Nick Best, Communications Manager, Canadian Credit Union Association
The Bank of Canada recently released its monthly report on residential mortgage debt and outstanding balances held by major private institutional lenders.
This report confirms that the Office of the Superintendent of Financial Institution (OSFI) B-20 guideline for federally regulated financial institutions is, to date, having minimal impact on credit unions. Read more.
The balance of mortgage debt at credit unions continued to rise in February, but at the same pace as the financial sector as a whole. This was contrary to the expectation that borrowers looking to avoid the new stress test would turn to provincially regulated credit unions.
CCUA will continue to monitor the impact of this OSFI guideline on the sector.