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Nonbanks can use generic bank terms after Canadian Government approval

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Nonbanks can use generic bank terms after Canadian Government approval

In its federal budget, the government of Canada provided flexibility to nonbank depository institutions in their usage of generic bank terms.

Nonbank institutions such as credit unions will be able to use terms such as "bank," "banker" and "banking" after confirmation in Canada's 2018 federal budget.

The Office of the Superintendent of Financial Institutions on June 30, 2017, had banned nonbanks from using the generic banking terms.

The ban was later suspended with further review of the previous ruling.