Regulatory Alerts2014-11-19
Added
Annual Reports to Customers of the Banking Corporations
Banking corporations must display short-form and detailed annual reports in a separate tab of each customer's online account by February 28, covering data from the preceding calendar year. These reports must include all assets, liabilities, total income, and expenses, with at least the last three years of reports accessible for download. Corporations are required to notify customers of the reports' availability via their selected communication channels and publish a notice on their marketing website for at least 30 days. For customers without online accounts, the short-form report must be sent by the report date, while the detailed report is provided upon request within seven business days. The directive becomes effective on February 28, 2016, for reports relating to 2015.
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