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Bank of Montreal
Symbol BMO
Shares Issued 647,059,842
Close 2021-04-27 C$ 116.80
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Globe says TD, rivals see OSFI focus on tech, climate

2021-04-28 08:42 ET - In the News

See In the News (C-TD) Toronto-Dominion Bank

The Globe and Mail reports in its Wednesday, April 28, edition that the Office of the Superintendent of Financial Institutions is poised to "draw a line in the sand" on a decade of drawn-out reforms to make the global banking sector more resilient. The Globe's James Bradshaw writes that the OSFI is still juggling the last of a sweeping package of changes to rules governing banks' capital, leverage and liquidity spurred by the financial crisis of 2008-09. Those regulations set minimum international standards that compel banks to hold more capital to absorb losses. The reforms are widely credited with making the global financial system more stable. New threats that increasingly keep banking regulators up at night present a fresh set of challenges because they fall outside the traditional boundaries of financial risk management. They include global threats such as climate change, fast-moving innovations in technology and cybersecurity and the emergence of new asset classes such as crypto assets. The OSFI has joined with the Bank of Canada, banks and insurance companies on a pilot project to build climate change scenarios that could help assess potential effects for financial institutions.

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