcement by the Minister is an important measure in making credit more available in the consumer marketplace. This is a safe, efficient and economic way of facilitating credit markets.

Banks in Canada are committed to Canadians and are working with their customers given the ongoing global credit challenges.

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For more information:
Andrew Addison, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca

CBA strongly supports recommendations from the Expert Panel on Securities Regulation

Canadian Bankers Association — Mon, 12 Jan 2009 00:00:00 +0000

Single securities regulator needed now

For Immediate Release
January 12, 2009

Toronto, ON – The Canadian Bankers Association (CBA) today welcomed the final report from the Expert Panel on Securities Regulation, Creating an Advantage in Global Capital Markets, and strongly supports its recommendation to create a single securities regulator for Canada.

“The Expert Panel has put forward a realistic and workable plan that we strongly support. We have been debating securities regulation in Canada for decades: enough is enough. With this report the debate is over, it’s time to get this done,” said Nancy Hughes Anthony, President and CEO of the Canadian Bankers Association. “We commend the federal government for continuing to push for a single securities regulator and we strongly encourage the federal government to adopt the Panel’s recommendations and for the provinces to get on-board.”

The CBA agrees with the Panel’s conclusion that the current fragmented structure makes it difficult for Canadian securities regulators to react quickly and decisively to capital market events. As the report stated, the current system makes Canada vulnerable to market and reputational risks.

“Regulators must have the structure to deal quickly and effectively with systemic risk. The regulatory structure in Canada seems well-suited to this in all areas except securities regulation,” said Ms. Hughes Anthony. “There have always been good reasons to put a single securities regulator in place, but the current economic situation makes it more important than ever.”

Enhancing efficiency and reducing the cost of raising capital

A single securities regulator would enhance efficiency, increase confidence in the markets and allow regulators to respond more quickly to market events. Canada can no longer afford to maintain the current system of 13 securities regulators with 13 sets of regulations if it wishes to remain competitive and attract global investment dollars.

The fragmented system in Canada also has a negative impact on Canadian firms’ attempts to raise capital by imposing unnecessary costs, and this burden falls disproportionately on small- and medium-sized enterprise since there are clear economies of scale in developing and filing securities offerings.

Moreover, Canada is out of step with other countries around the globe which are moving ahead with securities reform. Of the approximately 100 countries that are represented on the International Organization of Securities Commissions, Canada is the only country without a national securities regulator.

Additional CBA information

The CBA’s July 2008 submission to the Expert Panel on Securities Regulation can be found at the following link: CBA Submission to the Expert Panel on Securities Regulation

The CBA research on the impact that multiple regulators have on the cost of raising capital for small businesses can be found here: Single Securities Regulator

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For more information:
Andrew Addison
Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca

Canada’s banks performed better than banks elsewhere: CBA

Canadian Bankers Association — Wed, 26 Nov 2008 00:00:00 +0000

Prudent lending, better management and government regulation attributed

For Immediate Release
November 26, 2008

Toronto, Ontario – Seventy-two per cent of Canadians believe that Canada’s banks have performed better than other banks around the world, according to the results of a recent survey by The Strategic Counsel for the Canadian Bankers Association released today. In addition, 77 per cent of Canadians describe Canada’s banks as more secure and stable than other banks around the world. The Strategic Counsel survey was conducted between November 4 and November 9, 2008.

“There is a clear recognition among Canadians that our banks and banking system are performing better than those in other jurisdictions during this period of global financial turbulence,” said Nancy Hughes Anthony, President and CEO of the Canadian Bankers Association. “We are doing many things right in Canada when it comes to the management and regulation of our banks. As the uncertainty in the global economy continues, we need to keep on this same path to ensure our financial system remains secure and strong.”

Canadians attributed the strong performance of Canada’s banks to a number of factors with one of the strongest reasons being their prudent approach to lending and investments. Eighty-one per cent of Canadians thought that this was an important reason why Canada’s banks performed better than their international counterparts. Equally important, also mentioned by 81 per cent of respondents, was the better management of Canadian banks when compared to banks internationally.

Moreover, 81 per cent of respondents believed that the government regulation of the banking sector in Canada was important to the performance of the banks.

“With the country facing an economic downturn, it will be important that banks in Canada stick to the sound fundamentals of prudent lending to individuals and businesses that protect the interests of depositors,” said Ms. Hughes Anthony.

Looking at the international stage, 86 per cent of Canadians believe it is important to have a strong banking sector to compete globally as a means of supporting Canadian businesses that want to export and do business in international markets.

The results in this survey reflect a recent World Economic Forum report which found that Canada’s banking system is the most sound in the world.¹ The International Monetary Fund also found that: “The Canadian financial sector is among the world’s most highly developed. The institutions, markets, infrastructure, safety nets, and oversight arrangements that comprise the system are sophisticated.”²

Survey methodology

The survey was commissioned by the Canadian Bankers Association and conducted by The Strategic Counsel. The study was conducted by telephone among a random sample of 1,000 adult Canadians, 18 years of age or older, between November 4 and 9, 2008. The margin of error is +/- 3.0 percentage points, 19 times out of 20.

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For more information:
Andrew Addison, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca

Bank lending to business continues to grow: CBA

Canadian Bankers Association — Thu, 20 Nov 2008 00:00:00 +0000

Annual loan growth exceeds 11 per cent

For Immediate Release
November 20, 2008

Toronto – Business credit from the six largest banks in Canada increased by 11.3 per cent from October 2007 to October 2008 according to data collected by the Canadian Bankers Association (CBA) and released today.

“Our members have provided us with the most up-to-date facts that indicate they have significantly increased the amount of credit to businesses from this time last year,” said Nancy Hughes Anthony, President and CEO of the Canadian Bankers Association. “It’s a very competitive marketplace, and our members are actively competing with each other for market share.”

In addition, the growth in lending by the largest banks, who supply part of the business credit in Canada, is substantially greater than the growth of overall lending to business by all providers of credit which only grew by 3.5 per cent from September 2007 to September 2008. This indicates that these banks are stepping in to provide credit to businesses which have seen their access to other sources of financing reduced.

“While there are some signs that some non-bank credit options are becoming less available for businesses, our banks are working hard to fill the gap in providing financing for these businesses,” said Ms. Hughes Anthony.

However, with the Canadian and American economies slowing, there is no question that some of Canada’s major industries are going through tough times. When providing credit, sound business practices require that such changing economic conditions be taken into account by lenders.

“Our members know their customers, know the circumstances they are facing and want to help them succeed,” said Ms. Hughes Anthony. “Canada’s banks remain committed to working with their customers and providing credit during these times of economic uncertainty.”

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For more information:
Andrew Addison, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca

Speech from the throne: Fitting steps for Canada during global economic turmoil

Canadian Bankers Association — Wed, 19 Nov 2008 00:00:00 +0000

Common securities regulator needed

For Immediate Release
November 19, 2008

Toronto, Ontario – The Canadian Bankers Association (CBA) fully supports the federal government’s commitment to a common securities regulator in Canada as announced in today’s Speech from the Throne. This step, along with other recent initiatives to facilitate credit markets in Canada, indicates that the government continues to take an appropriate and measured approach to deal with the global economic situation.

“There have always been good reasons to create a common securities regulator, but the recent international financial market turbulence has made these reforms more crucial than ever,” said Nancy Hughes Anthony, President and CEO of the Canadian Bankers Association. “Moving to a common securities regulator will enhance efficiency, increase confidence in our capital markets, and strengthen our ability to respond to rapid changes in the capital markets. We’re lagging behind at a time when we can least afford to.”

Research conducted by the CBA has found that individual investors outside of British Columbia, Alberta and Ontario are limited in their ability to participate in initial public offerings. It also found that a move to a common securities regulator would reduce the cost of raising capital, a burden that falls disproportionately on small and medium-sized businesses.

“We commend the federal government for the direction it is taking to adopt a common securities regulator for Canada,” said Ms. Hughes Anthony. “When international securities regulators sit down to deal with this economic turmoil, Canada needs a single voice at the table. Our fragmented regulatory system is out of step with the rest of the world, and it’s time that we moved into the twenty-first century.”

More information on the CBA’s research can be found in the Association’s July 2008 submission to the Expert Panel on Securities Regulation, at www.cba.ca.

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For more information:
Andrew Addison, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca

Canada’s banks welcome federal government’s steps to facilitate credit markets

Canadian Bankers Association — Wed, 12 Nov 2008 00:00:00 +0000

For Immediate Release
November 12, 2008

Toronto, ON – The Canadian Bankers Association (CBA) welcomes the announcement today that the government will buy an additional $50 billion of insured mortgage pools through the Canada Mortgage and Housing Corporation (CMHC), will reduce the base commercial pricing of the Canadian Lenders Assurance Facility by 25 basis points and waive the 25 basis point across-the-board surcharge.

These steps are in addition to the move by the Office of the Superintendent of Financial Institutions (OSFI) to increase the allowable limit of innovative and preferred shares in Tier 1 capital and the Bank of Canada’s measure to provide additional liquidity to the Canadian financial system through the Canadian Dollar Term Loan Facility, for which eligible collateral will be the non-mortgage loan portfolio.

“The steps taken by the federal government, OSFI and the Bank of Canada are prudent measures that will help ensure that our stable banks are not put at a disadvantage because of the steps other governments have taken to support their banks,” said Nancy Hughes Anthony, President and CEO of the CBA.

Canada's ability to act in this measured fashion is possible because of our sound regulatory system and prudent, well-managed banks. As a result, banks in Canada have largely avoided the financial difficulties and sub-prime mortgage issues that have plagued banks in other countries.

“Banks continue to lend to creditworthy individuals and companies while taking into consideration the new realities in the marketplace,” said Ms. Hughes Anthony. “Banks have a long history of helping their clients through difficult economic periods, and they remain committed to working with their customers and providing credit during these times of economic uncertainty.”

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For more information:
Andrew Addison, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca

Banks meeting the needs of small business

Canadian Bankers Association — Fri, 24 Oct 2008 00:00:00 +0000

Survey finds most small business owners have a positive relationship with their financial institution

For Immediate Release
October 24, 2008

Toronto, ON – A recent survey by The Strategic Counsel, commissioned by the Canadian Bankers Association, found that the majority (80 per cent) of small and medium sized enterprise (SMEs) owners in Canada hold a positive view of the relationship they have with their bank. The study, conducted in August 2008, surveyed SMEs from a diverse range of business sectors in provinces across the country about their experiences with their financial institutions.

“The results of this survey are a testament to the strong relationship and breadth of services banks provide to small business owners across the country,” said Nancy Hughes Anthony, President and CEO of the Canadian Bankers Association. “Banks in Canada act as trusted advisors as well as partners, providing advice and insight and adapting to meet the unique needs of their small business clients, particularly given the current economic challenges facing businesses today.”

According to the survey, the vast majority of SME owners identified access to credit (89 per cent) and having a face-to-face relationship (88 per cent) as the two most important factors contributing to their overall impression of their financial institution. Being highly technologically advanced was also identified as an important factor by 78 per cent of respondents.

The survey data shows that financial institutions are meeting the needs of small businesses, contributing to their positive views of their financial institutions. Seventy-two per cent of respondents have a credit relationship with a financial institution and, of those who do, 87 per cent report that it is a positive relationship. And that positive experience means that SMEs stay with their credit providers. More than half (51 per cent) have had a credit relationship with their main financial institution for more than 10 years and 26 per cent for more than 20 years.

More than just credit

While credit is important, the survey also found that many SMEs turn to their banks for many of the other services and advice provided to small businesses. The study found that the most used services at their financial institutions are deposit services (82 per cent), transaction accounts (65 per cent) and payment facilitation (52 per cent). Cash management services, payroll and general business advice were also listed.

“This research highlights the fact that the relationship between banks and business owners is based on more than just lending,” said Ms. Hughes Anthony. “It is a competitive marketplace and banks in Canada are introducing innovative new products and services to meet the needs of SMEs. Forty per cent of our survey respondents have made use of different banking products in the past five years, so clearly they want innovations from their banks, and that’s what they’re getting.”

Most SMEs stay with their banks, but competition is strong

The study further found that the majority of SME owners are satisfied with their current financial service provider, indicated by the fact that two–thirds of business owners had never switched financial institutions and 29 per cent have been with the same financial institution for more than 20 years.

Among the one-third that had moved to a new financial institution, 49 per cent reported that it was easier than they expected, while fewer than one-in-ten found switching to be difficult, indicating that that there is strong competition among banks for SME customers. For those who did switch, most did so for improved service and or to get a better deal on credit or other banking services and they will shop around to find what they need.

Online banking – more popular and adds to efficiency

Asked to name the channels most commonly used for their day-to-day transactions, 83 per cent identified face-to-face banking. However, SME owners have found that new technologies in banking are saving them time and making their banking more efficient. The research also found online banking increasing in popularity. Access to online banking was cited by 54 per cent of respondents as their second most commonly used transaction. Among those using online banking, 57 per cent reported that their use had increased in the past two years and 88 per cent said it had made their business more efficient.

Other survey highlights

Almost three-quarters of business owners (72 per cent) identify a bank as their business’ main financial institution.
Almost nine-in-ten SMEs with a credit relationship describe the relationship between their businesses and their main financial institution as “good” or “very good.” In fact, the majority (52 per cent) of respondents with credit relationships describe the relationship as “very good.”
When establishing a relationship with the main financial institution, 31 per cent chose that institution primarily for their credit services while 62 per cent chose it for non-credit banking services.
Among those using online or Internet banking, the majority (57 per cent) report that their use of online banking has increased in the past two years. About four-in-ten (39 per cent) report that it has not changed. Only two per cent report that their use of online banking services has declined in the same period.
One-third (34 per cent) of all businesses participating in the survey report that they have switched from one financial institution to another for some or all of their banking needs. Urban business representatives are more likely than their rural counterparts to have switched main financial institutions (40 per cent vs. 27 per cent respectively).
Among those who have switched financial institutions, 43 per cent report that they considered only one financial institution when making their switch.
Almost half of all switchers (49 per cent) report that the switching process was easier than they expected. In fact, one-third (36 per cent) report that it was “much easier” than they expected. Fewer than one-in-ten (nine per cent) of switchers report that the task of switching financial institutions was more difficult than they expected.

Survey methodology

The survey was commissioned by the Canadian Bankers Association and conducted by The Strategic Counsel. The findings are based on a random, representative sample of 200 SME business leaders from across Canada. Respondents were interviewed by telephone from August 5 to 15, 2008. A sample of 200 is accurate within +/-6.9 percentage points, 19 times out of 20.

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For more information:
Andrew Addison, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca

Banks team up for Cyber Security Awareness Month to help Canadians avoid online threats from social networking and file sharing sites

Canadian Bankers Association — Mon, 06 Oct 2008 00:00:00 +0000

For Immediate Release
October 6, 2008

Toronto, ON – The Internet has made it easier than ever to bank, shop, communicate with others and find information about almost anything at any time. But as Internet use among Canadians continues to rise, so too does the number of criminals who commit identity theft and fraud using information they’ve found online.

October is Cyber Security Awareness Month and to raise awareness among Canadians, banks have teamed up to provide information, consumer tips and an interactive quiz to educate consumers about online threats so they can protect themselves and their computers. The information can be found at www.cba.ca.

“With Canadians using the Internet in many new ways, criminals unfortunately have an even greater number of options to obtain and illegally use individuals’ personal information,” said Nancy Hughes Anthony, president and CEO of the Canadian Bankers Association. “This is why it’s more important than ever for Canadians to educate themselves so they can make smart decisions to protect themselves from fraud and ensure their personal information stays safe.”

The recent popularity of social networking sites has provided fraudsters with a new target for their scams. Social networking sites promote open communication and encourage the exchange of information. Such sites can give people a false sense of security, causing them to let their guard down and share personal information that they normally would keep private.

File sharing networks, often called “peer-to-peer” or “P2P” sites, are also popular hang out spots for online criminals because they allow users to anonymously upload and download media files across global networks. Beyond the legal issues relating to copyright infringements, downloading files on peer-to-peer sites is extremely risky because criminals can distribute objectionable or illegal files and viruses that are disguised to look like innocent downloads of popular songs or movies.

Take steps to protect yourself online

Banks and other businesses have sophisticated security systems in place that are very difficult to overcome, which is why criminals are online trying to get confidential, personal information directly from unsuspecting Canadians. Fortunately there are a number of steps individuals can take to protect themselves and their home computers:

Limit the amount of information you share publicly. Never post your phone number, address or birth date online as it could be used to commit identity fraud.
When creating a profile on a social networking site, only accept friend requests from individuals you know.
Check the privacy and security settings of your social networking site. Don’t rely on the site’s default privacy settings as it may give strangers complete access to your profile page.
Using file sharing websites is a high-risk activity but, if you do choose to do this, regularly update your antivirus software to ensure it is up to date with the most recent version available.
If using a file sharing website, be sure to change the program’s default settings. Always manually determine which folders and subfolders you will share with your network.

To test your knowledge of online threats and for more tips on how to protect yourself and your computer please visit www.cba.ca.

“In sports it is often said that the best offence is a strong defence. The same is true when it comes to protecting yourself from cyber crime,” said Ms. Hughes Anthony. “A person’s best defence against fraudsters and other Internet criminals is knowledge. Educating yourself about the latest online scams, the types of information criminals are after, and the current security measures available can go a long way to ensure you don’t become a victim of online crime.”

Growing Internet Use

Canadians are making greater use of the Internet than ever. A recent survey by Statistics Canada found that almost three-quarters, or 19.2 million Canadians, aged 16 and older had logged on to the Internet for personal use in the past 12 months. This was up from just over two-thirds of Canadians in 2005.

And a survey by Ipsos Reid found that by the end of 2007 nearly a third of all Canadians had created an online profile using a social networking site such as Facebook or MySpace. The survey also found that Canadian users spend an average of 5.4 hours a week visiting such sites.

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For more information:
Andrew Addison, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca

CBA offers reward in "Exchange Bandit" investigation

Canadian Bankers Association — Thu, 02 Oct 2008 00:00:00 +0000

Thursday, October 2, 2008

Please click here for the full announcement from the Toronto Police Service.

Banks in Canada accepting funds raised for Terry Fox Run

Canadian Bankers Association — Thu, 11 Sep 2008 00:00:00 +0000

For Immediate Release
September 11, 2008

Toronto, ON – As Canadians lace up their running shoes for the 28th annual Terry Fox Run, participants won’t have to run far to hand in their pledges. Banks in Canada will be accepting pledge sheets and funds raised for the Terry Fox Run at branches throughout Canada again this year. The annual run to raise funds for cancer research will take place on Sunday, September 14.

“Banks are proud to have such a longstanding relationship with the Terry Fox Run and have accepted pledge forms and funds for the Terry Fox Foundation since the first run in 1981. In addition, countless bank employees and their families participate in this event every year,” said Nancy Hughes Anthony, President and CEO of the Canadian Bankers Association. “Terry Fox continues to be an inspiration to all Canadians and many others around the world and banks are pleased to be helping make the run a success.”

Pledge sheets and funds raised may be turned in at any branch of the following banks from September 15 to October 11, 2008:

BMO Financial Group
Canadian Western Bank
CIBC
HSBC Bank Canada
National Bank Financial Group
RBC
Bank of Nova Scotia
TD Bank Group

After October 11th, funds and pledge sheets should be mailed to a provincial Terry Fox Foundation office.

The first Terry Fox Run in 1981 attracted 300,000 participants across Canada and raised $3.5 million. To date, more than $400 million has been raised worldwide for cancer research in Terry Fox’s name. More information about the run can be found on the Terry Fox Foundation website at www.terryfoxrun.org.

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For more information:
Melanie Minos, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: mminos@cba.ca

Money 101 seminar for students builds financial literacy in the classroom

Canadian Bankers Association — Thu, 04 Sep 2008 00:00:00 +0000

Canadian Bankers Association Partners with FCAC to Launch Modernized “YourMoney” Seminar

For Immediate Release
September 4, 2008

Toronto, ON – Just in time for the back-to-school term, the Canadian Bankers Association (CBA) today launched a modernized version of its free, non-commercial financial literacy seminar for high school students and community groups called “YourMoney”. In partnership with the Financial Consumer Agency of Canada (FCAC), the new seminar will feature fresh content on budgeting, saving and how to use credit through a 40-minute in-class seminar delivered by volunteer bankers from communities across Canada.

“We teach young people a lot of things these days, but basic money management skills often get overlooked, yet they are so important. Learning how to budget, save and borrow wisely now will help them manage their money more sensibly as adults,” said Nancy Hughes Anthony, President and CEO of the Canadian Bankers Association. “The YourMoney program is an important part of the ongoing commitment banks have made to financial literacy and to helping all Canadians learn about the financial issues that affect their day-to-day lives.”

Targeted at senior high-school students, the seminar covers financial basics such as:

Budgeting: choosing your goals and working towards them
Saving and investing: the benefits of compound interest and saving for the future
Credit and borrowing: how to manage credit and avoid credit traps
Keeping money safe: recognizing fraud and how to avoid it

“In a world where today’s youth quickly develop a keen interest in money, it is important that they acquire strong financial skills early so they can avoid making costly mistakes later in life,’’ said FCAC Commissioner Ursula Menke. “We are pleased to have forged this innovative partnership with the CBA. The YourMoney seminars will be a great complement to The City, our new web-based financial education resource, developed in collaboration with the British Columbia Security Commission (BCSC). We are confident that, in addition to The City’s engaging materials, both students and teachers will benefit from having a financial expert on hand to answer their questions immediately.’’

The CBA’s redesigned YourMoney seminar fully complements The City’s curriculum as teachers using the resource can bring in a YourMoney banker as a guest speaker to discuss the financial issues addressed in The City’s 11 learning modules.

“Our partnership with FCAC will provide students who participate in the YourMoney seminar with access to the additional tools they need to build their financial literacy skills at a critical point in their financial lives,” said Ms. Hughes Anthony.

For close to ten years, the CBA has been providing seminars for high-school students through a network of 1,000 community-level banker volunteers. Developed in 1999, the response over the years shows that there is clearly an appetite for this information. More than 5,600 seminars have been requested by teachers and more than 168,000 students have participated in the seminar. Banks participating in the seminar program are BMO Financial Group, CIBC, Canadian Western Bank, First Nations Bank, HSBC Bank Canada, Laurentian Bank of Canada, National Bank of Canada, RBC Financial Group, Bank of Nova Scotia and TD Bank Group. Teachers can sign up for a seminar at www.yourmoney.cba.ca. The program is also available to interested community groups and local agencies that work with youth.

For more information on The City, FCAC’s financial life skills program, visit the Agency’s Web portal at themoneybelt.gc.ca.

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For more information:
Melanie Minos, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: mminos@cba.ca

Marie-France Lettre, Media Relations Officer - FCAC
Tel: 613-948-2707
E-mail: lettre.marie-france@fcac.gc.ca

Martine Bélanger
Acting Manager, External Communications - FCAC
Tel: 613-941-8982
E-mail: belanger.martine@fcac.gc.ca

Toronto and Peel regional police officers recognized for bravery and investigative skills by banking industry

Canadian Bankers Association — Wed, 27 Aug 2008 00:00:00 +0000

For Immediate Release
August 27, 2008

Montreal, QC – Breaking up forgery labs, uncovering millions of dollars worth of counterfeit travellers cheques and money orders and physically subduing a bank robbery suspect are all in a day’s work for Constable Tiffany St. Denis of Peel Regional Police and Detective-Constable Rob Armstrong of the Toronto Police Service.

Tonight in Montreal, these officers will be honoured with the Canadian Banks’ Law Enforcement Award (CBLEA), which is presented annually at the Canadian Association of Chiefs of Police Conference gala ceremony to officers who have excelled at combating crimes committed against Canada’s banks.

“The banking industry appreciates the exceptional efforts of Detective-Constable Armstrong and Constable St. Denis on these complicated assignments,” said Nathalie Clark, General Counsel and Corporate Secretary at the Canadian Bankers Association, who will be presenting the awards on behalf of the banking industry. “Canada’s banks work very closely with police forces across the country to prevent and investigate bank robberies and various types of fraud, and this is our opportunity to publicly acknowledge their outstanding efforts.”

Detective-Constable Rob Armstrong – Toronto Police Service

Detective-Constable Armstrong is recognized for his exceptional work and bravery during a 2008 bank robbery. After being notified by the bank of a robbery in progress, the Toronto Police Service Emergency Task Force and the K-9 Unit secured the area. Dressed in plain clothes, Detective-Constable Armstrong entered the branch, provided real-time intelligence for approximately one hour to investigating officers outside during the robbery and tackled the suspect as he left the bank.

His courageous actions resulted in a safe ending for employees, customers and the accused in this dangerous situation and the suspect was charged with one count of Robbery and one count of Forcible Confinement.

Constable Tiffany St. Denis – Peel Regional Police

In May of 2007, Crimestoppers received tips that an individual who had served time in the United States for producing counterfeit government identification was active in Peel Region. Constable St. Denis’ investigation led to the arrest of a number of individuals and the discovery of a sophisticated forgery lab in a Brampton, Ontario home. However, the main suspect remained at large. In December of 2007, Constable St. Denis’ public request for tips led to the suspect’s arrest and the dismantling of another forgery lab in Guelph.

Constable St. Denis’ perseverance resulted in a number of arrests and the seizure of approximately $6 million worth of counterfeit travellers cheques and money orders as well as a number of fraudulent passports, citizenship cards and driver’s licences that could have been used to commit identity theft.

Since the creation of the CBLEA in 1972, 212 officers from across Canada have been honoured with the Canadian Banks’ Law Enforcement Award for their outstanding bravery, dedication and other noteworthy achievements in combating crimes against Canada’s banks. Additional information about the CBLEA can be found at www.cba.ca.

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For more information:
Melanie Minos, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: mminos@cba.ca

CBA: Time for a Canadian Securities Commission; passport system of regulation falls short

Canadian Bankers Association — Tue, 15 Jul 2008 00:00:00 +0000

For Immediate Release
July 15, 2008

Toronto, ON – In its submission to the Expert Panel on Securities Regulation, the Canadian Bankers Association (CBA) today called for the federal government to create a single securities regulator, a Canadian Securities Commission, to enhance Canada’s competitive advantage internationally.

“We agree with the federal government that it’s time to take a fresh look at securities reform in the broader context of enhancing Canada’s ability to compete internationally,” said Nancy Hughes Anthony, President and CEO of the Canadian Bankers Association. “A single Canadian Securities Commission that would enhance efficiency, increase confidence in the markets and allow regulators to respond more quickly to market events would improve the productivity of the Canadian economy and our international competitiveness as a result.”

In its submission, the CBA notes that Canada can no longer afford to maintain the current system of 13 securities regulators with 13 sets of regulations if it wishes to remain competitive and attract global investment dollars.

“The current impasse on securities reform is simply unacceptable when you consider the key role efficient capital markets play in promoting economic development,” said Ms. Hughes Anthony.

According to data from the International Monetary Fund, if Canada were regulated and viewed internationally as a single market, it would rank after the U.S., the U.K, Japan, France and China. But broken down as individual provinces, which is what our current regulatory system does, Ontario’s market is smaller than Italy, Alberta’s is smaller than the Netherlands, Quebec’s is comparable in size to Denmark and B.C. is the equivalent to that of Ireland.

Passport system failing

Moreover, the passport model of securities regulation now in place outside Ontario is not delivering the benefits that a single regulator would, either for Canadians who are seeking opportunities to build their financial future, or for entrepreneurs and businesses seeking capital to grow and create jobs.

“The existing passport model of securities regulation simply doesn’t deliver, especially for small and medium-sized businesses (SMEs) and individual investors, particularly in Quebec and smaller provinces,” said Ms. Hughes Anthony. “Over 90 per cent of capital market transactions take place in more than one province or territory so it makes sense that our regulatory structure should reflect this economic reality.”

In addition, the CBA’s analysis of public company data found that retail investors outside B.C., Alberta and Ontario are limited in their ability to participate in initial public offerings (IPOs). In the year before the passport system was implemented, retail investors in the remaining provinces were able to participate in between 67 per cent and 77 per cent of IPOs. Over the four years of the passport system, retail investors outside of the main jurisdictions, particularly in Quebec and the smaller provinces, have had less and less access to IPOs. However, under a single regulator, retail investors across Canada would have open access to these securities.

The fragmented system in Canada also has a negative impact on Canadian firms’ attempts to raise capital by imposing unnecessary costs, and this burden falls disproportionately on SMEs since there are clear economies of scale in developing and filing securities offerings.

Enhancing Canadian Competitiveness

A single securities regulator would make it easier to allow for additional positive reforms including:

Making it easier to move towards a principles-based approach to regulation instead of the current system of prescriptive rules—a move that would lead to a more competitive and flexible regulatory system.
Allowing Canadians more efficient and cost-effective access to foreign securities for their investment portfolios by removing some of the hurdles towards creating mutual recognition agreements that would allow for free trade in securities.

The International Monetary Fund, the Organization for Economic Co-operation and Development and Canada’s own Competition Policy Review Panel have all recognized the benefits of a single regulator for Canada since it would eliminate inefficiencies and reduce costs for market participants.

The CBA’s submission to the Expert Panel on Securities Regulation can be found on the CBA website at www.cba.ca.

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For more information:
Melanie Minos, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: mminos@cba.ca

Competition Policy Review Panel report a realistic and workable blueprint for Canada

Canadian Bankers Association — Thu, 26 Jun 2008 00:00:00 +0000

For Immediate Release
June 26, 2008

Toronto, ON – The Canadian Bankers Association (CBA) today welcomed the final report from the Competition Policy Review Panel, “Compete to Win”. Nancy Hughes Anthony, President and CEO of the CBA characterized the Panel’s report as a “realistic and workable blueprint to enhance Canada’s competitive advantage”.

“In appointing the panel, the federal government took a big step forward in recognizing the importance of competitiveness for the Canadian economy. We now hope it will take the next step and use this report as a guide for its future policy development,” said Ms. Hughes Anthony. “With exports accounting for over one-third of our GDP, we need to make sure that Canadian companies can expand internationally and that we can attract jobs and investment to Canada.”

Widely Held Rule and Large Bank and Cross-Pillar Mergers

The report recommended that the “widely held” rule for large financial institutions should be retained because it ensures sound governance. This promotes financial sector stability and soundness. The report also recognized the importance of scale for achieving competitiveness. Consequently it recommended that the Minister of Finance should remove the de facto prohibition on bank, insurance and cross-pillar mergers of large financial institutions and subject such mergers only to OSFI and Competition Bureau regulatory safeguards.

Canada’s banks have successfully adopted a range of growth strategies over the years while this merger prohibition has been in effect. Nevertheless, as the financial sector around the world has been going through substantial restructuring and consolidation, Canada’s financial institutions have not had access to similar options.

“While there is a range of opinions amongst our members on both the widely held rule and large bank and cross-pillar mergers, we told the Panel that it was important to address these issues because domestic structural policies have implications for the international competitiveness of Canadian financial institutions,” said Ms. Hughes Anthony. “It is now up to the government to decide what to do with the Panel’s recommendations and we look forward to contributing to that discussion.”

The banking industry also appreciates the fact that the Panel recognized the high degree of competition that exists in financial markets. “Having a clear and accurate view of competition is key to the development of good public policy,” said Ms Hughes Anthony.

Taxation

The CBA also commended the Panel for its recognition that tax policy makes an important contribution to competitiveness, and for recommending the reduction in corporate tax rates and personal income tax rates and the elimination of provincial capital taxes.

“This is excellent news on the tax policy front. Canada competes on a global stage, and both capital and labour are highly mobile,” said Ms. Hughes Anthony. “Canada must create tax advantages that encourage business growth, productivity and innovation which will translate into success and prosperity in our own economy.”

National Securities Regulation

The banking industry also agreed with the Panel voicing a need for a streamlined regulatory approach to national securities regulation and that this matter needs to be resolved expeditiously.

“Our current system of 13 securities regulators with 13 sets of regulations imposes unnecessary costs and disincentives on small- and medium-sized businesses and on entrepreneurs and businesses seeking capital to grow and create jobs,” said Ms. Hughes Anthony. “It can also hamper effective investor protection measures and means that there is no unified voice for Canada on the international stage. This must change.”

”Having a banking sector that is highly competitive internationally provides significant benefits to communities throughout Canada,” added Ms. Hughes Anthony. “Thirty-four per cent of bank profits now come from foreign activities, but 78 per cent of the jobs and 85 per cent of the taxes are paid here in Canada.”

The CBA’s January 2008 submission to the Competition Policy Review Panel can be found on the CBA website at www.cba.ca.

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For more information:
Maura Drew-Lytle, Canadian Bankers Association
Tel: (416) 362-6093, ext. 338
Cell: (416) 918-2777
E-mail: mdrewlytle@cba.ca

Canadian business groups applaud bold, competitive vision set out by Competition Policy Review Panel

Canadian Bankers Association — Thu, 26 Jun 2008 00:00:00 +0000

Ottawa, June 26, 2008 – A broad coalition of Canadian business groups welcomes the bold vision and ambitious scope of the final report of the Competition Policy Review Panel and calls on the federal government to secure the economic future of all Canadians by acting quickly on the report’s recommendations.

Please click here for the full media release.