CIBC recently handed over US$30-million and US$12-million penalties to two U.S. regulators
U.S. bank regulators have again pulled back the veil on rule-breaking at one of Canada ’s largest banks, this time Canadian Imperial Bank of Commerce.The regulators announced the penalties last week, making CIBC the last of Canada ’s major banks to be punished in the United States over such conduct.
Canadians are dependent on U.S. bank regulators to shine bright lights on otherwise dark corners in our Canadian banks. This dependence is increasingly untenable. In May, we learned in these pages that Canada’s bank supervisor, the Office of the Superintendent of Financial Institutions, had inspected TD Bank and ordered it to overhaul its risk controls. Yet Canadians only learned about this because people familiar with the situation spoke to Globe and Mail reporters.
This tendency to secrecy continued after pro-active bank inspection began in Canada in 1925 and was embedded in the Bank Act and supervisory legislation ever since as a means of preserving stability in the banking system and dealing with issues behind closed doors.
Cibc Banks Confidence Compliance Canada United States Country Scotiabank TD Bank Securities And Exchange Commission
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