CDIC meets to discuss protecting the financial future of depositors
OTTAWA – October 12, 2023 – Canada Deposit Insurance Corporation (CDIC) held its Annual Public Meeting today via live webcast. Leah Anderson, President and Chief Executive Officer, was joined by Robert Sanderson, Chair of the Board of Directors, to discuss how CDIC is protecting depositors and promoting financial stability through deposit insurance protection and resolution preparedness.
“As I reflect on the past year, I am struck by the increasing pace of change and innovation in the financial sector, and the dynamic risk environment for CDIC’s member financial institutions,” said Ms. Anderson. “Throughout this period, CDIC continued to deliver on its mandate to protect depositors by staying focused on our strategic priorities.”
CDIC’s priorities include reinforcing trust in deposit protection through a robust public awareness program and appropriate disclosures at member financial institutions; being “resolution ready” through early and continuous identification of risks to CDIC members and timely resolution management plans; and fostering organizational resilience through its corporate operations and a diverse and inclusive workforce.
Ms. Anderson also announced that CDIC will offer easily downloadable and shareable social media content for members during Financial Literacy Month in November to help them promote their membership and inform depositors about CDIC protection.
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CDIC is a federal Crown corporation, established in 1967. We protect people’s money and contribute to financial stability by safeguarding over $1 trillion in eligible deposits at more than 85-member financial institutions. As a 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 trust and loan companies. We are funded by premiums paid by member financial institutions and do not receive public funds to operate. We have resolved 43 member failures to date, affecting some two million people in Canada.