Presented by CANNEX, this annual conference brings together professionals from across the Canadian deposit industry. This year’s agenda will focus on key issues impacting deposit products, distribution and technology, as well as the regulatory environment.

OTTAWA – October 7, 2024 – The Canada Deposit Insurance Corporation’s (CDIC) 2024 Annual Report was tabled today in Parliament.

CDIC’s vision of guaranteeing the safety of your insured deposits to protect financial futures in Canada, reflects our unwavering focus on depositors and the central role deposit insurance plays in consumer protection.

The annual report outlines CDIC’s progress to date, including advancements made against our key strategic priorities during the 2023/2024 fiscal year. These include:

1. Depositor trust and confidence
   
   A shifting financial landscape makes for a dynamic operating environment. Over the year, CDIC stayed on top of market innovation while ensuring our deposit protection framework remains responsive to the evolving savings needs and expectations of depositors. We progressed on ongoing industry consultations to inform CDIC’s Deposit Insurance Study and advanced domestic and global priorities through our work with federal and provincial counterparts, as well as the International Association of Deposit Insurers.
   
2. Resolution readiness
   
   During a period of increasing market uncertainty and international bank failures, CDIC strengthened our risk assessment through early identification of risks to our member financial institutions. We also strengthened our resolution planning and tested our readiness capabilities to better protect depositors through our Simulations Centre of Excellence.
   
3. Organizational strength
   
   CDIC’s vision is realized through our people, reliable and secure systems and technology, and an inclusive culture. In 2023/2024, we progressed our diversity, equity and inclusion goals by exceeding representation of women, racialized minorities and people with disabilities. We continued to mature our cyber security posture and we’re proud to have launched our Environmental, Social and Governance (ESG) Strategy outlining our emissions and sustainability commitments to support the Government of Canada’s efforts to reach net-zero emissions by 2050.

“Canada’s financial system remained strong and resilient during the March 2023 international banking crisis,” said President and Chief Executive Officer (CEO) Leah Anderson. “Nevertheless, CDIC focused on lessons learned from this event to reinforce depositor protection and confidence, and to bolster our resolution preparedness.“

To learn more about CDIC’s activities over the past year, please join us for the CDIC Annual Public Meeting on November 6, 2024, at 2 pm ET (virtual event).

About CDIC

CDIC is a federal Crown corporation, established by Parliament in 1967. We protect people’s insured deposits and contribute to financial stability by safeguarding over $1 trillion 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 trust and loan companies. We are funded by premiums paid by member institutions and do not receive public funds to operate. We have resolved 43 member failures to date, affecting some two million depositors. No one has ever lost any money under CDIC protection.

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For further information

Tamara Mason
Head, Communications and Reporting
Tel: 613-943-4395
E-mail: media@cdic.ca

The Board of Directors of the Canada Deposit Insurance Corporation (CDIC) is pleased to announce that its 2024 Annual Public Meeting will be held via live bilingual webcast on November 6, 2024, from 2:00 p.m. to 3:00 p.m. ET.  

Leah Anderson, President and Chief Executive Officer, and Robert Sanderson, Chair of the Board, will be joined by members of senior management to discuss how CDIC protects depositors and promotes financial stability by focusing on depositor confidence, resolution readiness, and organizational strength in a dynamic operating environment.  

The Annual Public Meeting will address key issues and initiatives outlined in CDIC’s 2024 Annual Report. 

Members of the public are invited to participate virtually and ask questions in advance by e-mailing smenquiries@cdic.ca, or by sending a tweet or direct message to @CDIC_CA in English or @SADC_CA in French.  A selection of questions will be covered during the meeting with the remainder posted to CDIC.ca.  

We look forward to having you join us. Follow us on Meta, X(Twitter), Instagram and LinkedIn for regular updates. 

Event details

The event will take place via live webcast on November 6, from 2:00 p.m. to 3:00 p.m. ET. Please visit our registration page for a link to the webcast. 

About CDIC

CDIC is a federal Crown corporation, established by Parliament in 1967. We protect people’s insured deposits and contribute to financial stability by safeguarding over $1 trillion 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 trust and loan companies. We are funded by premiums paid by member institutions and do not receive public funds to operate. We have resolved 43 member failures to date, affecting some two million depositors. No one has ever lost any money under CDIC protection.

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For further information

Tamara Mason
Head, Communications and Reporting
Tel: 613-943-4395
E-mail: media@cdic.ca

OTTAWA – September 26, 2024 – The Canada Deposit Insurance Corporation (CDIC) tabled its 2024-2025 Summary of the Corporate Plan in Parliament today.

CDIC’s vision is guaranteeing the safety of your insured deposits to protect financial futures in Canada. We protect insured deposits, ensure the orderly resolution of a member institution in the event of failure, and contribute to financial stability.

CDIC is focusing on three strategic objectives for the 2024-2025 to 2028-2029 planning period:

1. Depositor trust and confidence: Protecting insured deposits reinforces depositor confidence and contributes to financial stability. CDIC will continue to earn depositors’ trust by:
   
   1. anticipating and responding to evolving financial sector risks and the savings needs of depositors
   2. raising public awareness of deposit insurance protection so that depositors can make informed decisions about the safety of their deposits
      
2. Resolution readiness: Being prepared for resolution involves having the necessary people, data, processes, tools, systems, and financial capacity in place to resolve a potential failure of a member institution. CDIC’s preparedness activities focus on:
   
   1. identifying risks within CDIC’s membership and the financial system, and being ready to resolve member institutions for the benefit of depositors
   2. providing depositors with timely access to their deposits in the event of a member failure
      
3. Organizational strength: Ensuring a resilient organization requires a focus on resourcing excellence, efficient and secure technology, and a culture where all staff can thrive. CDIC will continue to build organizational strength by:
   
   1. ensuring CDIC reflects the people it serves
   2. continuing to advance and maintain the security of CDIC’s enterprise technology and cyber capabilities
      

To ensure the achievement of our strategic objectives, CDIC’s 2024-2025 Corporate Plan is forward-looking and responds to internal and external factors, including: Canada’s rapidly evolving financial sector, the complex operating environment, technological change, and the evolution of our workplace.

“CDIC remains laser focused on being prepared to protect insured depositors and promote financial stability, no matter what,” said CDIC President and CEO Leah Anderson. “Our plan is outcome based, targeted at depositor protection, being prepared for resolution, and organizationally resilient in a dynamic operating environment.”

The Summary of the Corporate Plan also includes a summary of CDIC’s 2024-2025 operating and capital budgets and borrowing plan.

About CDIC

CDIC is a federal Crown corporation, established by Parliament in 1967. We protect people’s insured deposits and contribute to financial stability by safeguarding over $1 trillion 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 trust and loan companies. We are funded by premiums paid by member institutions and do not receive public funds to operate. We have resolved 43 member failures to date, affecting some two million depositors. No one has ever lost any money under CDIC protection.

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For further information

Tamara Mason
Head, Communications and Reporting
Tel: 613-943-4395
E-mail: media@cdic.ca

This annual event, hosted by the Canadian Institute, brings together prominent regulators and industry leaders to explore how developments in AI, cybersecurity, open banking, anti-money laundering, and other areas are setting new expectations for compliance professionals. Participants will discuss some of the new regulations and compliance requirements for financial institutions in Canada and share practical solutions and strategies to meet them. CDIC will participate on a panel that explores new payments regulation and law.

OTTAWA – September 9, 2024 – The Canada Deposit Insurance Corporation (CDIC) works to increase the public’s awareness of deposit insurance and how it can protect people’s money in the event of a bank’s failure. Today, CDIC has launched its new 2024 campaign on the theme of “Protecting your deposits – that’s what we do”. The consumer-focused campaign aims to raise awareness of deposit protection, particularly among young women, where awareness is lowest.

“Public awareness is a global best practice and is an International Association of Deposit Insurers (IADI) core principle for effective deposit insurance programs,” said Tamara Mason, Head of Communications and Reporting at CDIC. This is based on international research that shows that awareness of deposit protection is the #1 mitigator of bank run behaviour across all jurisdictions tested. We are proud that CDIC is recognized as world-class in public awareness among our IADI partners, particularly how it relates to our extensive research and evidence-based approach.”

Following research to determine the messaging that most resonates and drives confidence with young women, CDIC tested several concepts and scripts with members of the public earlier this year. The scripts and scenarios were refined using the feedback from the qualitative research.

The final concept features CDIC as an ‘everyday champion’ combining believability and relatability with protection and possible loss—ideas that had the greatest appeal with focus group participants.

Currently, 65% of the general public are aware of CDIC or federal deposit protection, while only 42% of women aged 18-34 and 49% of women aged 35-49 are aware of the protection offered by CDIC. CDIC aims to shrink the awareness gap between men and women with this current and ongoing campaign.

For more information on CDIC’s public awareness activities, go to CDIC.ca.

About CDIC

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 80 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.

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For further information

Tamara Mason
Head, Communications and Reporting
Tel: 613-943-4395
E-mail: media@cdic.ca

Testing the policy framework: reflections following the 2023 banking turmoil

A conference jointly organised by the Financial Stability Board (FSB), the Financial Stability Institute (FSI) of the Bank for International Settlements (BIS), and the International Association of Deposit Insurers (IADI). The conference will focus on the policy initiatives being pursued in response to the March 2023 banking turmoil to strengthen the preparedness of authorities to deal with financial failures. CDIC will participate in a session that explores how deposit insurance and resolution interact to protect depositors and maintain public confidence in the banking sector.

Tune in to hear CDIC’s Chair and senior management team discuss key activities and priorities for the year, with an emphasis on milestones that are most important to industry stakeholders. Members of the public are invited to participate and ask questions live or in advance by e-mailing smenquiries@cdic.ca, or by sending a tweet or direct message to @CDIC_CA in English or @SADC_CA in French. 

Event details

The event will take place via live webcast on November 6, from 2:00 p.m. to 3:00 p.m. ET. Please visit our registration page for a link to the webcast. 

Annual event that brings together six consumer protection organizations:

• CDIC
• Autorité des marchés financiers (AMF) 
• Assuris
• Canadian Investor Protection Fund (CIPF)
• The Property and Casualty Insurance Compensation Corporation (PACICC)
• The Credit Union Prudential Supervisors Association (CUPSA)

Annual meeting between federal and provincial deposit insurers. Topics of discussion will include crisis planning and coordination, the Government of Canada’s review of the federal deposit insurance framework, and the International Association of Deposit Insurers’ (IADI) review of the global standard for deposit insurance systems. This year’s host is the Autorité des marchés financiers (AMF), Quebec’s financial regulator and deposit insurer.

11:00 am to 12:00 pm ET

An exclusive webinar for Registered Deposit Brokers Association (RDBA) members, covering CDIC’s deposit insurance framework and the protection it offers.

This online course on bank resolution covers everything from the main causes of bank failures to the main elements of resolution planning— from an international lens. Mathieu Larocque will present CDIC’s crisis communications approach before and during a bank resolution. The 11-week course is offered annually and jointly organized by the International Monetary Fund and the Financial Stability Institute of the Bank for International Settlement, in collaboration with the International Association of Deposit Insurers.