Also: White House says it will send controversial cluster munitions to Ukraine
The federal banking regulator expressed frustration with the Canadian Imperial Bank of Commerce’s slow progress on fixing underwriting lapses in its mortgage portfolio. The regulator voiced these concerns in a May meeting with the bank’s board of directors, sources say.from the Office of the Superintendent of Financial Institutions for more than a year after a routine audit of its mortgage portfolio uncovered breaches of rules that limit levels of indebtedness for borrowers.
The issues involve thousands of clients, many of whom had lines of credit that were secured against their homes. When these lines were combined with a CIBC mortgage, the total credit available exceeded allowed regulatory ratios.The United States announced that it willas part of a security assistance package, a move Ukraine said would have an “extraordinary psycho-emotional impact” on occupying Russian forces.
Cluster munitions are prohibited by more than 100 countries, including Canada. They typically release large numbers of smaller bomblets that can kill indiscriminately over a wide area. Those that fail to explode, pose a danger for decades after a conflict ends. Human-rights groups oppose Washington’s decision, but the munitions could provide a boost to a Ukrainian counteroffensive to reclaim territory seized by Russian forces since they invaded in February, 2022.The Canadian economy added 60,000 jobs in June,Despite the gain, Canada’s unemployment rate rose to 5.4 per cent from 5.2 per cent, owing to a growing number of people searching for work.
Analysts are divided over whether the central bank will hike interest rates by 25 basis points next Wednesday, as it did in June, or wait until September to make that move.
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