The national banking regulator says it will no longer require borrowers with uninsured mortgages to undergo a stress test when switching providers. The Office of the Superintendent of Financial Institutions says it will end the policy for lenders to apply the minimum qualifying rate to straight switches when uninsured mortgages are renewed at a different institution … Read more
Business TD Bank was ordered by a U.S. regulator on Wednesday to pay nearly $28 million US for repeatedly sharing inaccurate, negative information about its customers with credit reporting agencies, potentially tarnishing customers’ credit score. Bank provided inaccurate information about customers to credit reporting agencies Thomson Reuters · Posted: Sep 11, 2024 10:42 AM EDT … Read more
Canada’s banking regulator says real estate secured lending and mortgages are among the top risks the country’s financial system is facing, as higher interest rates pressure borrowers. In its annual risk outlook, the Office of the Superintendent of Financial Institutions )OSFI) said as homeowners renew their mortgages, they could potentially face a payment shock due to … Read more
Michelle Jeraline says she’s so stressed out by the pressure to sell customers products at TD Bank, it’s affected her health. The TD employee says she’s usually not acting in the best interest of her clients — she’s trying to sell them products that will help her meet sales targets and keep her from being … Read more
Business insolvencies jumped by more than 41 per cent in 2023, according to data released Friday by Canada’s top financial regulator. The report from the Office of the Superintendent of Bankruptcy showed that the total number of insolvencies — meaning those filed by both businesses and consumers — was up by 23.6 per cent last year. The … Read more
