Regulatory Alerts2024-07-29
Directive 425: Annual Reports to Customers of the Banking Corporations
The Supervisor of Banks issued Directive 425 to mandate that banking corporations provide customers with standardized short-form and detailed annual reports covering all account assets, liabilities, and transaction activity. Banks must display these reports in online accounts by February 28 and notify customers via their preferred channels, while also publishing a notice on their marketing website for at least 30 days. The directive specifies strict formatting, calculation methods, and accessibility requirements for the reports to ensure transparency and comparability of banking products.
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