OSFI Changes Rules for Mortgage Deferrals
OSFI, Canada’s banking regulator, announced that it will begin to phase out special regulatory capital treatment of deferrals given improving economic conditions.
These changes are effective immediately for mortgage payment deferrals granted by the Big 6 banks through to the end of September. Those deferrals will now only receive special capital treatment for up to three months as opposed to six. After September 30, any deferrals will be treated according to OSFI’s normal rules.
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