Home - banknews.tv

Using financial data, Mark Sibthorpe compares the performance of TD bank to its rivals. TD grew faster in 2017 than its rivals, but was cited for aggressive sales practices.

Mr. Michael R. King, Tangerine Chair in Finance and Co-Director, Scotiabank Digital Banking Lab / Ivey Business School at Western University

This video covers XE.com's presentation at the AI, Big Data and Analytics event which took place in Toronto February 7/8, 2018. Cecelia Tamez and Jean Louis provide insights into their evolution and winning strategy.

Greenpeace's campaign to stop TD financing the oil sands is delusional. Trillions of dollars are at stake for the banks and the Canadian economy. This video explores the related financial issues.

This video provides an overview of the main differences between Canada's approach to overland flooding versus the US approach.

Canadian bank overview part 5, medium-large banks. Banks include Manulife, Tangerine and Laurentian Bank.

Canadian banking industry overview of Canadian Tire Bank, Presidents Choice Financial, Equitable Bank, B2B Bank

Overview of small-medium size banks in Canada. Banks covered include Versabank, Hollis Bank, Equity Bank and Caisse Populaire Acadienne.

Review of small banks including Bridgewater,Vancity Bank, Concentra, Wealth One, Zag...

Jamie Dimon calls bitcoin a fraud used by criminals, yet he has jumped into the blockchain with both feet.

RBC invested $24 million into Wave Technologies and now they will roll out Waves accounting, invoicing, reporting and billing platform to SMEs.

Overview of Canadian banking industry. This multi-part series looks at issues facing Canadian banks from a variety of angles. Part 1 examines the types of banks and scale using ROE and EBITDA as measures.


About

About BankNews TV: financial services industry monitor (FSIM), analytics and research

Latest news and events for Canadian financial service companies, analytics, fintech and AI. BankNews.TV provide the latest technology news and reports for banks and insurance companies looking to compete in a rapidly changing market.

Analytical information and financial information related to technogies that can change your business.

Select financial data to upload:

Please download and complete the data template that you need to upload. See financial data upload section above for details of how this data will be used.

Research

Canadian banking industry overview  

Mark Sibthorpe

The industry overview is divided into 5 parts:

Introduction
Small banks
Small medium sized banks
Medium sized banks
Medium large banks


2014 Mobile payments the Apple pay way  

banknews.tv/docs/Mobile_Payments_Apple_Pay_2014.pdf

Mark Sibthorpe

With Walmart Pay about to userp Apple Pay, I thought I would share my 2014 book on mobile payments and loyalty. The guilde was written for Merchants that want to understand loyalty, credit, mobile payments and Apple Pay, but anyone involved with credit and loyalty might find it useful.
The book is a prelude to Walmart leaving MCX, and chronicles the evolution that led to Walmart Pay. There is an extensive case study of Walmart that looks into its efforts to become an ILC and to avoid paying credit card transaction fees ('merchant discount').
It offers readers a step-by-step methodology for evaluating and transforming credit and loyalty programs. The strategies are based on proven examples and industry facts. The Nectar, Target, Canadian Tire and Walmart case studies are examples of the practical approach I have taken, written with the intent that merchants can use them as blueprints for their own initiatives. 


Death to bitcoin, long live the blockchain   (See full report)

Mark Sibthorpe

Jamie Dimon calls bitcoin a fraud used by criminals, yet he has jumped into the blockchain with both feet.


TD bank industry conduct  

banknews.tv/docs/tdind2.pdf

Mark Sibthorpe

TD’s share price recently collapsed by $7 bn in one day due to CBC’s allegations of aggressive selling tactics. A huge fall from a bank that was trading at a premium as recently as January. This was even before the most recent allegation of TD attempting to avoid paying taxes on advertising.
This report chronicles the events leading up to the collapse, shows TD's performance, analyses other related issues.


Book review: Back from the Brink  

banknews.tv/docs/backbrink.pdf

Mark Sibthorpe

This is a book review of the book Back from the Brink by Paul Halpern, Caroline Cakebread, Christopher C. Nicholls and Poonam Puri.


Footnote 151  

banknews.tv/docs/footnote151.pdf

Mark Sibthorpe

Footnote 151 implies an important regulatory change related to derivative contracts. It means that US Banks will not be required to hold as much capital against commodities. If you want to understand the implications of this regulatory change in more detail, see the enclosed related article detailing the changes. For contextual purposes, I have also included two Rolling Stones Magazines reports from 2010 and 2014 that chronicle the role large US banks have played in manipulating commodities. You might question the credibility of these sources, but rest assured, these reports are based on United States Senate hearings which outline the issues in a 396 page report related to the implied risks. 


Save the Canadian economy now  

banknews.tv/docs/helecopter-money.pdf

Mark Sibthorpe

Consumer debt spending appears to have insulated Canada from the worst of the credit crisis, but now the alarming magnitude of consumer debt ($1.92-trillion) could exacerbate a day of reckoning.
This report assesses the issues at hand and recommends the solution to get Canada's economy on track.


Reasons financial service companies should consider gamification  

banknews.tv/docs/Gamfin.pdf

Mark Sibthorpe

Gamification of business processes resulted on Mint.com growing to 10 million users within 4 years. This report explains how.


National Bank Special Report  

banknews.tv/docs/NatBSpec.pdf

Mark Sibthorpe

According to Bloomberg, National Bank of Canada will take a C$64 million ($48 million) restructuring charge in the fourth quarter and said its investment in Maple Financial Group Inc., which is being probed by German regulators, may be at risk of a “substantial loss.”


Will Canadian banks charge companies for deposits?  

banknews.tv/docs/depgrowthimpact2.pdf

Mark Sibthorpe

In light of today’s possible rate cut, this report discusses how a bank rate cut and capital ratio pressure could precipitate negative corporate deposit interest rates in Canada.


Canadian Tire's (CTC) - Canadian Tire Financial Services (CTFS) Scotia deal overview and risk assess  

banknews.tv/docs/ctfsfinal.pdf

Mark Sibthorpe

Review of the Canadian Tire Financial Services deal with Scotiabank, risks, opportunity and benefits.


Finance minisiter scorecard August 26, 2015  

banknews.tv/docs/Scorejo-August-2015.pdf

Mark Sibthorpe

This report looks at Joe Oliver, minister of finance’s progress to date, and assigns a grade to his government’s performance to date.


Xtreme Branch  

banknews.tv/docs/xbranch.pdf

Mark Sibthorpe

Branches are evolving to meet the digital age. This documents tracks the evolution with real-world examples.


Canadian Nudge  

banknews.tv/docs/nudge.pdf

Mark Sibthorpe

Whether he knew it or not, Tom Reid, a senior vice-president at Sun Life, made a case for the behavior modification concept ‘Nudging’ when he recently proposed auto-enrolling Canadians in his company’s pension plans. Sun life cover 1.2 million Canadians, about 60% of the eligible employees.
According to Reid,


CWB cause for concern  

banknews.tv/docs/cwbupdate.pdf

Mark Sibthorpe

In an earlier report BankNews.TV expressed concerns about CWB. Here are 5 charts that show cause:
1. First earnings drop in years;
2. Deposits dropping which will increase cost of funds in the future.


BNTV Overview  

banknews.tv/docs/overviewpdf.pdf

BNTV

BankNews.TV Publishing Corp services overview document:

  • Analytics
  • Financial services industry monitor (FSIM) industry briefings and developments reports
  • Research


Challenger banks not a threat to big banks  

banknews.tv/docs/challenger.pdf

Mark Sibthorpe

This report looks at Canadian challenger banks (apart from merchant led banks) and explains why they have not threatened larger institutions. It also looks at ways in which these upstarts have achieved success.


Gamification of financial data project  

banknews.tv/docs/GamingEventProposal-printsample--en-final.pdf

Mark Sibthorpe

This document contains details on how BankNews.TV is helping kids learn programming via gamification of financial data.


The impact a rate rise will have for Canadian banks  

banknews.tv/docs/irr-f.pdf

Mark Sibthorpe

Canadian banks have made money throughout the credit crisis, but this trend may be about to reverse. The rational supporting this prediction is that revenue has grown despite a declining net interest margin (NIM). It has grown in spite of this fact because Canadian debt (loan lease volume) has risen significantly, as shown in chart 2.

This report looks at the issues facing Canadian banks in the event of a Bank Rate rise.  


FIFA: the new goldenballs  

banknews.tv/docs/goldenballs.pdf

Mark Sibthorpe

Yesterday, the Attorney General of Switzerland (OAG) opened criminal proceedings related to the FIFA scandal. This report outlines some of the events related to the criminal investigation, with a particular focus on banking.


Scorecard Minister of Finance: JIm Flaherty  

banknews.tv/docs/Scorecard Min Fin Flaherty April 8 2014.pdf

Mark Sibthorpe

March 18, Finance Minister Jim Flaherty resigned from cabinet after having endured a difficult year due to health issues. This report looks at his legacy and attempts to grade his government’s performance to date.


Sample RFP for a Loyalty Program  

banknews.tv/docs/sample RFP for a loyalty program.pdf

Mark Sibthorpe


Merchants extend financial services  

banknews.tv/docs/merchantfs.pdf

Mark Sibthorpe

Merchant led financial services are growing in importance once again. This is exemplified in the ongoing UK rivalry between ASDA, Sainsbury and Tesco. Together these merchant/financial service companies provide the backstop for three different approaches for merchants looking to extend their financial services.


Hot Money: real-estate  

banknews.tv/docs/hotmoney.pdf

Mark Sibthorpe

Canadian and London real estate, like Macau, may also be a convenient means for China’s elite to move money offshore; with the deleterious effect of driving up home values. Louise Shelley`s research concurs. In a published paper written for the National Defense University, Shelley argues that money laundering in real estate (MLRE) increases prices.


Currency Cheat Sheet: a guide for the rest of us  

banknews.tv/docs/currencycheatsheet.pdf

Mark Sibthorpe

Readers of this document will be presented with monetary policy issues and facts
that show the USD will likely remain the dominant reserve currency, despite
questionable Chinese practices, record US debt levels, and a shaky economy.


Riches to Rags? Summary of possible risks for Genworth MI CANADA, INC.  

banknews.tv/docs/gq4risk.pdf

Mark Sibthorpe

Genworth had its Q4 2014 earnings call. Genworth own about 30% of the mortgage default insurance in Canada. Not surprisingly, the earnings call became focussed on Alberta; and for good reason, with 20% of its outstanding insured mortgage balance in Alberta, sensitivity to the oil shock and how Genworth plan to manage related risks were discussed in detail.


Canadian Western Bank Competitive Forecast  

banknews.tv/docs/cwbf.pdf

Mark Sibthorpe

Based on historical financial data (see detailed charts pages 5-8), the oil based recession in Alberta, and comparison against two of its peers, this document outlines my observation with respect to CWB’s future performances.


Liquid Canada: the tipping point  

banknews.tv/docs/Liquid.pdf

Mark Sibthorpe

This report examines liquidity issues in the Canadian financial service industry.


Bank Fees  

banknews.tv/docs/Bank fees.pdf

Mark Sibthorpe

Recently the CBC and The Globe and Mail both reported on what has been referred to as a consumer “bank fee outcry”. CBC compares banks to cable and phone companies, standing accused of trying to gouge customers with service fees. The backlash appears to have originated in conjunction with the NDP and the Consumers Council of Canada which argues that there is anxiety ‘among consumers about banking fees’.


Cheap Oil Report  

banknews.tv/docs/co2.pdf

Cheap oil has pushed the Bank of Canada's governor, Stephen Poloz onto a slippery slope. For some background on this, take October 22nd, when Poloz bid farewell to forward guidance, resulting in yesterday's surprise rate cut. A cut that has enraged TD and other banks, which see this as eroding profits.
 


Canada's Economy, a strategic solution  

banknews.tv/docs/ces.pdf

This report explores Canada's strategies to compete globally. The report begins with an analyses of the housing market, because housing is the canary in the coal mine; explores what happens in the event of collapse; and analyses the underlying problem causing Canada to be uncompetitive.
 


Complete loyalty RFP  

banknews.tv/docs/booksample.pdf

Merchants that want to understand loyalty, credit and mobile payments should read this book. It offers readers a step-by-step methodology for evaluating and transforming credit and loyalty programs. The strategies are based on proven examples and facts. The Nectar, Target, Canadian Tire and Walmart case studies are examples of the practical approach I have taken, written with the intent that merchants can use them as blueprints for their own initiatives.
 


Mobile Payments Blueprint: guide to credit and loyalty transformation for merchants  

banknews.tv/docs/booksample.pdf

Merchants that want to understand loyalty, credit and mobile payments should read this book. It offers readers a step-by-step methodology for evaluating and transforming credit and loyalty programs. The strategies are based on proven examples and facts. The Nectar, Target, Canadian Tire and Walmart case studies are examples of the practical approach I have taken, written with the intent that merchants can use them as blueprints for their own initiatives.
 


Report on merchants extending financial services  

banknews.tv/docs/

Special report explaining why some merchants in the UK, U.S. and Canada are expanding their financial services. The paper discusses the structural and regulatory pressures facing merchants and explains the rational behind key decisions. This is an 8 page high level report
 


Guide to system selection  

banknews.tv/docs/gssnow.pdf

Read sample report: Guide to system selection. This sample would normally cost $99 but is available free as a sample. Click here view sample report.


News feed

BANK OF CANADA WARNS SPOILS OF INNOVATION IN HANDS OF A FEW ‘SUPERSTAR’ TECH GIANTS

G&M - Barrie McKenna (2018-08-08)

The Bank of Canada is calling for tougher regulation to thwart a growing concentration of the spoils of innovation in the hands of a clutch of "superstar" tech giants.


MAJOR FINANCIAL INSTITUTIONS SET UP THIRD-PARTY RISK MANAGEMENT COMPANY

Insurance Business - Lyle Adriano (2018-06-16)

Several of America’s biggest banks have come together to create a new company that will carry out risk assessments on suppliers and partners.


WHY IS MY U.S. DIVIDEND ETF UNDERPERFORMING RELATIVE TO GENERAL MARKETS?

G&M - John Heinzl (2018-06-04)

A while ago I bought the iShares U.S. High Dividend Equity Index ETF (CAD-Hedged) for my registered retirement savings plan. However, I was shocked when the ETF (XHD-T) fell precipitously at the start of 2018, and had another fall since. These moves have been out of step with the general markets. Can you explain what happened?


HOME CAPITAL CORRECTS MATH ERROR IN DATA SENT TO OSFI

G&M - James Bradshaw (2018-04-19)

Recovering mortgage lender Home Capital Group Inc. has restated data on its residential home loan balances after detecting an error in a monthly filing with Canada’s banking regulator. Data for February submitted by the company initially made it appear that the balance of insured residential mortgages at subsidiary Home Trust Co. had increased by roughly $1-billion, while its uninsured portfolio suffered a proportionate decline. Home Capital discovered its mistake after fielding questions from analysts who follow the company about the erroneous swings in mortgage balances. The problem arose from a change to the internal process for reporting the figures, the company said on Wednesday, and some mortgages were classified incorrectly. The revised figures show only minor changes in the balance of each portfolio, while the combined balance remains unchanged at $13.26-billion, as initially reported. The restated February totals are much closer to the company’s January filing, as reported to OSFI: Insured residential mortgage balances fell by about $89-million − a decline of about 0.7 per cent − while the balance of uninsured residential loans rose by $11-million. Home Capital’s slip-up comes as it continues to rebuild trust and restore its lending volumes after suffering a run on deposits and a liquidity crisis a year ago, drawing added scrutiny from regulators. Since then, a revamped leadership team has been making fundamental changes to staffing and processes. After slashing 10 per cent of employees to control costs last fall, the company sold “non-core” businesses early this year and began hiring again, while increasing the pace at which it issues new mortgages. And it has worked to tighten underwriting, revamp core technology systems and rebuild key relationships with mortgage brokers.


ONTARIO COURT HANDS CATALYST CAPITAL ANOTHER LOSS

G&M - Andrew Willis (2018-04-19)

The bare-knuckle legal battle between two private equity funds reached a one-sided finish on Wednesday after an Ontario judge tossed out a $1.3-billion lawsuit from Catalyst Capital Group Inc. against rival West Face Capital Inc.


WHY THE BANK OF CANADA IS LIKELY TO RAISE INTEREST RATES AGAIN BEFORE SUMMER

FP - Kevin Carmicael (2018-04-19)

The Bank of Canada will quite likely raise borrowing costs again before summer. Where the central bank’s interest-rate path goes from there will depend on how quickly North America’s leaders decide what they are doing with their three-country trade agreement.


CENTRAL BANK GAMBLES CANADIANS WON'T GET INTO THE INFLATION HABIT: DON PITTIS

CBC - Don Pittis (2018-04-19)

Canadian borrowers fearful of another hike in Bank of Canada interest rates are likely off the hook for three months at least.


AXIS RE PICKS UP CHIEF UNDERWRITING OFFICER FROM AIG

Insurance Business - Ryan Smith (2018-04-19)

AXIS Re, a subsidiary of AXIS Capital Holdings, has announced the appointment of Megan Thomas (pictured) as its chief underwriting officer. In this capacity, Thomas will be responsible for product and portfolio management within AXIS Re. She will be based in New York and will be part of the reinsurance leadership team, reporting to AXIS Re CEO Steve Arora.


WHAT STILL SURPRISES XL CATLIN CEO ABOUT THE CANADIAN MARKET

Insurance Business - Alicja Grzadkowska (2018-04-19)

A major insurer just added a global insurance heavyweight to its Canadian ranks. Urs Uhlmann (pictured) has been appointed XL Catlin’s CEO and country manager for Canada, a market he’s familiar with thanks to positions he’s held throughout a lengthy career.


GUIDE TO LEGALIZATION PREDICTS HOME-GROWN POT TO BE “BIGGEST MUNICIPAL HEADACHE”

Canadian Underwriter - Joan Bryden (2018-04-19)

Municipalities will have to grapple with a host of thorny issues once recreational cannabis is legalized in Canada – but it’s the matter of home-grown marijuana plants that’s expected to cause them the biggest headaches.


MICHAEL HOLDEN NAMED PRESIDENT OF CANADIAN OPERATIONS FOLLOWING SEDGWICK-CUNNINGHAM MERGER

Canadian Underwriter - Jason Contant (2018-04-19)

Two days after Sedgwick Claims Management Services Inc. announced that it had completed its acquisition of Cunningham LindseySedgwick announced that Michael Holden will serve as president of its combined business operations in Canada.


DEUTSCHE BANK’S MANAGEMENT TURNOVER CONTINUES

WSJ - Jenny Strasburg (2018-04-19)

Deutsche Bank AG said Chief Operating Officer Kim Hammonds will leave the company next month, the latest executive to depart the troubled German lender.


MORGAN STANLEY POSTS RECORD EARNINGS, REVENUE

WSJ - Liz Hoffman (2018-04-19)

Morgan Stanley on Wednesday reported record quarterly profits, the last of the big U.S. banks to benefit from a potent cocktail of lower taxes, active markets, lower expenses and economies growing in lockstep.


MORGAN STANLEY IS A STANDOUT AND PRICED ACCORDINGLY

WSJ - Aaron Back (2018-04-19)

Bank investors are a tough crowd to please these days.


GOLDMAN’S GAINS IN TRADING RAISE A FAMILIAR DILEMMA: DEALBOOK BRIEFING

NY Times - Andrew Ross Sorkin (2018-04-19)

The results got a significant fillip from trading, a business Goldman must do well in, but not so well that investors think the bank is too dependent on it. And a breakdown of first-quarter revenue shows the dominance of trading. Revenue from trading in stocks, bonds, currencies, commodities and derivatives totaled $4.39 billion during the first three months of the year. That works out at 44 percent of total revenue, well above the 37 percent share that trading had in 2017.


INVESTORS INCREASE BETS ON FED RATE RISES

FT - Joe Rennison, Peter Wells (2018-04-19)

Investors this week sharply increased their expectations that the Federal Reserve will raise interest rates three or possibly four times this year, even as yields on long-term bonds showed concerns about growth.


FCA WARNS COMPANIES OVER PREFERENCE SHARES AFTER AVIVA OUTCRY

FT - Oliver Ralph (2018-04-19)

Share on Facebook (opens new window) Share on LinkedIn (opens new window) Save Save to myFT Oliver Ralph 2 HOURS AGO Print this page Andrew Bailey, chief executive of the Financial Conduct Authority, has told companies to make it clear to investors whether their preference shares can be redeemed for less than the market price. 


HOW AI REFOCUSES YOUR BUSINESS ON THE CUSTOMER

Finextra - Finextra (2018-04-19)

AI allows banks to determine their customers’ moments of need and to reach out to them proactively with relevant actions (information, content, offers etc) in real-time – making it possible to genuinely engage with and satisfy customers, while at the same time adhering to audit requirements and driving revenue creation.


CHINA CONSTRUCTION BANK PUTS ROBOTS IN CHARGE OF BRANCH

Finextra - Finextra (2018-04-19)

According to the South China Morning Post, the first time customers visit the branch they have their ID cards scanned before being handed a queue number by a robot. Subsequent visits will see visitors identified via facial recognition.


BANKS EMBRACE AI BUT UNCLEAR ON HOW TO USE IT FOR SPECIFIC BIZ CHALLENGES

Finextra - Finextra (2018-04-19)

Despite a widespread belief that AI is an important disrupter for the industry, the survey highlights a lack of understanding of the tech as specifically applied to improving business processes, with 83% of respondents still unaware of how to use it to solve business problems.


GOOGLE PAY NOW INSTALLED MORE THAN 100 MILLION TIMES

Pymnts - Pymnts (2018-04-19)

According to 9to5Google, while an increasing number of retailers are starting to accept digital payments, it hasn’t taken off in a huge way in the U.S. But with the more than 100 million Google Pay installs, that may start to change. 9to5Google recently polled readers and found a majority use a smartphone for mobile payments.


AVIVA NAMES WINNER OF WOMEN-EXCLUSIVE SCHOLARSHIP FUND

Insurance Business - Lyle Adriano (2018-04-19)

After narrowing down the list of candidates to three women, Aviva Canada has finally announced the winner of its Women Creating Legacy in Insurance scholarship fund.


DEUTSCHE BANK IT OVERSEER HAMMONDS DEPARTS

Finextra - Finextra (2018-04-19)

Hammonds joined Deutsche Bank in 2013 as co-head technology and operations and was promoted to group chief operating officer and member of the Management Board in August 2016.


CHEVY AND SHELL TEAM ON IN-CAR FUEL PAYMENTS

Finextra - Finextra (2018-04-19)

When drivers of eligible Chevys fuel up at participating Shell-branded stations, they will be able to press the Shell icon within the carmaker's Marketplace commerce platform on their dashboard.


MARIJUANA BANKING UPDATE (JULY 17, 2017)

FinCEN - FinCEN (2018-04-19)

Short term declines in the number of depository institutions actively providing banking services to marijuana related businesses may be explained by filers exceeding the 90 day follow-on Suspicious Activity Report (SAR) filing requirement. Several filers take 180 days or more to file a continuing activity report. After 90 days, a depository institution is no longer counted as providing banking services until a new guidance-related SAR is received.


THE CHALLENGES OF MARIJUANA BANKING JUST GOT EVEN MORE CHALLENGING

Lexology - Dykema Gossett PLLC (2018-04-19)

Until last week, though, banks and credit unions wanting to work with this sector could rely to some degree on guidance from the U.S. Department of Justice (DOJ) and from the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). Now, with the DOJ guidance withdrawn and the fate of the FinCEN guidance in question, the future of marijuana banking faces even more uncertainty.


CROWDING OUT K-12 EDUCATION

WSJ - WSJ (2018-04-18)

This is significant, because it shows how an aging population is affecting communities: Oklahoma teachers ended their nine-day strike Thursday—and had little to show for it despite demands for a $10,000 raise. But at least a dozen Sooner teachers filed paperwork to run for state office last week, and teachers are agitating for more money around the country. 


BIGGEST U.S. BANKS ENJOY $2.5 BILLION TAX-LAW WINDFALL

WSJ - WSJ (2018-04-18)

Big banks just received the first installment of benefits corporate America will reap from the new federal tax law. The haul: more than $2.5 billion.


OSFI RELEASES FINAL GUIDELINE ON TOTAL LOSS ABSORBING CAPACITY FOR CANADA’S DOMESTIC SYSTEMICALLY IMPORTANT BANKS

OSFI - News Release (2018-04-18)

Today the Office of the Superintendent of Financial Institutions (OSFI) released its final Total Loss Absorbing Capacity (TLAC) guideline for Canada’s domestic systemically important banks (D-SIBs).


CHANGES TO GUIDELINE A – CAPITAL ADEQUACY REQUIREMENTS (CAR)

OSFI - News Release (2018-04-18)

OSFI is releasing revisions to Chapters 1, 2 and 9 of the CAR guideline that will be implemented effective April 18, 2018.  These revisions supplement the changes to the CAR guideline implemented in Q1 2018 as described in OSFI’s letter dated November 29, 2017.  OSFI consulted on these changes in June 2017 in conjunction with public consultations on the Total Loss Absorbing Capacity (TLAC) Guideline.  The attached table in Annex 1 summarizes material comments received during public consultations and provides an explanation of how the comments have been addressed in the guideline.  We thank those who participated in the consultation process. 


CONGRATS! CANADIANS JUST SET A NEW RECORD FOR BORROWING AGAINST THEIR HOMES

Better Dwelling - Daniel Wong (2018-04-18)

Canadian real estate related debt tapering? That would be ridiculous! Filings obtained from the Office of the Superintendent of Financial Institutions (OSFI) show, after a brief decline in January, the balance of loans secured by residential real estate hit a new high in February. More interesting is the segment of loans being used for personal consumption, is growing at the fastest pace in years.


OSFI’S ROLE IN SUPPORTING THE INTEGRITY OF THE FRAMEWORK

OSFI - OSFI (2018-04-18)

Remarks by Superintendent Jeremy Rudin to the European Covered Bond Council, Vancouver, British Columbia, April 18, 2018


BILL C-45 TRUMPS FIRST NATIONS JURISDICTION: JUSTICE CANADA

iPolitics - Sarah Nixon (2018-04-18)

Debate surrounding First Nations jurisdiction over cannabis continued in the Senate Committee on Aboriginal Peoples Tuesday.


BANK OF CANADA HOLDS BENCHMARK INTEREST RATE AS ECONOMIC GROWTH MODERATES

iPolitics - CP (2018-04-18)

The Bank of Canada is maintaining its trend-setting interest rate as its careful assessment of the timing of future hikes continues amid a backdrop of moderating growth.


‘CLASH OF THE TITANS’ SEEN AS U.S. MARIJUANA STARTUPS DUEL CANADIANS

G&M - Kristine Owram (2018-04-18)

The cannabis industry should prepare itself for a “clash of the titans” as growing U.S. companies face off with Canada’s already-established players, says a GMP Capital Inc. investment banker who specializes in the industry.


FED’S DUDLEY SEES ‘SLIGHTLY RESTRICTIVE’ U.S. MONETARY POLICY ON HORIZON

G&M - Jonathan Spicer (2018-04-18)

After a decade of ultra loose policy, the Federal Reserve will likely raise interest rates to a “slightly restrictive” setting in the years ahead as unemployment falls and inflation ticks higher, an influential outgoing Fed official said on Wednesday.


REAL ESTATE BEARS WARN A HOUSING SLUMP COULD CAUSE NEXT RECESSION IN CANADA

G&M - Carolyn Ireland (2018-04-18)

The Toronto-area real estate market is showing signs that it’s in the midst of a spring rebound after a year of gyrating sales and prices. Under that scenario, new mortgage rules and government policies aimed at cooling the market have done their job nicely and the recent strength in prices marks the start of a new upward trend.


POLOZ SAYS SLOW FIRST-QUARTER GROWTH BEHIND INTEREST RATE DECISION

G&M - CP - Video (2018-04-18)

The Bank of Canada is citing 'softness' in the economy, as it held its benchmark interest rate steady at 1.25 per cent on Wednesday. Bank governor Stephen Poloz says rates are still likely to rise over time to manage inflation.


POLOZ TO SET TONE FOR FUTURE RATE INCREASES: DECISION DAY GUIDE

Bloomberg - Theophilos Argitis (2018-04-18)

All but two of the 23 economists surveyed by Bloomberg, including those from the country’s largest banks, predict the benchmark interest rate will remain unchanged at 1.25 percent. The central bank will also release new quarterly forecasts along with its decision at 10 a.m. in Ottawa, followed by an 11:15 a.m. press conference by Poloz and Senior Deputy Governor Carolyn Wilkins.


TRUDEAU DRAWS CHEERS, JEERS WITH TALK OF CETA AT FRANCE’S NATIONAL ASSEMBLY

G&M - PAUL WALDIE (2018-04-18)

As the first Canadian Prime Minister to address France’s National Assembly, Justin Trudeau likely expected a warm welcome and polite applause when he rose to speak in the ornate chamber on Tuesday. Instead, the Prime Minister ran into a smattering of boos and some catcalls when he mentioned the Canada-EU trade deal, a sign of how divisive the agreement has become in parts of Europe.


BLOCKCHAIN COULD PUT THE SQUEEZE ON FEE-HEAVY CANADIAN BANKS, MOODY’S WARNS

FP - Geoff Zochodne (2018-04-18)

Blockchain technology could someday take a bite out of the fees and commissions charged by Canadian banks, Moody’s Investors Service warned Monday in a report.


NO BANK OF CANADA INTEREST RATE HIKE EXPECTED WEDNESDAY

CBC - CBC (2018-04-18)

The Bank of Canada isn't expected to change its benchmark interest rate on Wednesday. But that doesn't mean it thinks the Canadian economy is chugging along normally.


MANULIFE INVESTMENTS MAKES CHANGES TO PORTFOLIO MANAGEMENT TEAM

Insurance Journal - IIJ (2018-04-18)

Manulife Investments announced April 16 that it has made changes to the portfolio management teams for the following funds: the Manulife Global Equity Unconstrained Fund, the Manulife Global Equity Unconstrained Class, Manulife Global Dividend Growth Fund and Manulife Global Dividend Growth Class.


AVIVA CANADA BRACES FOR THE WORST, PREPARES TEAM FOR CLAIMS

Insurance Business - Lyle Adriano (2018-04-18)

Following a severe ice storm that hit Ontario, Aviva Canada has announced that it is taking measures to better assist and respond to customers affected by the weather event.


GOLDMAN PROFIT SURGES BUT INVESTORS LAMENT BUYBACK PAUSE

WSJ - Liz Hoffman (2018-04-18)

Goldman Sachs Group Inc. reported sharply higher profit, looking more like the balanced business Chief Executive Lloyd Blankfein has been working to build in the wake of the financial crisis.


B.C. BEEFS UP REGULATORS’ POWERS TO ENFORCE FINES AGAINST INVESTOR FRAUD

G&M - Justin Hunter (2018-04-17)

he B.C. government is giving two regulators more teeth to tackle some white-collar crimes in the province, bringing in the power of the courts to enforce fines against investor fraud.


CPPIB APPOINTS NEW INFRASTRUCTURE HEAD AMID PENSION-FUND SHAKEUP

G&M - Jacqueline Nelson (2018-04-17)

Canada Pension Plan Investment Board has appointed a new head of its $25-billion infrastructure portfolio, the latest in a wave of changes in leadership positions across the country’s major pension funds.


TOP INSTITUTIONAL INVESTORS BETTING ON AFFORDABLE EUROPEAN VACATION PROPERTIES

G&M - Jacqueline Nelson (2018-04-17)

Canada’s largest institutional investors are putting money into campsites and caravans in Europe, looking to affordable family summer vacations for profits.


MORE THAN 40% OF CANADIANS FEELING PINCH OF RISING INTEREST RATES, UP FIVE PERCENTAGE POINTS

FP - CP (2018-04-17)

A new poll suggests a growing proportion of Canadians say they are feeling the effects of higher interest rates.


HUMANIA’S PROFITS AND INSURANCE SALES INCREASE

Insurance Journal - Alain Theriault (2018-04-17)

In 2017, Humania Assurance increased its net income by 7.2 per cent over 2016 to $4.96 million. At $143.7 million, its insurance sales in terms of gross premiums are up 7.5 per cent in 2017 compared to 2016. Both the insurer’s group insurance and individual insurance sales experienced growth.


MANULIFE JOINS CANADIAN ASSOCIATION OF FINANCIAL INSTITUTIONS IN INSURANCE

Insurance Journal - IIJ (2018-04-17)

“We are delighted to welcome Manulife as a CAFII member and look forward to benefiting from the insights and contributions of its representatives in helping our Association fulfill its mission,” said Peter McCarthy, Chair of the CAFII Board.


US INSURANCE BROKER EXPANDS WITH CANADIAN ACQUISITION

Insurance Business - Lyle Adriano (2018-04-17)

NFP, a US-based insurance broker and consultant, has acquired Corporate Benefit Analysts Insurance Agency (CBA) in Kitchener, Waterloo.


LOCKTON ANNOUNCES NEW CHIEF DIGITAL OFFICER

Insurance Business - Ryan Smith (2018-04-17)

Independent insurance broker Lockton has named Said Taiym as its executive vice president and chief digital officer. In the role, he will report to Ron Lockton, the company’s president and CEO.


LEGISLATION COULD PUT A CAP ON COMPENSATION FOR HUMBOLDT CRASH

Insurance Business - Lyle Adriano (2018-04-17)

The 1978 decision puts a $370,000 cap on the amount of damage that can be paid specifically for pain and suffering experienced by crash survivors. Prior to the 40-year-old decision, the limit was originally set at $100,000 in 1978. Notably, this ruling puts a limit on the amount that can be paid on non-pecuniary losses.


ONTARIO AUTO INSURANCE RATES UP IN FIRST QUARTER OF 2018

Canadian Underwriter - CP (2018-04-17)

Auto insurance rates in Ontario increased in the first quarter of 2018, putting the Liberal government further away from its promise to cut rates by 15 per cent.


INSURERS CONSIDER WEEKEND STORM IN ONTARIO CAT EVENT

Canadian Underwriter - Greg Meckbach (2018-04-17)

Recent severe weather in Ontario, with six inches of ice pellets and winds exceeding gale force in some areas, will most likely be a CAT event, insurance companies report.


FIRED CHINESE INSURANCE REGULATOR CHARGED WITH BRIBERY, ABUSE OF POWER

WSJ - James T. Areddy (2018-04-17)

Chinese prosecutors indicted the country’s former chief insurance regulator on charges of abusing his power and taking bribes, a year after he was fired amid concerns the industry’s sizzling expansion had saddled the financial system with risk.


AUTO-LENDING LEMON REPEAL

WSJ - Editorial Board (2018-04-17)

Deregulation has been a major Republican policy success in the current Congress, and the GOP may not be done. Next up for the potential axe: The notorious auto-lending rule.


BANK EARNINGS BOOM AS REGULATORS RELAX RULES

NY Times - Emily Flitter (2018-04-17)

Citigroup and JPMorgan Chase, the first big United States banks to report their first-quarter results, reported on Friday that business was booming on their stock trading desks as markets gyrated wildly during the first three months of the year. And they reaped greater profits from their core lending businesses, thanks to rising interest rates.


BOFA PROFIT BEATS ESTIMATES ON HIGHER INTEREST RATES, LOAN GROWTH

Reuters - Sweta Singh, Elizabeth Dilts (2018-04-17)

Revenue rose at three of BofA’s four major businesses. In consumer banking, its biggest business, revenue increased 9 percent as higher interest rates helped BofA charge more for loans while keeping deposit rates low.


ALBERTA READIES OIL EMBARGO IN KINDER PIPELINE BATTLE

Bloomberg - Kevin Orland (2018-04-17)

Canada’s inter-provincial fight over Kinder Morgan Inc.’s Trans Mountain pipeline escalated as oil-producing Alberta threatened to cut off fuel shipments to neighboring British Columbia.


RISING INFLATION POSES BIGGEST TEST OF POLOZ'S CAUTIOUS STANCE

Bloomberg - Theophilos Aargitis (2018-04-17)

While the central banker is expected to hold off from raising borrowing costs for a second straight policy decision on Wednesday, and retain a degree of prudence in his rhetoric, Poloz will probably face mounting pressure to return to the rate hike path soon, with inflation and growth beginning to pick up.


IT’S TIME TO BUY ENERGY AND SELL BANKS, SAYS MACQUARIE

BNN - Rajeshni Naidu-Ghelani (2018-04-17)

Canada’s laggard energy sector is set to outperform, according to strategists from Macquarie Group, who say it’s time for investors to buy energy and dump bank stocks to fund the purchase.


BLOCKCHAIN AND BANKS TOGETHER ARE A BUST: WHALEN GLOBAL ADVISOR

BNN - BNN Video (2018-04-17)


LLOYDS TO SHED 305 JOBS; CHOP 49 BRANCHES

Finextra - Finextra (2018-04-17)

Lloyds Bank is to lay off 305 staff and shutter 49 bank branches in an ongoing programme aimed at slashing costs.


CASHING OUT OF U.S. BANKS

BNN - BNN Video (2018-04-17)

Christopher Whalen, chairman of Whalen Global Advisors, joins BNN's Catherine Murray for a look at the current state of U.S. banks. He says he's taking profits because he sees lower growth going forward


TORONTO CONDO PRICES RIP TO A NEW ALL-TIME HIGH

Better Dwelling - Kaitlin Last (2018-04-17)

The benchmark price of a condo apartment ripped higher in March. TREB reported the benchmark, a.k.a. the price of a typical condo, reached $488,000, a 14.11% increase compared to last year. The City of Toronto saw the benchmark reach $513,700, a 15.94% increase compared to last year. This brings the benchmark price to a new all-time high for Greater Toronto.


VANCOUVER DETACHED REAL ESTATE SEES WORST Q1 SALES IN OVER 27 YEARS… PRICES STILL CLIMB

Better Dwelling - Kaitlin Last (2018-04-17)

The benchmark price of a detached home is still climbing in Greater Vancouver. The benchmark reached $1,608,500, a 0.4% increase compared to the month before. This represents a 7.4% increase compared to the same time last year. This brings the detached benchmark within 0.5% of the all-time high, achieved in September 2017.


AUSTRALIAN FINTECH FIRMS CALL FOR COMPETITION WATCHDOG TO POLICE OPEN BANKING ROLL-OUT

Finextra - Finextra (2018-04-17)

Australian fintech companies have called on the the Government to hold the line on the introduction of open banking reforms in the face of a hostile push-back from some of the countries top banks.


TRAVEL INSURANCE ISN'T KEEPING PACE WITH HOW PEOPLE TRAVEL TODAY - REPORT

Insurance Business - Alicja Grzadkowska (2018-04-17)

It’s rare today that someone will use one travel agent, let alone one travel website, before booking a trip. Data from AIG’s “Insuring Travellers in the Digital Age” report states that the average customer looks at 28 different websites over 53 days before setting their plans in stone, and they now have access to live pricing and can bundle their car rental, hotel, and flight all in one booking.


RETIRING INSURANCE PROFESSIONALS TAKE VALUABLE KNOWLEDGE WITH THEM

Insurance Business - Alicja Grzadkowska (2018-04-17)

Daniel Reid (pictured) is just 32 years old, and leads Assurances Reid & Bradley’s Insurance in Ottawa as president and partner. His family had roots in the automotive industry, but he set his own path when close friends encouraged him to move into insurance - he’s held positions as the assistant vice president at Marsh in the nation’s capital and account manager at Aon.


OPEN BANKING ENDS MANAGED ROLL OUT, PAVING WAY FOR NEW SERVICES

Finextra - Finextra (2018-04-17)

Now, the OBIE says that the operation has proven the account data access functionality of the Open Banking system, meaning that FCA authorised and registered third parties are now able to offer products based on it to customers.


SHOULD WE RETHINK THE USE OF EBITDA?

Toptal - Puneet Gandhi (2018-04-17)

Anyone with even a basic exposure to the financial world will have at some point come across the term “EBITDA.” Despite not being officially recognized under GAAP, EBITDA (earnings before interest, tax, depreciation, and amortization) is one of the most widely used metrics in finance, particularly when it comes to valuation analysis and securities pricing analysis. By stripping away “non operational” expenses, EBITDA in theory allows for a cleaner analysis of the intrinsic profitability of a company. Since then, it has become so widespread that public companies have even begun reporting it in their earnings filings.


APHRIA MARKETS FIRST RECREATIONAL POT BRAND TO WOMEN, MILLENNIALS

FP - Kristine Owram (2018-04-17)

Aphria Inc., the country’s third-largest pot producer with a market value of $2.5 billion (US$2 billion), unveiled its first recreational brand Tuesday ahead of legalization of marijuana later this year. Called Solei Sungrown Cannabis, the brand “demystifies cannabis and allows current and novice users alike to enrich their cannabis journey,” Megan McCrae, Aphria’s vice president of marketing, said in a presentation at a Toronto restaurant.


FIRM SEES A FUTURE IN MARIJUANA TABLETS

FP - Barry Critchley (2018-04-17)

Later this week a familiar story will play out when a private medical marijuana company, Canntab Therapeutics Limited, merges with a shell, Telferscot Resources Inc., and starts trading on the Canadian Securities Exchange, thereby providing investors with yet another way to play the marijuana industry.


FOR NEW MARIJUANA ETFS, IT’S BEEN A REALLY ROUGH START

G&M - Matt Lundy (2018-04-17)

Timing appears to be everything in the world of cannabis funds.


HOW THE INTEREST RATE VISE IS CLOSING ON PEOPLE WITH HOME-EQUITY LINES OF CREDIT

G&M - Rob Carrick (2018-04-17)

There are two separate interest-rate threats facing the people who have collectively borrowed about $207-billion from the big banks using a home-equity line of credit.


THIS CALGARY BANKER SAYS THERE’S NO MONEY TO BE MADE IN OIL, SO HE’S ABANDONING CRUDE FOR POT

FP - Kevin Orland (2018-04-17)

In the boardroom at his former merchant bank office in Calgary, Sonny Mottahed is taking down a black-and-white photo of the wooden derricks over Spindletop, the historic crude find that started the Texas oil boom.


GOLDMAN ECLIPSES RIVALS AS TRADING UNIT REBOUNDS

FT - Ben McLannahan (2018-04-17)

Goldman’s fixed-income, currency and commodities trading division — a persistent drag on profits last year, as the bank struggled to make money in thin and listless markets — saw net revenues of $2.1bn, 23 per cent higher than a year ago, helping overall returns on equity to a five-year high of 15.4 per cent on an annualised basis.


EU TO TIGHTEN RULES ON MONEY LAUNDERING

FT - Jim Brundsden (2018-04-17)

Brussels has moved to toughen enforcement of its rules against money laundering, saying greater cross-border co-ordination was needed to track terror suspects and prevent a repeat of scandals seen in banks from Latvia to Malta.


KENYA-FOCUSED FINTECH LENDER TALA RAISES $65M TO FUND EXPANSION

FT - John Aglionby (2018-04-17)

Tala, a Kenya-focused fintech company providing uncollateralised loans, has raised $65m in Series C equity investment and debt financing to fund its newly launched global expansion.


SOUTH AFRICA BANS KPMG FROM AUDITING PUBLIC INSTITUTIONS

FT - Joseph Cotterill (2018-04-17)

KPMG has been banned from auditing public institutions in South Africa, compounding a crisis for the firm in the country over its role in a high-profile bank failure and ties to the controversial Gupta family.


KINDER MORGAN’S ATTEMPT TO BUILD A PIPELINE REFLECTS BADLY ON CANADA

Economist - Economist (2018-04-17)

ALMOST all Canada’s oil and gas is landlocked, so getting it to market requires pipelines—lots of them. But building them requires skills more suited to circus artists than engineers. They must walk the financial high wire, jump through ever-changing regulatory hoops and juggle conflicting demands from environmental groups and numerous governments. The list of failures is long. It includes Northern Gateway, meant to bring Alberta crude to a port in northwestern British Columbia; Energy East, which would have linked Alberta to the Atlantic coast; Pacific Northwest, to bring gas to the west coast; and the legendary Mackenzie Valley gas pipeline, first proposed in 1974 and dropped in 2017 by its last, exhausted promoter.


ROTHSCHILD HEIR TAKES REINS OF BANKING DYNASTY

RT.com - Press Release (2018-04-17)

Alexandre de Rothschild, 37, was picked to replace his 75-year-old father, David de Rothschild, as the bank’s top executive. The successor will become the seventh generation of the dynasty to take charge of the Franco-British investment bank, which was founded in 1838.


WELLS FARGO FACES $1-BILLION FINE TO SETTLE LOAN ABUSES

G&M - Aparajita Saxena (2018-04-16)

Two U.S. regulators have proposed Wells Fargo & Co pay US$1-billion in penalties to resolve probes into auto insurance and mortgage lending abuses at the third largest U.S. bank, overshadowing its first quarter results.


MARCH HOME SALES PLUNGE 22.7%, WITH NATIONAL AVERAGE PRICE SLIDING 10.4%: CREA

FP - Armina Ligaya (2018-04-16)

The number of Canadian homes sold in March plunged 23 per cent and the national average price was down 10 per cent from the same month last year amid double-digit plunges in most housing markets across the country, according to the latest monthly sales data released Friday.


CANADIAN BANKS HAVEN’T HAD THIS MUCH MONEY TO PLAY WITH IN YEARS — AND THEY’RE READY TO SPEND IT

FP - Doug Alexander (2018-04-16)

Canadian banks have amassed their biggest war chest in five years — and they’re ready to use it.


CANADIANS WARNED TO CLIMB OUT OF DEBT BEFORE IT'S TOO LATE, AS THREAT OF COOLING HOUSING MARKETS LOOMS

FP - FP (2018-04-16)

Scott Hannah says low borrowing costs and rising home prices have lured Canadians into a debt trap they may not escape if looming economic threats materialize


PC OPTIMUM MEMBERS GET HIT BY POINTS THEFT TWICE. LOBLAWS BLAMES PASSWORD GLITCH

CBC - Sophia Harris (2018-04-16)

​Thieves continue to steal hundreds of thousands of PC Optimum rewards points, and some members have had the misfortune of being hit twice.


PAYPAL IS GOING AFTER THE BIG BANKS

CBC - Peter Armstrong (2018-04-16)

It is precisely the kind of thing that keeps the big banks up at night: the Wall Street Journal reported this week that PayPal is quietly piloting a program that would allow users to open traditional chequing accounts.


THREE INSURERS SLAPPED WITH STIFF PENALTIES BY THE AMF

Insurance Journal - Hubert Roy (2018-04-16)

The three insurers are ManulifeCanada Life and ACE INA (Chubb). All three have reached agreements with the AMF. In two of the three cases, the sanctions affect products sold to holders of credit cards issued by defunct Sears stores.


'DISTRACTED DRIVING SHOULD BE THE NEW DRUNK DRIVING' SAYS AVIVA INTERNATIONAL CEO

Insurance Business - Bethan Moorcraft (2018-04-16)

Motorists in Canada get a tough deal. Auto insurance rates have spiralled across multiple provinces in recent years and the rapid inflation of rates don’t look like disappearing any time soon.


MARSH NAMES NEW CEO FOR CANADA

Insurance Business - Paul Lucas (2018-04-16)

The move comes as existing Marsh Canada CEO Chris Lay (pictured) moves to take up the position of Marsh CEO UK & Ireland, reporting to Flavio Piccolomini, president of Marsh International. He will also be appointed as CEO of Marsh Limited, all subject to regulatory approval and will now move back to London from Toronto.


WHAT YOU NEED TO KNOW ABOUT THE EVOLUTION OF RANSOMWARE

Canadian Underwriter - Jason Contant (2018-04-16)

Criminals are still very successful, says Matt Hartley, vice president of global services and intelligent engineering with cybersecurity company FireEye. “They’re still making money and so long as they’re making money, they’re going to be out there,” he said Wednesday at the International Cyber Risk Management Conference (ICRMC) in Toronto.


HOW TO GIVE YOUR CLIENT A ‘WAKE-UP CALL’ ON CYBER RISK

Canadian Underwriter - Greg Meckbach (2018-04-16)

“We have seen clients stop right in the middle of the application process and say, ‘ You know what? We are not ready to buy cyber insurance yet – we have got to do a few things to make ourselves a better risk,’” said Brian Rosenbaum, Aon Canada Inc.’s senior vice president and national cyber and privacy practice leader.


BANKS GET A BREAK ON ACCOUNTING RULE

WSJ - Michael Rapoport (2018-04-16)

Banking regulators proposed softening the blow of a new accounting rule that will force banks to book losses on soured loans more quickly.


WHY THE DODD-FRANK ROLLBACK HAS SOME SMALL BANKS YAWNING

WSJ - Ryan Tracy, Christina Rexrode (2018-04-16)

Bank lobbyists are pushing Congress to relax regulations for the industry, especially for small lenders. Mary Ann Scully, who runs a community bank in Maryland, is unimpressed.


BIG BANKS POST STRONG RESULTS BUT INVESTORS WANT MORE

WSJ - Peter Rudegeair (2018-04-16)

Lower taxes, a boost in lending income and a flurry of trading activity sparked by market volatility propelled profits higher at three of the U.S.’s biggest banks in the first quarter.


WALL STREET TITAN TAKES AIM AT LAW THAT TRIPPED HIM UP

NY Times - Danny Kakim (2018-04-16)

Mr. Greenberg, known as Hank, is a revered figure on Wall Street who built the American International Group into an insurance giant, only to lose it in 2005 amid a securities fraud investigation. He fought the New York attorney general’s office for a dozen years before he agreed to pay $9 million as part of a civil settlement last year.


ECB ASKS DEUTSCHE BANK TO GAUGE INVESTMENT BANKING EXIT COSTS: SOURCE

Reuters - Staff (2018-04-16)

Germany’s biggest lender has been calculating the financial effects of a potential move to quit investment banking for some time, and the move is not related to the switch in Deutsche Bank’s top management position last Sunday when retail banking expert Christian Sewing was appointed to replace chief executive John Cryan.


WELLS FARGO CFO SAYS GOVERNMENT, NOT BANKS, SHOULD SET GUN POLICY

Reuters - Staff (2018-04-16)

Wells Fargo & Co (WFC.N) believes the U.S. government, rather than banks, should set rules to promote gun safety, its finance chief said on Friday.


THE CANADIAN GOVERNMENT USED “FAKE NEWS” TO DRIVE REAL ESTATE BORROWING… SERIOUSLY

Better Dwelling - Stephen Punwasi (2018-04-16)

The Government of Canada has paid a hefty sum to distribute their content. According to the Blacklock analysis, over $577,000 was spent in 2017 alone. Health Canada was the biggest spender, with over $239,741 in contracts to News Canada last year. Statistics Canada wasn’t exactly skimping either, with over $61,071 in spending. This appears to exclude contracts to News Canada subsidiary “Fifth Story,” which also does “electronic media distribution” according to some contracts.


FOOSBALL TABLE OR PRACTICAL BENEFITS - WHAT DO MILLENNIALS WANT IN INSURANCE?

Insurance Business - Bethan Moorcraft (2018-04-16)

Placing the ‘fun’ to one side, millennials – just like workers of all generations – are concerned with workplace practicalities. They’re looking for interesting benefits packages, workplace flexibility, learning opportunities and mentorship.


MONTREAL’S CRE SECTOR ‘ON EVERYBODY’S RADAR’

Renx.ca - Danny Kucharsky (2018-04-16)

Last year was “off the charts,” with 1.5 million square feet of absorption of office space, including 680,000 square feet downtown, he said. “It was one of the best years in a long time. “


PRESTO SERVICES EXPAND TO LOBLAWS, REAL CANADIAN SUPERSTORE

CBC - CBC (2018-04-16)

OC Transpo riders will soon be able to purchase and top up Presto cards at an expanded list of 66 locations across Ottawa.


FROM BLOCKCHAIN TO AUGMENTED REALITY, CANADA'S BIG BANKS AIM TO PATENT THE FUTURE OF FINANCE

FP - Geoff Zochodne (2018-04-16)

Toronto-Dominion Bank, for example, used to file around one patent application a year. But after ramping up its strategy about five years ago, it now files about 40 to 50 applications annually, according to Josh Death, associate vice president, legal, intellectual property and patentable innovation at TD.


SOME ANALYSTS ARE BETTING ON A BANK OF CANADA RATE HIKE THIS WEEK (BUT I WOULDN’T)

G&M - Michael Babad (2018-04-15)

Some analysts expect the Bank of Canada to raise its benchmark interest rate again this week, but it’s more likely that governor Stephen Poloz and his colleagues will sit this one out. From the state of Canada’s housing market to the still-uncertain fate of the North American free-trade agreement, enough uncertainty remains. Which is why several observers believe the central bank will hold its overnight rate at 1.25 per cent when it announces its decision and releases its monetary policy report Wednesday.


RCMP SEARCH FORTRESS OFFICE IN MORTGAGE-FRAUD PROBE

G&M - Janet McFarland (2018-04-15)

RCMP officers searched the head office of real estate developer Fortress Real Developments Inc. on Friday morning as part of a syndicated-mortgage fraud investigation.


FORMER POLITICIANS PUSH OTTAWA TO DECLARE BITCOIN A CURRENCY

G&M - Alexandra Posadzki (2018-04-15)

Two former Canadian politicians are pressing Ottawa to declare bitcoin a currency under the Bank of Canada Act.


CANADA RISKS FALLING BEHIND ON DATA PROTECTION

G&M - Barrie McKenna (2018-04-15)

In their distinctive ways, countries are finally turning their attention to privacy in cyberspace.


'LONG, SLOW RECOVERY': AFTER 3 YEARS OF HEAVY LOSSES, CANADIAN OILPATCH TO EKE OUT PALTRY GAINS THIS YEAR

FP - Geoffrey Morgan (2018-04-13)

After three straight years of losses, Canada’s oil industry is expected to return to profitability this year.


'LONG, SLOW RECOVERY': AFTER 3 YEARS OF HEAVY LOSSES, CANADIAN OILPATCH TO EKE OUT PALTRY GAINS THIS YEAR

FP - Geoffrey Morgan (2018-04-13)

After three straight years of losses, Canada’s oil industry is expected to return to profitability this year.


WHAT IT WAS LIKE TO GET CAUGHT IN TORONTO'S SWIFT AND BRUTAL HOUSING PLUNGE

FP - Natalie Wong (2018-04-13)

Toronto’s housing market has seen a stunning slowdown in the past year. Now one brokerage has cataloged the damage for 988 homeowners who got caught in the eye of the hurricane.


SECURITIES REGULATORS NEED A BOLDER APPROACH TO CLIMATE-CHANGE DISCLOSURE

G&M - Janis Sarra (2018-04-13)

Last week, the Canadian Securities Administrators (CSA) published its long overdue study of climate-change. The Report on Climate change-related Disclosure Project was more than one year in the making. After extensive consultations with issuers and investors, securities regulators finally acknowledged the importance of climate-change financial risk, but failed to act meaningfully, announcing yet more study.

 


IS THIS FUND FEE FRACAS A CASE OF INVESTOR ABUSE OR OBTUSE INVESTORS?

G&M - Rob Carrick (2018-04-13)

If you can’t research a simple mutual fund, you’re not cut out to be a do-it-yourself investor.


MARSH ANNOUNCES DIGITAL INCUBATOR

Insurance Business - Ryan Smith (2018-04-13)

Marsh has announced the launch of a digital incubator that will focus on developing new products and business models. The incubator, Marsh Digital Labs, was launched within Marsh’s larger Digital, Data, and Analytics organization.


IF A BROKER HAS A QUESTION, THIS NEUROSCIENCE-INSPIRED TOOL HAS THE ANSWER

Insurance Business - Alicja Grzadkowska (2018-04-13)

Machines with human-like intelligence are still a far-off concept, according to a report by Allianz Global Corporate & Specialty (AGCS) on the risks and benefits of AI. Today, existing applications powered by artificial intelligence are “weak” because they act like humans in specific areas of competence, such as driving a car or making a medical diagnosis. Meanwhile, “strong” AI agents with the ability to generalize concepts and solve problems they’ve never seen before are not expected to hit the market till 2040, predicted the report.


IF A BROKER HAS A QUESTION, THIS NEUROSCIENCE-INSPIRED TOOL HAS THE ANSWER

Insurance Business - Alicja Grzadkowska (2018-04-13)

Machines with human-like intelligence are still a far-off concept, according to a report by Allianz Global Corporate & Specialty (AGCS) on the risks and benefits of AI. Today, existing applications powered by artificial intelligence are “weak” because they act like humans in specific areas of competence, such as driving a car or making a medical diagnosis. Meanwhile, “strong” AI agents with the ability to generalize concepts and solve problems they’ve never seen before are not expected to hit the market till 2040, predicted the report.


IA FINANCIAL ANNOUNCES DEAL TO PURCHASE MGA IN WESTERN CANADA

Insurance Business - Lyle Adriano (2018-04-13)

ABEX Brokerage Services, founded in 1986 by Duaine and Lorraine Miller, is an MGA serving independent life insurance and investment advisors in the Western Canada region. The company is under the management of Kevin Miller and Carissa Seguin.


IA FINANCIAL ANNOUNCES DEAL TO PURCHASE MGA IN WESTERN CANADA

Insurance Business - Lyle Adriano (2018-04-13)

ABEX Brokerage Services, founded in 1986 by Duaine and Lorraine Miller, is an MGA serving independent life insurance and investment advisors in the Western Canada region. The company is under the management of Kevin Miller and Carissa Seguin.


SLOW PACE OF REGULATORS EXPOSING INDUSTRY TO DISRUPTION: CEO

Canadian Underwriter - David Gambrill (2018-04-13)

Regulatory delays around innovation are exposing the Canadian property and casualty insurance industry to potential disruption, a P&C industry executive said at The CIP Society Symposium in Toronto Tuesday.


GLOBAL BANKS FACE CHILL OF RUSSIAN SANCTIONS

WSJ - Margot Patrick, Max Colchester (2018-04-13)

Six months ago, Russian power-to-aluminum company En+ Group PLC listed on the London Stock Exchange, cheered on by a former U.K. government minister and a cluster of big name banks.


FIVE THINGS TO WATCH FOR IN CITIGROUP’S EARNINGS

WSJ - Telis Demos (2018-04-13)

Citigroup Inc. is expected to report first-quarter results before the market opens Friday. Here’s what you should keep an eye on.


FIVE THINGS TO WATCH FOR IN JPMORGAN’S RESULTS

WSJ - Emily Glazer (2018-04-13)

JPMorgan Chase & Co., the largest U.S. bank by assets, is expected to report its first-quarter results before the market opens Friday. 


WILL BANK EARNINGS FLASH ANY WARNINGS?: DEALBOOK BRIEFING

NY Times - NY Times (2018-04-13)

Headwinds and tailwinds are blowing through the financial markets and the global economy.


DEUTSCHE BANK'S S&P RATING PUT ON CREDIT WATCH AFTER CEO CHANGE

Reuters - Staff (2018-04-13)

Deutsche Bank’s (DBKGn.DE) sudden change in chief executive could prolong the lender’s restructuring, ratings agency Standard & Poor’s (S&P) said as it placed the bank on “credit watch negative” late on Thursday.


TECH UPHEAVAL MEANS A ‘MASSACRE OF THE DILBERTS,’ BOE’S CARNEY SAYS

Bloomberg - Fergal O'Brien (2018-04-13)

He said there are a lot of “routine cognitive jobs,” at risk, in what he termed a “massacre of the Dilberts” -- a reference to the satirical American comic strip about office workers.


SCOTIABANK’S SALE OF MALAYSIAN UNIT TO TAIWANESE FIRM FALLS THROUGH

G&M - James Bradshaw (2018-04-12)

Bank of Nova Scotia has abandoned a deal to sell its Malaysian unit to a Taiwanese financial-services firm after failing to close the transaction before a deadline.


TORONTO CONDO RENTS SPIKE NEARLY 11 PER CENT AS NEW MORTGAGE RULES TAKE EFFECT

G&M - Janet McFarland (2018-04-12)

Rents for condominium apartments in the Toronto region jumped by almost 11 per cent in the first quarter this year as completions of new rental units slowed and more renters stayed put because they could not qualify to buy homes under Canada’s new mortgage stress-test rules.


CRACKS ARE STARTING TO SHOW IN CANADIANS' CREDIT QUALITY, RBC WARNS

FP - Chris Fournier (2018-04-12)

The roll rate — the percentage of credit card users who “roll” from early stage delinquencies to 60-89 day delinquencies — reached the highest since 2008 for one credit card program, while delinquencies for another program were above the 10-year average, Selot said in a monthly analysis of credit securitization programs.


CRACKS ARE STARTING TO SHOW IN CANADIANS' CREDIT QUALITY, RBC WARNS

FP - Chris Fournier (2018-04-12)

The roll rate — the percentage of credit card users who “roll” from early stage delinquencies to 60-89 day delinquencies — reached the highest since 2008 for one credit card program, while delinquencies for another program were above the 10-year average, Selot said in a monthly analysis of credit securitization programs.


'THEY’VE TREATED PEOPLE LIKE DIRT': EQUITY GROUP LAYOFFS AT $135 BILLION BCIMC RAISE QUESTIONS ABOUT MORALE

FP - Barry Critcheley (2018-04-12)

The BC Investment Management Corp., one of the country’s largest pension managers, has laid off “about 20” of its investment professionals, a mix of analysts and portfolio managers who largely worked in equities.


'THEY’VE TREATED PEOPLE LIKE DIRT': EQUITY GROUP LAYOFFS AT $135 BILLION BCIMC RAISE QUESTIONS ABOUT MORALE

FP - Barry Critcheley (2018-04-12)

The BC Investment Management Corp., one of the country’s largest pension managers, has laid off “about 20” of its investment professionals, a mix of analysts and portfolio managers who largely worked in equities.


'THIS IS A TRUE STORY': MEET THE FORMER SLAVE WHO BLEW THE WHISTLE ON WELLS FARGO AND ENDED UP A MILLIONAIRE

FP - Emily Flitter (2018-04-12)

He worked at the bank’s debt-collections centre near Portland, Oregon, talking on the phone to customers who owed Wells Fargo money. It wasn’t glamorous, but the job enabled him to afford a two-story suburban house with mustard-colored aluminum siding. After more than three decades in the United States, Tran felt that he was the living embodiment of the American dream.


IBC: MORE CANADIAN CUSTOMERS WANT INSURERS TO UTILIZE TECH

Insurance Business - Lyle Adriano (2018-04-12)

The Insurance Bureau of Canada (IBC) has revealed the results of its latest survey, which revealed that most Canadian customers prefer “tech-enabled” insurance products and services.


IS BLOCKCHAIN THE ANSWER TO THE INSURANCE FRAUD CONUNDRUM?

Insurance Business - Bethan Moorcraft (2018-04-12)

Insurance fraud costs the industry about US$80 billion (CA$101 billion) a year – and that’s on the conservative side of the loss estimates.

 


WHY BROKERS MAY HAVE FEWER HOME FLOOD WORDINGS TO CHOOSE FROM

Canadian Underwriter - Greg Meckbach (2018-04-12)

The lack of standard wording for home overland flood insurance is not a bad thing, but Canadian brokers might soon have fewer wordings from which to choose, the head of Swiss Re Canada suggests.


BREXIT HITS BANKERS WHERE IT HURTS: THEIR WALLETS

WSJ - PAUL J. DAVIES (2018-04-12)

If there is one group of people likely to be upset about Brexit, it is European bankers and fund managers who earned more than €1 million ($1.2 million) a year. There were about 10% fewer of them in 2016, the year when the U.K. voted to leave the European Union—not because of mass layoffs, but rather as a direct result of the falling value of the British pound...


WORRIED ABOUT YOUR TAX BILL? HEDGE-FUND STAR JOHN PAULSON OWES $1 BILLION

WSJ - Gregory Zuckerman (2018-04-12)

John Paulson won fame after he made one of the greatest financial bets of all time. What comes next? One of the largest-ever personal tax bills.


BANK OF AMERICA TO STOP FINANCING MAKERS OF MILITARY-STYLE GUNS

NY Times - Tiffany Hsu (2018-04-12)

The policy is the latest example of Wall Street wading into the divisive gun control debate after Citigroup’s announcement last month that it would require business customers to restrict certain types of firearms sales.


SOFTBANK TEAMS WITH INVESTORS IN $25BN FIFA SHAKE-UP

FT - Arash Massoudi (2018-04-12)

is thought to be wary of any attempt to rival its premier club competition Share on Twitter (opens new window) Share on Facebook (opens new window) Share on LinkedIn (opens new window) Save Save to myFT Arash Massoudi and Murad Ahmed in London, Japan’s SoftBank is part of an international consortium behind a radical $25bn plan to create global football tournaments for Fifa, the international governing body of the sport. 


SANTANDER LAUNCHES BLOCKCHAIN-BASED FOREIGN EXCHANGE SERVICE

FT - Nicholas Meaw (2018-04-12)

Santander has become the first international bank to launch a cross-border payments system based on blockchain, using the new technology with a view to taking on specialist fintechs such as TransferWise.


WHY MARIJUANA RETAILERS CAN’T USE BANKS

Economist - Economist (2018-04-12)

RECREATIONAL marijuana has been legally sold in California since the start of the year. The state treasury estimates that sales in 2018 will reach $7bn. But it will not collect its fair share, because pot taxes, it turns out, must be paid in cash. This makes tax collection “a nightmare”, as the treasury has described it. The predicament of Oregon, where recreational pot became legal in 2015, is a case in point. Sellers who declare sales have had to bring tax payments in cash every month to a guarded, bulletproof site in Salem, the state capital, no matter the distance they must travel. Operating only one such “cash-transaction unit” saves the revenue department money, but it also reduces the number of sellers who declare sales. So why can’t tax payments be made electronically?

 


BOFA LAUNCHES DIGITAL MORTGAGE SERVICE

Finextra - Finextra (2018-04-12)

The system's prefill capabilities means that customers can apply for a mortgage through the app or online and immediately have much of the application auto-populated. They will then receive conditional approval but will need to close the deal in person.


MASTERCARD TO HIRE 175 NEW STAFF IN IRELAND TO EXPAND INNOVATION AGENDA

Finextra - Finextra (2018-04-12)

Mastercard’s Leopardstown office in County Dublin currently houses 380 staff. It is the global headquarters of Mastercard Labs, the company’s research and development arm, where staff are currently working across a range of ground-breaking innovations in payments, including blockchain and AI applications.


TRANS MOUNTAIN’S FAILURE WOULD BE COSTLY FOR CANADA, SCOTIABANK CEO WARNS

G&M - G&M (2018-04-11)

"Speaking to reporters after the bank’s annual meeting of shareholders on Tuesday, Brian Porter reiterated Scotiabank’s support for ‘thoughtful energy development,’ stressing the sector’s importance to ‘some people’s standard of living’"


THE INVESTING CASE FOR RED HAT, WHY TD IS STEERING AWAY FROM MARIJUANA STOCKS, AND TROUBLE FOR THE TSX.

G&M - G&M (2018-04-11)

It's important for me to disclose my stock purchases in the interests of transparency but the last thing I want is for readers to lose money by following me into investments ...


CANADIAN IMPERIAL BANK OF COMMERCE (CIBC) IS LOOKING TO RAISE UP TO US$240 MILLION IN AN INITIAL PUBLIC OFFERING IN THE UNITED STATES FOR ITS FIRSTCARIBBEAN INTERNATIONAL BANK LTD

G&M - CIBC (2018-04-11)

Canadian Imperial Bank of Commerce (CIBC) is looking to raise up to US$240 millionin an initial public  offering in the United States for its FirstCaribbean International Bank Ltd. subsidiary. The Toronto-based bank wants to sell 9.6 million shares in the bank at a price expected to be between of US$22 and ..


STRESS TESTS PUSHING ONE IN THREE HOMEBUYERS TO FORGO HOME PURCHASE: SURVEY

FP - Naomi Powell (2018-04-11)

Tougher mortgage stress testing rules are pushing some Canadian homebuyers to lower their expectations for a new home and others to opt out of buying altogether.


BANK OF CANADA’S LATEST INDICATOR CLINCHES IT — INTEREST RATES ARE GOING UP SOON

FP - Kevin Carmichael (2018-04-11)

Donald Trump may have changed the rules of politics, but luckily for Canadians, the laws of trade gravity are harder to bend.


BITCOIN IS THE GREATEST BUBBLE IN HISTORY, BIGGER THAN TULIPS, THE SOUTH SEA COMPANY AND GOLD — AND NOW IT’S POPPING

FP - Janine Wolf (2018-04-11)

The greatest bubble in history is popping, according to Bank of America Corp.


STOCK MARKETS RISE AS CHINA EXTENDS OLIVE BRANCH TO U.S. IN TRADE DISPUTE

CBC - CBC (2018-04-11)

Global stock markets rose on Tuesday, as a speech from the Chinese president was uncharacteristically conciliatory and raised hopes that the country was willing to negotiate in its trade dispute with the United States.


MARK WHITE TO LEAD FINANCIAL SERVICES REGULATORY AUTHORITY

Insurance Journal - IIJ (2018-04-11)

Ontario’s new Financial Services Regulatory Authority (FSRA) announced April 10 the appointment of Mark White as FSRA’s inaugural Chief Executive Officer. The appointment is effective May 7, 2018.


IIROC STRATEGY LOOKS TO ACCOMMODATE NEW BUSINESS MODELS

Insurance Journal - IIJ (2018-04-11)

The Investment Industry Regulatory Organization of Canada (IIROC) announced April 9 that it is applying a three-part strategy to accommodate new business models, in light of changing demographics, investor behaviour and technology.


LLOYD’S SURVEY EXPOSES THE INSURANCE PROBLEMS FACING AIRBNB, UBER

Insurance Business - Lyle Adriano (2018-04-11)

A new report from Lloyd’s has found that while consumers appreciate the convenience of sharing economy businesses such as Airbnb and Uber, many would prefer it if the businesses offered insurance.


TRIAL OVER CANADA'S PUBLIC HEALTHCARE SYSTEM UNDERWAY

Insurance Business - Lyle Adriano (2018-04-11)

A doctor is challenging Canada’s public healthcare system in a legal battle that could determine whether or not private health insurance and for-profit clinics can push forward in the country.


TENANT INSURANCE TOO EXPENSIVE AT $15 PER MONTH, RENTERS SAY

Canadian Underwriter - Jason Contant (2018-04-11)

Despite the fact that premiums start as low as $15 per month, nearly half of consumers polled by insurance comparison site Kanetix.careported that they couldn’t afford renter’s insurance.


HOW BLOCKCHAIN WILL PUT PRESSURE ON BROKER COMMISSIONS IN 3-5 YEARS

Canadian Underwriter - David Gambrill (2018-04-11)

Blockchain is going to put pressure on broker commissions and fundamentally change the way the broker channel does business over the next three to five years, says a past Marsh Canada national executive and management committee member.


BIG BANKS FIND A BACK DOOR TO FINANCE SUBPRIME LOANS

WSJ - Peter Rudegeair, Rachel Louise Ensign and Coulter Jones (2018-04-11)

These days, Wells Fargo & Co. and Citigroup Inc. are unlikely to make a $14,000 auto loan to a borrower with a subprime credit score. That is now the domain of direct lenders such as Exeter Finance LLC, based in Irving, Texas.


FOR MANY NEW HOMEOWNERS, DEBT CONSUMES HALF OF INCOME

WSJ - WSJ (2018-04-11)

More Americans are stretching to buy homes, the latest sign that rising prices are making homeownership more difficult for a broad swath of potential buyers.


FED FLOATS FIRST MAJOR BIG-BANK RULE CHANGE OF TRUMP ERA

WSJ - Ryan Tracy, Liz Hoffman (2018-04-11)

The Federal Reserve proposed retooling capital rules and annual “stress tests” for the largest U.S. financial firms, the first major big-bank rule change of the Trump era.


BOJ GOVERNOR KURODA SAYS CONSUMER PRICES HAVE ACCELERATED SLIGHTLY

Reuters - Stanley White (2018-04-11)

Kuroda said in a speech he expected rising wages to accompany gains in consumer prices.


CANOPY TOPS BCE, MANULIFE AS MARIJUANA STOCK TRADING RAMPS UP

Bloomberg - Kristine Owram (2018-04-11)

Canadian pot stocks, most with little or no revenue, are quickly becoming among the most actively traded stocks on the country’s exchanges, topping blue-chip companies like BCE Inc. and Manulife Financial Corp.


WALL STREET FACES HIGHER CAPITAL DEMANDS UNDER FED PROPOSAL

Bloomberg - Jesse Hamilton (2018-04-11)

Wall Street banks could face higher capital hurdles under a Federal Reserve proposal that would mark the most significant rewrite of requirements put in place after the 2008 financial crisis.


CANADIAN BUSINESSES STILL UPBEAT DESPITE TRADE WORRIES, SLOWING ECONOMY: BOC

G&M - Barrie McKenna (2018-04-10)

Canadian companies are surprisingly upbeat about the future in spite of the slowing economy and rising trade tensions, according to the Bank of Canada’s latest survey of business sentiment.


NEW MORTGAGE RULES TIGHTENED HOUSEHOLD LENDING IN FIRST QUARTER, BANK OF CANADA SAYS

FP - Geoff Zochodne (2018-04-10)

New mortgage underwriting rules contributed to tighter lending conditions for households in the first quarter of 2018, according to the Bank of Canada’s survey of financial institutions. 


IN CUTTHROAT HOUSING MARKET, REALTORS GET CREATIVE WITH ELABORATE CLOSING GIFTS TO WIN CLIENTS' LOYALTY

FP - Tara Deschamps (2018-04-10)

 Every time Toronto realtor Mike Donia helps a client close on a home, he drops some money of his own.


CANADA'S ECONOMY IS MAXING OUT, AND BUSINESSES HAVE A BIG DECISION TO MAKE

FP - Kevin Carmichael (2018-04-10)

John Beck, chief executive of Aecon Group Inc., one of Canada’s biggest construction companies, was asked last month whether he would be chasing new work in the United States.


CANADIAN TIRE EXPANDS LOYALTY PROGRAM TO COVER MORE RETAIL BRANDS

CBC - CP (2018-04-10)

The company says starting later this spring, customers will be able to collect money at Sport Chek, Mark's, Atmosphere and Gas+ locations in addition to Canadian Tire itself, as well as redeem it at locations other than Gas+ stations.


CUSTOMER SAYS BMO IGNORED HER PLEA TO CAP LIMIT ON JOINT LINE OF CREDIT WITH EX: DEBT MORE THAN DOUBLES

CBC - Erica Johnson (2018-04-10)

Diane Bennett says banks shouldn't be allowed to increase the limits on customers' lines of credit without their permission, just as they can't increase the limit on customers' credit cards without express consent.


OSC FINES MACKENZIE FINANCIAL $900,000

Insurance Journal - Kate McCaffrey (2018-04-10)

The Ontario Securities Commission (OSC) announced April 6 that Mackenzie Financial Corporationwill pay administrative penalties and investigation costs after it was found that the mutual fund company regularly and repeatedly engaged in sales practices contrary to National Instrument 81-105.


REBECCA RYCROFT APPOINTED CFO OF MUNICH RE’S CANADIAN LIFE AND HEALTH BUSINESS

Insurance Journal - IIJ (2018-04-10)

Munich Re Canada (Life and Health) has announced the appointment of Rebecca Rycroft to the position of Senior Vice President and Chief Financial Officer effective April 9.


IIROC PROPOSES MANDATORY REPORTING OF CYBERSECURITY INCIDENTS

Insurance Journal - IIJ (2018-04-10)

The Investment Industry Regulatory Organization of Canada (IIROC) is proposing amendments that would make it mandatory for its Dealer Members to report cybersecurity incidents to IIROC.


NEW DATA TRANSLATOR TO PUT BROKERS ON SAME LEVEL AS DIRECTS

Canadian Underwriter - Jason Contant (2018-04-10)

Applied Systems’ new “translation services” will provide broker data distribution as effectively as direct distribution and enable the broker channel to better compete, the software provider said Friday.


COULD CALGARY SEE 2013 FLOODING AGAIN?

Canadian Underwriter - Colette Derworiz (2018-04-10)

Provincial officials are keeping a close eye on creeks and streams across Alberta as temperatures start to rise.


TIP TO BROKER LEADS TO UNDERCOVER AUTO FRAUD INVESTIGATION

Canadian Underwriter - Greg Meckbach (2018-04-10)

As auto insurance premiums go up, Aviva Canada is going after healthcare providers and legal professionals who are conspiring to submit false or inflated claims.


CHANGING DEUTSCHE BANK’S CEO IS EASIER THAN CHANGING ITS FATE

WSJ - PAUL J. DAVIES (2018-04-10)

Deutsche Bank has a new chief executive, but Christian Sewing will find it much easier to change the tone of leadership than the bank’s destiny.


DEUTSCHE BANK’S NEW CEO, A RISK VETERAN, WARNS OF ‘TOUGH DECISIONS’

WSJ - WSJ (2018-04-10)

New Deutsche Bank chief faces the difficult task of reviving Germany’s biggest lender and its struggling investment banking and trading units


HSBC TO EXPAND FURTHER IN CHINA, CUT RED TAPE UNDER NEW MANAGEMENT TEAM

Reuters - Staff (2018-04-10)

HSBC (HSBA.L) (0005.HK) will seek to cut internal bureaucracy and expand investment in China’s southern region to the rest of the country, executives at the bank said on Monday, in the first hints of the strategy to be pursued by its new leadership duo.


EXCLUSIVE: U.S. WATCHDOG SEEKS RECORD FINE AGAINST WELLS FARGO FOR ABUSES - SOURCES

Reuters - Patrick Rucker (2018-04-10)

The top U.S. watchdog for consumer finance is seeking a record fine against Wells Fargo & Co that could exceed several hundred million dollars for auto insurance and mortgage lending abuses, according to three sources with knowledge of the plans.


INSURANCE AND THE GIG ECONOMY

Economist - Economist (2018-04-10)

THE rise of the gig economy means not only workers, but those who insure them, are having to adapt. Take third-party liability insurance—the sort that would pay out if, for instance, a courier hit and injured a pedestrian. An employee driving a company van would be covered by a standard commercial-insurance policy. But “gig” couriers, working when they wish and using their own cars, must often insure themselves. Even if they have personal cover, it will not usually pay out for accidents that happen while they are driving for work.


THE CHOICE OF A BOSS FOR THE NEW YORK FED ENDS IN A FAMILIAR WAY

Economist - Economist (2018-04-10)

THE president of the Federal Reserve Bank of New York is perhaps the second most important person in America’s financial hierarchy, behind only the chairman of the Federal Reserve. Unlike the presidents of the other regional Reserve Banks, he sits permanently on the committee in Washington, DC that sets interest rates. The New York Fed supervises Wall Street and, during financial crises, often gathers bankers to hash out a fix or to impose one on them. On April 3rd it was announced that John Williams would be next in line to take charge of the institution, replacing William Dudley.


INDEX VENTURES BACKS FRENCH HEALTH INSURANCE START-UP

FT - Harriet Agnew (2018-04-10)

ndex Ventures has led a financing round in Alan, a tech company trying to shake up what the venture capital firm says is France’s €36bn market for health insurance. Alan raised €23m in a deal that values the two-year-old company at €100m-€150m, according to two people familiar with the matter.


EURO AREA’S BANKING UNION HEADS FOR ‘CRITICAL PHASE’

FT - Jim Brunsden (2018-04-10)

Europe’s top financial services official has warned that time is running out to complete a project to strengthen the euro area’s banking system, as national governments spar over competing reform demands.


VERIFONE TO BE ACQUIRED FOR $3.4 BILLION

Finextra - Finextra (2018-04-10)

Under the terms of the agreement, Verifone stockholders will receive $23.04 in cash for each share of Verifone common stock held, representing a premium of approximately 54% to the company’s closing share price of $15.00 on April 9, 2018.


PAYPAL TO OFFER DEBIT CARDS AND MOBILE CHEQUE DEPOSITS TO UNBANKED

Finextra - Finextra (2018-04-10)

The new services, slated for introduction in the coming weeks, are being offered "in collaboration with some of the leading financial institutions in the US", says the company. 


HERE’S HOW CRYPTOCURRENCY YIELDS ARE TAXED

PCMA - PCMA (2018-04-10)

Cryptocurrency was borne out of the backlash to the 2008 financial crash but that doesn’t mean it’s escaped the attention of the Canada Revenue Agency.


‘OH, THE DRAMA’: SPECIAL REPORT ON U.S. V. CHINA, NAFTA, RECESSION RISKS AND MARKETS

G&M - Michael Babad (2018-04-09)

The global trading system is a powder keg this morning amid fears of a punishing U.S.-China trade war.


TD MOVES TO DISCOURAGE CLIENTS FROM INVESTING IN POT STOCKS, INTERNAL E-MAIL SHOWS

G&M - Clare O'Hara (2018-04-09)

Toronto-Dominion Bank has taken unusual steps to discourage some clients from investing in the marijuana sector.


SCOTIABANK SEVERANCE PACKAGES SIGNIFICANTLY LESS THAN RIVALS

G&M - Andrew Willis (2018-04-09)

It didn’t pay to get fired at Bank of Nova Scotia over the past two years, compared with the other big banks. That’s a tough break for senior executives at Canada’s most global bank, but good news for investors.


RBC’S CEO DAVID MCKAY MADE $13.4-MILLION IN 2017 – AND INVESTORS GOT A BARGAIN

G&M - Andrew Willis (2018-04-09)

Royal Bank of Canada CEO David McKay took heat Friday from shareholders for last year’s $13.4-million paycheque.


BIG TROUBLE AHEAD FOR THE LOONIE: JOHN TAYLOR

BNN - BNN Video (2018-04-09)

Influential currency watcher John Taylor is predicting big trouble ahead for the Canadian dollar. Taylor formerly led FX Concepts, which became the world's biggest currency hedge fund. He is now president and editor of the Taylor Global Vision newsletter. He believes the loonie could slump to below US$0.63 by the end of next year.


INDIA AND PAKISTAN TELL BANKS TO CUT TIES TO CRYPTOCURRENCY

Fortune - David Z Morris (2018-04-09)

The Reserve Bank of India late Friday issued an order saying that all entities under its regulation would have three months to cut ties with any service dealing in cryptocurrency. The order encompasses the nation’s banks, potentially making it much more difficult for Indians to buy cryptocurrency.


RESERVE BANK OF INDIA CONSIDERS CENTRAL BANK-ISSUED DIGITAL CURRENCY

Cointelegraph - Marie Huillet (2018-04-09)

The Reserve Bank of India (RBI) has announced that it is looking into issuing its own central bank digital currency (CBDC), after a meeting of the Monetary Policy Committee (MPC), according to a Statement on Developmental and Regulatory Policies released Thursday, April 5.


DEUTSCHE BANK LOOKS INTERNALLY FOR NEW CEO, SOURCE SAYS

G&M - Tom Sims (2018-04-09)

Christian Sewing, currently co-deputy chief executive officer of Deutsche Bank, is to become the new CEO of Germany’s biggest lender, replacing John Cryan, a person familiar with the matter told Reuters on Sunday.


MESSAGE IS CLEAR: MERGE OR FACE EXTINCTION, BMO TELLS CANADIAN ENERGY INDUSTRY

FP - Michael Bellusci (2018-04-09)

Investors have bailed on the Canadian energy sector, although mergers & acquisitions north of the border could provide a much needed catalyst, barring pipeline and political developments. Raymond James recently called upon John Connor to help save the space, and BMO Capital Markets is now calling for consolidation.


LA CAPITALE TEAMS UP WITH GOOGLE CLOUD TO ACCELERATE ITS INNOVATION STRATEGY

Insurance Journal - IIJ (2018-04-09)

La Capitale Insurance and Financial Services announced April 6 that it has signed a cooperation agreement with Google Cloud. The insurer says this agreement will enable it to “position itself as an industry leader in the digital age.”


WAWANESA'S CANADIAN P&C OPERATION GETS A NEW PRESIDENT

Insurance Business - Lyle Adriano (2018-04-09)

Wawanesa’s Canadian property and casualty operation is getting a new president to lead the division.


AUTO INSURANCE MARKET IN NEWFOUNDLAND AND LABRADOR ISN'T PROFITABLE - REPORT

Insurance Business - Alicja Grzadkowska (2018-04-09)

Newfoundland and Labrador’s private passenger auto insurance market isn’t profitable for insurers and hasn’t been since 2011, according to a new Oliver Wyman review of profits and rates in the province.


HOW CAN NORTH AMERICA COMPETE IN GLOBAL INSURTECH BOOM?

Insurance Business - Bethan Moorcraft (2018-04-09)

The global insurtech boom is rolling on. According to a new Accenture report entitled “Fearless Innovation: Insurtech as the Catalyst for Change Within Insurance,”the number of insurtech deals worldwide increased 39% in 2017, with the total value of deals up 32%, to $2.3 billion.


PAYPAL MAKES A MOVE TOWARD TRADITIONAL BANKING

WSJ - WSJ (2018-04-09)

PayPal has been quietly reaching out to groups of customers in recent months with an offer to add basic banking features to their PayPal digital wallet.


HOW DID THE BIG FOUR AUDITORS GET $17 BILLION IN REVENUE GROWTH? NOT FROM AUDITING

WSJ - WSJ (2018-04-09)

For years, the Big Four accounting firms have pushed into consulting, a business where total global revenue now surpasses traditional auditing work, giving rise to concerns about conflicts of interest and calls to break them up.


AMAZON’S NEXT MISSION: USING ALEXA TO HELP YOU PAY FRIENDS

WSJ - ANNAMARIA ANDRIOTIS (2018-04-09)

Amazon.com Inc. is considering whether to use its Alexa virtual assistant to start a person-to-person payments feature, a move that would push the retailing giant into new competition with PayPal Holdings Inc.’s Venmo and big banks’ payments efforts, according to people familiar with its strategy.


AMAZON’S NEXT MISSION: USING ALEXA TO HELP YOU PAY FRIENDS

WSJ - ANNAMARIA ANDRIOTIS (2018-04-09)

Amazon.com Inc. is considering whether to use its Alexa virtual assistant to start a person-to-person payments feature, a move that would push the retailing giant into new competition with PayPal Holdings Inc.’s Venmo and big banks’ payments efforts, according to people familiar with its strategy.


DEUTSCHE BANK REPLACES C.E.O. AMID LOSSES AND LACK OF DIRECTION

NY Times - Jack Ewing (2018-04-09)

The banking crisis that began in 2008 seems like ancient history in much of the world, but not at Deutsche Bank. Never-ending turmoil at the bank — Germany’s largest lender — including three straight years of losses, a plunging share price, and a troubled investment bank, cost its chief executive his job on Sunday.


CREDIT CARD SIGNATURES ARE ABOUT TO BECOME EXTINCT

NY Times - Stacy Cowley (2018-04-09)

For nearly a decade, Doug Taylor, a sales manager who travels often for work, has signed credit card receipts with a doodle of a dog wagging its tail.


GOLDMAN CEO'S DEPUTY CAN'T STOP, WON'T STOP SPINNING RECORDS

Reuters - Jennifer Ablan (2018-04-09)

David Solomon, soon to be the sole No. 2 to Goldman Sachs Group Inc’s Chief Executive Officer Lloyd Blankfein, still finds time to pursue a beloved hobby: spinning records at big-city nightclubs under the handle DJ D-Sol.


M-PESA WALLET GOES ONLINE IN COLLABORATION WITH PAYPAL

Finextra - Finextra (2018-04-09)

Safaricom users will be required to set up PayPal accounts, which they can top up in real-time using their M-Pesa balances. Users can then withdraw funds within a timespan of few hours to three days, depending on the transaction amount.Safaricom users will be required to set up PayPal accounts, which they can top up in real-time using their M-Pesa balances. Users can then withdraw funds within a timespan of few hours to three days, depending on the transaction amount.


TRUMP ESCALATES TRADE DISPUTE WITH CHINA, PROPOSES $100-BILLION IN NEW TARIFFS

G&M - Jill Colvin (2018-04-06)

President Donald Trump instructed the U.S. trade representative to consider slapping an additional US$100-billion in tariffs on Chinese goods on Thursday in a dramatic escalation of the trade dispute between the two countries.


ONTARIO SECURITIES WATCHDOG PROBES CRYPTOCURRENCY INDUSTRY FOLLOWING COMPLAINTS

G&M - Alexandra Posadzki (2018-04-06)

Ontario’s securities regulator has launched a probe of the cryptocurrency industry after receiving complaints that some firms may have violated securities laws, The Globe and Mail has learned.


INVESTORS IN NEW TORONTO CONDOS FACE GROWING RISK THAT RENT WON’T COVER EXPENSES

G&M - Janet McFarland (2018-04-06)

Investors who buy new condos in Toronto are finding it increasingly difficult to charge enough rent to cover their mortgage costs, and the situation is expected to worsen by 2021 as sale prices rise, according to a new study to be released Friday.


BMO WARNS OF CAPITAL FLIGHT AS U.S. GROWTH PICKS UP SPEED

G&M - James Bradshaw (2018-04-06)

As strong consumer confidence and a suddenly favourable corporate tax regime fuel Canadian banks’ ambitious U.S. growth plans, those same conditions are beginning to sap business investment from Canada.


NATIONAL BANK FINANCIAL NAMES NEW ECM HEAD, ADDS TO TEAM

G&M - Tim Kiladze (2018-04-06)

National Bank Financial has named a new leader for its equity capital markets group, and also added a familiar face to the team in order to bolster client coverage.


NATIONAL BANK FINANCIAL NAMES NEW ECM HEAD, ADDS TO TEAM

G&M - Tim Kiladze (2018-04-06)

National Bank Financial has named a new leader for its equity capital markets group, and also added a familiar face to the team in order to bolster client coverage.


ROBO-ADVISER WEALTHSIMPLE LAUNCHES SAVINGS ACCOUNT WITH PREMIUM RATE

FP - Armina Ligaya (2018-04-06)

The Smart Savings account, launched in Canada and the U.S. on Thursday, will offer a 1.7 per cent interest rate north of the border. That’s higher than the average offering for similar accounts at Canada’s biggest financial institutions, said Wealthsimple’s chief executive Michael Katchen.


HOUSES BECAME MORE AFFORDABLE FOR 1ST TIME IN OVER 2 YEARS, SAYS RBC, BUT THERE'S A CATCH

CBC - Rajeshni Naidu-Ghelani (2018-04-06)

Buying a house became more affordable in Canada for the first time in more than two years in the last quarter of 2017, according to a new report from the Royal Bank of Canada, but the relief for buyers will likely not last.


CANADA'S TRADE DEFICIT WIDENS TO $2.7B IN FEBRUARY

CBC - Pete Evans (2018-04-06)

The gap between what Canada sells to the rest of the world and what it buys widened to $2.7 billion in February, as imports surged more than exports did.


DOWNSTREAM ENERGY SECTOR HIT WITH WORST LOSS IN NEARLY A DECADE

Insurance Business - Ryan Smith (2018-04-06)

The downstream energy sector suffered its worst loss record in nearly a decade last year, according to new data from Willis Towers Watson.


ALBERTA TABLES LEGISLATION TO CLARIFY RESPONSIBILITIES IN NATURAL DISASTERS

Canadian Underwriter - CP (2018-04-06)

The Alberta government has introduced legislation to better define roles and responsibilities for decision-makers when natural disaster strikes.


JPMORGAN CHIEF JAMES DIMON LIKES THE BANK’S GROWTH PROSPECTS, DESPITE RISKS

WSJ - WSJ (2018-04-06)

JPMorgan Chase chief James Dimon shared an optimistic view of the bank’s growth prospects in his annual shareholder letter published Thursday.


HOW THE CHINA-U.S. TRADE CONFLICT UNFOLDED, BLOW BY BLOW

NY Times - Keith Collins (2018-04-06)

American companies want a level playing field with their Chinese counterparts, which President Trump has said have an unfair advantage. China wants to build its industries into sophisticated global competitors. This week, both countries demonstrated a willingness to escalate trade tensions to defend their positions. Here’s how it happened.


DIMON WARNS ON RISK OF ‘DRASTIC ACTION’ BY FED

FT - Alistair Gray, Robin Wigglesworth (2018-04-06)

Jamie Dimon, head of JPMorgan Chase, has warned that the US economy is at risk of overheating, raising the prospect that the Federal Reserve may soon need to slam on the brakes to prevent wages and prices from rising too quickly.


INSURTECHS CONTINUE TO PERFORM MIRACLES FOR POLICYHOLDERS

Insurance Journal.com - Lirpa Loof (2018-04-06)

The competition among insurtechs trying to make their insurance customers “deliriously happy” continues to evolve with the latest news that one insurer is paying claims before they even happen.


News feed

HOW AI REFOCUSES YOUR BUSINESS ON THE CUSTOMER

Finextra - Finextra (2018-04-19)

AI allows banks to determine their customers’ moments of need and to reach out to them proactively with relevant actions (information, content, offers etc) in real-time – making it possible to genuinely engage with and satisfy customers, while at the same time adhering to audit requirements and driving revenue creation.


CHINA CONSTRUCTION BANK PUTS ROBOTS IN CHARGE OF BRANCH

Finextra - Finextra (2018-04-19)

According to the South China Morning Post, the first time customers visit the branch they have their ID cards scanned before being handed a queue number by a robot. Subsequent visits will see visitors identified via facial recognition.


BANKS EMBRACE AI BUT UNCLEAR ON HOW TO USE IT FOR SPECIFIC BIZ CHALLENGES

Finextra - Finextra (2018-04-19)

Despite a widespread belief that AI is an important disrupter for the industry, the survey highlights a lack of understanding of the tech as specifically applied to improving business processes, with 83% of respondents still unaware of how to use it to solve business problems.


GOOGLE PAY NOW INSTALLED MORE THAN 100 MILLION TIMES

Pymnts - Pymnts (2018-04-19)

According to 9to5Google, while an increasing number of retailers are starting to accept digital payments, it hasn’t taken off in a huge way in the U.S. But with the more than 100 million Google Pay installs, that may start to change. 9to5Google recently polled readers and found a majority use a smartphone for mobile payments.


CHEVY AND SHELL TEAM ON IN-CAR FUEL PAYMENTS

Finextra - Finextra (2018-04-19)

When drivers of eligible Chevys fuel up at participating Shell-branded stations, they will be able to press the Shell icon within the carmaker's Marketplace commerce platform on their dashboard.


BLOCKCHAIN COULD PUT THE SQUEEZE ON FEE-HEAVY CANADIAN BANKS, MOODY’S WARNS

FP - Geoff Zochodne (2018-04-18)

Blockchain technology could someday take a bite out of the fees and commissions charged by Canadian banks, Moody’s Investors Service warned Monday in a report.


LOCKTON ANNOUNCES NEW CHIEF DIGITAL OFFICER

Insurance Business - Ryan Smith (2018-04-17)

Independent insurance broker Lockton has named Said Taiym as its executive vice president and chief digital officer. In the role, he will report to Ron Lockton, the company’s president and CEO.


BLOCKCHAIN AND BANKS TOGETHER ARE A BUST: WHALEN GLOBAL ADVISOR

BNN - BNN Video (2018-04-17)


AUSTRALIAN FINTECH FIRMS CALL FOR COMPETITION WATCHDOG TO POLICE OPEN BANKING ROLL-OUT

Finextra - Finextra (2018-04-17)

Australian fintech companies have called on the the Government to hold the line on the introduction of open banking reforms in the face of a hostile push-back from some of the countries top banks.


TRAVEL INSURANCE ISN'T KEEPING PACE WITH HOW PEOPLE TRAVEL TODAY - REPORT

Insurance Business - Alicja Grzadkowska (2018-04-17)

It’s rare today that someone will use one travel agent, let alone one travel website, before booking a trip. Data from AIG’s “Insuring Travellers in the Digital Age” report states that the average customer looks at 28 different websites over 53 days before setting their plans in stone, and they now have access to live pricing and can bundle their car rental, hotel, and flight all in one booking.


OPEN BANKING ENDS MANAGED ROLL OUT, PAVING WAY FOR NEW SERVICES

Finextra - Finextra (2018-04-17)

Now, the OBIE says that the operation has proven the account data access functionality of the Open Banking system, meaning that FCA authorised and registered third parties are now able to offer products based on it to customers.


WHAT YOU NEED TO KNOW ABOUT THE EVOLUTION OF RANSOMWARE

Canadian Underwriter - Jason Contant (2018-04-16)

Criminals are still very successful, says Matt Hartley, vice president of global services and intelligent engineering with cybersecurity company FireEye. “They’re still making money and so long as they’re making money, they’re going to be out there,” he said Wednesday at the International Cyber Risk Management Conference (ICRMC) in Toronto.


HOW TO GIVE YOUR CLIENT A ‘WAKE-UP CALL’ ON CYBER RISK

Canadian Underwriter - Greg Meckbach (2018-04-16)

“We have seen clients stop right in the middle of the application process and say, ‘ You know what? We are not ready to buy cyber insurance yet – we have got to do a few things to make ourselves a better risk,’” said Brian Rosenbaum, Aon Canada Inc.’s senior vice president and national cyber and privacy practice leader.


FROM BLOCKCHAIN TO AUGMENTED REALITY, CANADA'S BIG BANKS AIM TO PATENT THE FUTURE OF FINANCE

FP - Geoff Zochodne (2018-04-16)

Toronto-Dominion Bank, for example, used to file around one patent application a year. But after ramping up its strategy about five years ago, it now files about 40 to 50 applications annually, according to Josh Death, associate vice president, legal, intellectual property and patentable innovation at TD.


MARSH ANNOUNCES DIGITAL INCUBATOR

Insurance Business - Ryan Smith (2018-04-13)

Marsh has announced the launch of a digital incubator that will focus on developing new products and business models. The incubator, Marsh Digital Labs, was launched within Marsh’s larger Digital, Data, and Analytics organization.


IF A BROKER HAS A QUESTION, THIS NEUROSCIENCE-INSPIRED TOOL HAS THE ANSWER

Insurance Business - Alicja Grzadkowska (2018-04-13)

Machines with human-like intelligence are still a far-off concept, according to a report by Allianz Global Corporate & Specialty (AGCS) on the risks and benefits of AI. Today, existing applications powered by artificial intelligence are “weak” because they act like humans in specific areas of competence, such as driving a car or making a medical diagnosis. Meanwhile, “strong” AI agents with the ability to generalize concepts and solve problems they’ve never seen before are not expected to hit the market till 2040, predicted the report.


IF A BROKER HAS A QUESTION, THIS NEUROSCIENCE-INSPIRED TOOL HAS THE ANSWER

Insurance Business - Alicja Grzadkowska (2018-04-13)

Machines with human-like intelligence are still a far-off concept, according to a report by Allianz Global Corporate & Specialty (AGCS) on the risks and benefits of AI. Today, existing applications powered by artificial intelligence are “weak” because they act like humans in specific areas of competence, such as driving a car or making a medical diagnosis. Meanwhile, “strong” AI agents with the ability to generalize concepts and solve problems they’ve never seen before are not expected to hit the market till 2040, predicted the report.


SLOW PACE OF REGULATORS EXPOSING INDUSTRY TO DISRUPTION: CEO

Canadian Underwriter - David Gambrill (2018-04-13)

Regulatory delays around innovation are exposing the Canadian property and casualty insurance industry to potential disruption, a P&C industry executive said at The CIP Society Symposium in Toronto Tuesday.


TECH UPHEAVAL MEANS A ‘MASSACRE OF THE DILBERTS,’ BOE’S CARNEY SAYS

Bloomberg - Fergal O'Brien (2018-04-13)

He said there are a lot of “routine cognitive jobs,” at risk, in what he termed a “massacre of the Dilberts” -- a reference to the satirical American comic strip about office workers.


IBC: MORE CANADIAN CUSTOMERS WANT INSURERS TO UTILIZE TECH

Insurance Business - Lyle Adriano (2018-04-12)

The Insurance Bureau of Canada (IBC) has revealed the results of its latest survey, which revealed that most Canadian customers prefer “tech-enabled” insurance products and services.


IS BLOCKCHAIN THE ANSWER TO THE INSURANCE FRAUD CONUNDRUM?

Insurance Business - Bethan Moorcraft (2018-04-12)

Insurance fraud costs the industry about US$80 billion (CA$101 billion) a year – and that’s on the conservative side of the loss estimates.

 


BOFA LAUNCHES DIGITAL MORTGAGE SERVICE

Finextra - Finextra (2018-04-12)

The system's prefill capabilities means that customers can apply for a mortgage through the app or online and immediately have much of the application auto-populated. They will then receive conditional approval but will need to close the deal in person.


BITCOIN IS THE GREATEST BUBBLE IN HISTORY, BIGGER THAN TULIPS, THE SOUTH SEA COMPANY AND GOLD — AND NOW IT’S POPPING

FP - Janine Wolf (2018-04-11)

The greatest bubble in history is popping, according to Bank of America Corp.


INSURANCE AND THE GIG ECONOMY

Economist - Economist (2018-04-10)

THE rise of the gig economy means not only workers, but those who insure them, are having to adapt. Take third-party liability insurance—the sort that would pay out if, for instance, a courier hit and injured a pedestrian. An employee driving a company van would be covered by a standard commercial-insurance policy. But “gig” couriers, working when they wish and using their own cars, must often insure themselves. Even if they have personal cover, it will not usually pay out for accidents that happen while they are driving for work.


HERE’S HOW CRYPTOCURRENCY YIELDS ARE TAXED

PCMA - PCMA (2018-04-10)

Cryptocurrency was borne out of the backlash to the 2008 financial crash but that doesn’t mean it’s escaped the attention of the Canada Revenue Agency.


LA CAPITALE TEAMS UP WITH GOOGLE CLOUD TO ACCELERATE ITS INNOVATION STRATEGY

Insurance Journal - IIJ (2018-04-09)

La Capitale Insurance and Financial Services announced April 6 that it has signed a cooperation agreement with Google Cloud. The insurer says this agreement will enable it to “position itself as an industry leader in the digital age.”


HOW CAN NORTH AMERICA COMPETE IN GLOBAL INSURTECH BOOM?

Insurance Business - Bethan Moorcraft (2018-04-09)

The global insurtech boom is rolling on. According to a new Accenture report entitled “Fearless Innovation: Insurtech as the Catalyst for Change Within Insurance,”the number of insurtech deals worldwide increased 39% in 2017, with the total value of deals up 32%, to $2.3 billion.


AMAZON’S NEXT MISSION: USING ALEXA TO HELP YOU PAY FRIENDS

WSJ - ANNAMARIA ANDRIOTIS (2018-04-09)

Amazon.com Inc. is considering whether to use its Alexa virtual assistant to start a person-to-person payments feature, a move that would push the retailing giant into new competition with PayPal Holdings Inc.’s Venmo and big banks’ payments efforts, according to people familiar with its strategy.


AMAZON’S NEXT MISSION: USING ALEXA TO HELP YOU PAY FRIENDS

WSJ - ANNAMARIA ANDRIOTIS (2018-04-09)

Amazon.com Inc. is considering whether to use its Alexa virtual assistant to start a person-to-person payments feature, a move that would push the retailing giant into new competition with PayPal Holdings Inc.’s Venmo and big banks’ payments efforts, according to people familiar with its strategy.


CREDIT CARD SIGNATURES ARE ABOUT TO BECOME EXTINCT

NY Times - Stacy Cowley (2018-04-09)

For nearly a decade, Doug Taylor, a sales manager who travels often for work, has signed credit card receipts with a doodle of a dog wagging its tail.


M-PESA WALLET GOES ONLINE IN COLLABORATION WITH PAYPAL

Finextra - Finextra (2018-04-09)

Safaricom users will be required to set up PayPal accounts, which they can top up in real-time using their M-Pesa balances. Users can then withdraw funds within a timespan of few hours to three days, depending on the transaction amount.Safaricom users will be required to set up PayPal accounts, which they can top up in real-time using their M-Pesa balances. Users can then withdraw funds within a timespan of few hours to three days, depending on the transaction amount.


ONTARIO SECURITIES WATCHDOG PROBES CRYPTOCURRENCY INDUSTRY FOLLOWING COMPLAINTS

G&M - Alexandra Posadzki (2018-04-06)

Ontario’s securities regulator has launched a probe of the cryptocurrency industry after receiving complaints that some firms may have violated securities laws, The Globe and Mail has learned.


FSIM briefings and developments reports


Guests have access to limited data set. Free trial users have data access but this message displayed until subscription paid.
Displayed data is for demo purposes. To login or subscribe for full access, click here.

Select Category Enter a Search Term Select Date  

THE CHALLENGES OF MARIJUANA BANKING JUST GOT EVEN MORE CHALLENGING

Until last week, though, banks and credit unions wanting to work with this sector could rely to some degree on guidance from the U.S. Department of Justice (DOJ) and from the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). Now, with the DOJ guidance withdrawn and the fate of the FinCEN guidance in question, the future of marijuana banking faces even more uncertainty.


MARIJUANA BANKING UPDATE (JULY 17, 2017)

Short term declines in the number of depository institutions actively providing banking services to marijuana related businesses may be explained by filers exceeding the 90 day follow-on Suspicious Activity Report (SAR) filing requirement. Several filers take 180 days or more to file a continuing activity report. After 90 days, a depository institution is no longer counted as providing banking services until a new guidance-related SAR is received.


CHEVY AND SHELL TEAM ON IN-CAR FUEL PAYMENTS

When drivers of eligible Chevys fuel up at participating Shell-branded stations, they will be able to press the Shell icon within the carmaker's Marketplace commerce platform on their dashboard.



Analytics

Guests have access to limited data set. Free trial users have data access but this message displayed until subscription paid.

Displayed data is for demo purposes. To login or subscribe for full access, click here.

All amounts in millions of dollars
Choose criteria Choose chart type Choose Fi or Fis Choose time frame