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ARTICLE · 15 APRIL 2025

Financial Services Regulatory Update: Diversity Disclosures And NSF Fee Caps

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Over the past several weeks, the Department of Finance has proposed and introduced regulations impacting financial institutions under the Bank Act, Trust and Loan Companies Act, and Insurance Companies Act.

CanadaFinance and Banking
Tara Newman
Tara Newman
Koker Christensen
Koker Christensen
Isabelle Savoie
Isabelle Savoie
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Over the past several weeks, the Department of Finance has proposed and introduced regulations impacting financial institutions under the Bank Act, Trust and Loan Companies Act, and Insurance Companies Act.

  • Three Diversity Information Disclosure Regulations, which would require distributing federally-regulated financial institutions (FRFIs) to disclose information on the diversity of board directors and senior management.
  • Regulations amending the Financial Consumer Protection Framework Regulations, which will require banks and foreign banks to cap non-sufficient funds (NSF) fees beginning in March 2026.

Governance Diversity Disclosure

On February 15, 2025, the Department of Finance proposed Diversity Information Disclosure Regulations for distributing FRFIs under the Bank Act (see Banks and Bank Holding Companies regulation), Trust and Loan Companies Act (see Trust and Loan Companies regulation) and Insurance Companies Act (see Insurance Companies and

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