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Canadian Imperial Bank of Commerce (CIBC)
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Shares Issued 904,884,760
Close 2022-10-17 C$ 59.38
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Globe says RBC, rivals hear OSFI plans "cultural shift"

2022-10-18 07:50 ET - In the News

See In the News (C-RY) Royal Bank of Canada

The Globe and Mail reports in its Tuesday, Oct. 18, edition that the Office of the Superintendent of Financial Institutions says financial institutions can expect heightened oversight as the country heads into a period of increasing risks to financial stability. The Globe's Mark Rendell writes that OSFI superintendent Peter Routledge says Canadian banks are well equipped to weather any fallout from rising interest rates or liquidity shocks, thanks to capital buffers built up after the global financial crisis. He says, however, that regulators need to be more pro-active in assessing pockets of risk. Canada has so far avoided any significant market disruptions as the Bank of Canada has raised interest rates by three percentage points since March, one of the sharpest monetary-policy tightening episodes on record. Regulators, however, need to be vigilant, says BOC senior deputy governor Carolyn Rogers. Ms. Rogers says the vulnerabilities in the financial system today are fairly similar to those before the COVID-19 pandemic: namely, high levels of household, corporate and government debt. When it comes to financial oversight, Mr. Routledge says that financial institutions can expect a "cultural shift" at OSFI.

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