CDIC’s Modernization Initiative

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: 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: 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.