Who we regulate
We oversee federally regulated financial entities
The Financial Consumer Agency of Canada (FCAC) monitors and supervises financial institutions and external complaints bodies that are regulated at the federal level. These entities include all banks and federally incorporated or registered insurance, trust and loan companies, retail associations 1 ,federal credit unions2 and external complaints bodies.
However, please note that unlike OSFI, FCAC does not regulate foreign bank representative offices, fraternal benefit societies or cooperative credit associations.
FCAC also supervises payment card network operators to determine whether they are in compliance with the provisions of the Payment Card Networks Act.
A list of payment card network operators is available on our web site. To view this list, click here.
Footnote 1 . Retail associations, as defined in the Cooperative Credit Associations Act.
Footnote 2 . Section 2 of the Bank Act states that a “federal credit union” means a bank that, within the meaning of section 12.1, is organized and carries on business on a cooperative basis.
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