Federal Financial Institutions Legislative and Regulatory Reporter

Published

Title and Brief Summary

Status (if applicable)

Office of the Superintendent of Financial Institutions (OSFI)

January 29, 2026

Consultative Document on Credit Risk Management

OSFI is seeking early stakeholder input on the Credit Risk Management Guideline (CRM Guideline) that it is developing, and it has issued a consultative document for this purpose. OSFI intends that the CRM Guideline:

• Strengthen credit risk management of all exposures at federally regulated financial institutions by applying international best practices for lending, account and portfolio management and addressing areas where there may be gaps in existing regulatory guidance.
• Promote greater regulatory and supervisory efficiency by consolidating and clarifying OSFI’s existing credit risk-related expectations, including in key credit segments like real estate secured lending (RESL) and wholesale credit.
• Modernize OSFI’s guidance to enable agile responses to emerging credit risk areas, such as non-bank financial intermediation and sound counterparty credit risk management.

Comments are due July 29, 2026.

January 29, 2026

Consultative Document on a Proposed Senior Leader Regime

OSFI is in the process of reviewing its suitability and accountability expectations for senior leaders of federally regulated financial institutions, and it is seeking input from stakeholders. OSFI considers senior leaders to be members of the board of directors and senior management, including the “c-suite,” heads of oversight functions, heads of business platforms, or anyone else reporting directly to the CEO or the board. OSFI is looking to modernize the regime, with particular emphasis on accountability (the clear assignment of senior leader responsibilities, oversight, and an obligation to be answerable for decisions, conduct, and outcomes) within institutions.

While federal statutes and OSFI guidance incorporate elements of suitability and accountability, OSFI considers that the rapidly evolving landscape requires stronger measures, especially with respect to accountability, to complement the existing framework.

Comments are due October 31, 2026.

January 29, 2026

Liquidity Adequacy Requirements (LAR) – Guideline (2026)

OSFI has issued Liquidity Adequacy Requirements (LAR) – Guideline (2026) for banks, bank holding companies and trust and loan companies. The liquidity metrics set out in this guideline provide the framework within which the Superintendent assesses whether a bank, a bank holding company or a trust and loan company maintains adequate liquidity pursuant to the Bank Act and Trust and Loan Companies Act.

For this purpose, the Superintendent has established two minimum standards: the Liquidity Coverage Ratio (LCR) and the Net Stable Funding Ratio (NSFR). These standards – in conjunction with additional liquidity metrics where OSFI reserves the right to apply supervisory requirements as needed, including the net cumulative cash flow (NCCF), the operating cash flow statement (OCFS), the liquidity monitoring tools and the intraday liquidity monitoring tools – when assessed as a package, provide an overall perspective of the liquidity adequacy of an institution. The LAR Guideline should be read together with the Basel Committee on Banking Supervision's (BCBS) Principles for Sound Liquidity Risk Management and Supervision and OSFI's Guideline B-6: Liquidity Principles.

Effective May 1, 2026.

January 29, 2026

Guide to Administrative Monetary Penalties

OSFI has issued a guide, aimed at federally regulated financial institutions and their senior management, which provides an overview of select provisions of the legislative framework for the administrative monetary penalties (AMPs) set out in sections 24 to 37.01 of the Office of the Superintendent of Financial Institutions Act, and information on the AMP assessment process. It outlines OSFI’s AMP procedures and its approach to assessing the statutory penalty criteria.

Published January 29, 2026.

January 29, 2026

Deferral of the Public Consultation on Guideline B-15 Disclosure Expectation for Financed Emissions Related to Off-Balance Sheet Assets under Management

OSFI has issued a letter that notes that, on January 8, 2026, it paused the planned public consultation on the disclosure expectation for financed emissions related to off-balance sheet assets under management (AUM) under Guideline B-15.

In connection with this pause, OSFI will also be deferring the implementation for this expectation to a future date. It does note that it still expects financial institutions to quantify and manage their climate-related transition risks, including for off-balance sheet AUM.

Published January 29, 2026.

January 8, 2026

Postponement: Consultation on Revised Guideline B-12 on Interest Rate Risk Management

OSFI has stated, on its page Modernizing policies, guidance, and supervision for regulatory efficiency, that it is postponing its consultation on revised Guideline B-12 on Interest Rate Risk Management, which will be rescheduled for a later date.

Published January 8, 2026.

January 8, 2026

Climate Risk Forum – Winding-Down

OSFI will wind down its Climate Risk Forum. OSFI has indicated that this step reflects the sector's growing maturity, streamlines engagement, and allows OSFI to focus on core supervisory priorities while maintaining clear expectations through existing guidance.

Published January 8, 2026.

Bank of Canada

January 19, 2025.

Retail Payments Supervision: How to Complete an Annual Report: A Step-by-Step Guide

Annual reporting by payment service providers (PSPs) under the Retail Payment Activities Act will be due on March 31, 2026. Annual report requirements are laid out in section 21 of the Act and in sections 18 and 19 of the Retail Payment Activities Regulations. To assist PSPs in their preparation, the Bank of Canada has issued a guide to completing an annual report. It explains the questions PSPs will need to answer in PSP Connect and helps identify the documents and information needed to complete and submit the annual report.

Published January 19, 2025. Annual reports are due March 31, 2026.

Bank for International Settlements (BIS)

January 6, 2026

Implementation of the Principles for Effective Risk Data Aggregation and Risk Reporting (BCBS 239 Principles)

The Basel Committee on Banking Supervision has issued a newsletter that summarizes key themes and challenges related to banks' risk data aggregation and risk reporting practices (RDA). It does not represent supervisory guidance or expectations but is for informational purposes only. Key themes of the newsletter include:

• Adapting to a changing operating environment;
• Governance and data;
• Addressing data challenges;
• Cross-border implementation;
• Leveraging emerging technologies and compensating controls.

Published January 6, 2026.

Financial Stability Board (FSB)

January 21, 2026

Good Practices for Crisis Management Groups (Revised Version)

In 2021, FSB published a practices paper aimed at promoting good practices for Crisis Management Groups (CMGs) of Global Systemically Important Banks (G-SIBs). CMGs have been in place for over 10 years as part of the post global financial crisis coordination infrastructure. FSB’s Key Attributes of Effective Resolution Regimes for Financial Institutions set out that home and key host authorities of all G-SIBs should maintain CMGs with the objective of enhancing preparedness for, and facilitating the management and resolution of, a cross-border financial crisis affecting the G-SIBs. Pursuant to the Key Attributes, CMGs focus on a broad range of crisis management issues, including but not limited to crisis management-related information sharing, recovery and resolution planning, and the assessment of resolvability of a particular G-SIB.

This new version of the practices paper includes a supplementary note on implementation observations following the 2023 bank failures on communication with host authorities not members of a CMG.

International Association of Insurance Supervisors (IAIS)

IAIS publishes its Roadmap 2026-2027

IAIS has published its Roadmap 2026-2027, which outlines its strategic priorities and workplan for the next two years. Guided by the Strategic Plan 2025-2029, the Roadmap reflects the IAIS’ commitment to addressing structural shifts in the insurance sector, tackling climate-related risks and natural catastrophe protection gaps, adapting to increasing digital innovation and cyber risks and supporting the consistent implementation of global standards. Its planned activities are organized according to IAIS’ core objectives:

• Monitor and respond to key risks and trends in the insurance sector;
• Set and maintain globally recognized standards for supervision that are effective and proportionate;
• Support members by sharing good supervisory practices, promoting understanding of supervisory issues and facilitating capacity building;
• Assess comprehensive and globally consistent implementation of global standards.