CDIC helps members understand data and system requirements testing timelines
OTTAWA – February 20, 2020 – CDIC published a new Certification and Testing Approach document on our website to help Member Institutions understand the process to be followed by CDIC this year when testing for compliance with our Data and Systems Requirements By-law (DSRB).
The by-law requires members to implement a method of identifying, capturing, organizing, and producing deposit liability data. The objective is to ensure that in the event of failure, the Member Institution has certain data readily available and organized properly to allow CDIC to undertake a resolution.
The new Certification and Testing Approach 2020 document contains information on timelines related to deposit data extraction, submission, testing and feedback to the Member Institutions.
To receive news and regular updates on issues affecting the financial community, please subscribe to our newsroom.
CDIC is a federal Crown corporation established in 1967 to protect the savings of Canadians, and we contribute to financial stability by safeguarding over $800 billion in deposits at more than 80 member institutions. As resolution authority, we are responsible for handling the failure of any of our members, from the smallest to the largest. Our members include banks, federally regulated credit unions as well as loan and trust companies and associations governed by the Cooperative Credit Associations Act that take deposits. We are funded by premiums paid by member institutions and do not receive public funds to operate. We have resolved 43 member failures affecting some two million Canadians. No one has lost a dollar of deposits under CDIC protection.
– 30 –
For further information:
Director, Communications and Public Affairs