Overview of Obligations

Summary of Consumer Provisions and Related Matters

The chart below summarizes the provisions and indicates which institution(s) they apply to.

Provisions	Type of Institution
Requirement to disclose interest and charges applicable to deposit accounts	X	X		X
Requirement to disclose the cost of borrowing	X	X	X	X
Requirement to have procedures for protecting customer information (no regulations in effect)	X	X	X	X
Requirement to open retail deposit accounts	X
Requirement to provide notice that deposits are not insured when bank is not a member of CDIC	X
Requirement to offer a standard low-cost account (not in effect) Note: Instead of a regulatory approach to bring this provision into effect, eight financial institutions have voluntarily committed to providing a low-cost account within guidelines established by the government.	X
Within 14 days of opening a retail deposit account by telephone, consumer's right to close the account without charge	X	X		X
Prohibition on charging for cashing Government of Canada cheques	X	X		X
Obligation to cash Government of Canada cheques to a maximum of $1,500, as specified by regulation	X
Requirement to provide notice before closing a retail branch	X	X		X
Requirement for each institution with equity of $1 billion or more to file a Public Accountability Statement	X	X	X
Requirement to set up complaint procedures and to file a copy of those procedures with FCAC	X	X	X	X
Requirement to join a separate complaints resolution organization		X	X	X
Restriction concerning coercive tied selling	X
Consumers' right to prepay loans	X	X	X	X
Requirements to disclose information to consumers in accordance with regulations (e.g. regulations on principal protected notes, cheque holding policies)	X	X	X	X
Requirement for an institution to provide information about FCAC when consumers have complaints about the institution's compliance with consumer provisions	X	X	X	X

Related matters	Type of Institution
Requirement for FCAC to monitor industry codes of conduct and public commitments (e.g. codes dealing with debit cards or with small and medium-sized businesses)	X	X	X	X
Requirement for FCAC to report annually, in aggregate form, on the number and types of complaints brought to its attention	X	X	X	X
Requirement for institutions to provide information to the Commissioner as necessary	X	X	X	X
Requirement for annual compliance examination and reporting	X	X	X	X
Ability to enter into Compliance Agreements	X	X	X	X
Requirement to pay assessments for funding of FCAC	X	X	X	X
Ability to designate contraventions that are subject to administrative penalties	X	X	X	X