CDIC’s Modernization initiative will transform the ways we serve depositors. It will bring several changes to how we interact with our Members Institutions (MI), Nominee Deposit Brokers (NB), and how we guide depositors (including trustees) during a time of uncertainty.
Depositor Experience: At the time of a member institution failure, depositors will experience a high degree of transparency, choice, and control: selecting how they communicate with us, accessing real-time updates on insured deposits and payment status, and the choice of a range of modern payment methods. By providing depositors with a simple and transparent experience in a period of uncertainty it will reinforce their trust in CDIC to provide timely access to insured balances.
MI & NB Interactions & User Experience
MI & NB Interactions & User Experience: The use of modern and secure portals will offer a centralized platform to coordinate MI & NB specific and organization-wide communications and data submissions into one single channel. It will facilitate the timely and robust assessment of data from MIs & NBs, to provide the necessary data to determine insured balances and efficiently pay deposit brokers insured balances on behalf of their clients in the event of a failure. The Portals will enable increased visibility on current and historical compliance results, exceptions, and queries to CDIC.
Data Validation Capabilities
Data Validation Capabilities: MIs and NBs will be empowered to perform self-serve data assessment (e.g., validating against file structure, format, and content rules) using automated, straight-through processing, allowing members and brokers to auto-assess their compliance with CDIC regulations at any time throughout the year and to attest to compliance requirements with greater confidence.
DSR & NBDR Testing
DSR & NBDR Testing: The MI & NB Portals will facilitate rigorous assessment and compliance testing to ensure members and deposit brokers maintain prudent record keeping on depositor funds and the capability to support complete, accurate and timely insurance determination at the time of an MI failure.