Bank Act (Canada)

Parliament of Canada.

http://www.cba.ca/en/banks-in-canada/61-banks-operating-in-canada/110-schedule-i-banks

The Bank Act is the law passed by Parliament to regulate Canada's chartered banks. The Act has 3 main goals: protecting depositors' funds; insuring the maintenance of cash reserves; and promoting the efficiency of the financial system through competition.

Key Facts
In 2010, the Bank Act was amended to allow federal credit unions to exist as a new class of financial institution. Federal credit unions will differ from banks in that they are member-owned, democratically controlled and governed by co-operative principles. The Bank Act allows that federal credit unions may either be created by five persons (of which three must be individuals), or through the continuance of one or more credit unions existing within provincial jurisdiction. These provisions are awaiting regulations and are not currently in force.

Additional Information
Bank Act of 1991

Who it affects
Chartered banks and federal credit unions doing business in Canada.

Wikipedia Entry
Bank Act

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