Our timeline

The first Bank Act is passed five years after Canada becomes a country.

The Department of Insurance is founded.

The Home Bank of Canada fails, leading to a Royal Commission.

The Office of the Inspector General of Banks is founded to regulate Canada’s banks.

The Macmillan Commission is set up to explore the banking system and all money matters.

The Bank of Canada is founded.

The Porter Commission is set up to explore the structure and operation of the Canadian financial system.

The Canada Deposit Insurance Corporation is created to ensure the safety of deposits and to increase the standards of deposit-taking institutions.

Revisions are made to the Bank Act.

The Government of Canada reviews Canada’s financial system, leading to the Green Paper in early 1985 that questions if the Office of the Inspector General of Banks and the Department of Insurance should be merged.

Both the Canadian Commercial Bank and the Northland Bank fail.

The House of Commons Standing Committee on Finance, Trade and Economic Affairs creates a report that recommends measures to protect consumers.

The Minister of State for Finance releases a policy paper (known as the Blue Paper) that recommends the merger of the Office of the Inspector General of Banks and the Department of Insurance.

The Office of the Superintendent of Financial Institutions (OSFI) is created by merging the Office of the Inspector General of Banks and the Department of Insurance, and includes an independent unit housing the Office of the Chief Actuary.

The Government of Canada announces a new legislative framework for federally regulated financial institutions that affect OSFI’s role and responsibilities, such as new financial institution safeguards.

OSFI’s legislated mandate is enacted to clarify its role and accountability.

OSFI establishes a new Supervisory Framework that helps to relieve the burden of regulations on financial institutions.

The Financial Consumer Agency of Canada is founded. The agency’s role is to expand consumer education and strengthen consumer protection oversight. OSFI is no longer responsible for overseeing consumer protection.

Recession hits the global financial system, but Canadian banks fare better than those in many other countries because of the setup of the Canadian banking system.

As the Canadian and global economies recover, OSFI reviews and edits the 1999 Supervisory Framework to account for changes in the financial and international environments.

OSFI releases Guideline on Residential Mortgage Underwriting Practices to manage increased economic vulnerability from real estate debt.

OSFI issues a Life Insurance Regulatory Framework.

Bill C-25, An Act relating to pooled registered pension plans, receives Royal Assent.

A standard is set to designate global systemically important banks. These institutions face stronger scrutiny and disclosure rules, and more capital requirements.

Countries who are members of the Financial Stability Board must now designate domestic systemically important banks. OSFI labels Canada’s 6 largest banks as domestic systemically important banks.

The Royal Bank of Canada is added to the list of global systemically important banks.

OSFI introduces the Life Insurance Capital Adequacy Test. Guideline B-20 - Residential Mortgage Underwriting Practices and Procedures comes into effect.

The Toronto Dominion Bank is added to the list of global systemically important banks.

The Mortgage Insurer Capital Adequacy Test comes into effect.

In spring 2020, with the onset of the COVID-19 pandemic, OSFI announces a series of measures to support the Canadian financial system and protect pension plan members.

Blueprint, the organization’s direction plan through 2025, ensures that OSFI’s transformation is reflected in specific and tangible goals set for each sector and the organization as a whole.

OSFI becomes a member of The Network of Central Banks and Supervisors for Greening the Financial System.

OSFI announces revised capital, leverage, liquidity and disclosure rules that incorporate the final Basel III banking reforms with additional adjustments to make them suitable for federally regulated deposit-taking institutions.

OSFI releases its first Annual Risk Outlook, which describes risks it considers most critical to the financial system, and how to address them.

OSFI issues new guideline for assurance on capital, leverage and liquidity returns.

OSFI publishes Guideline B-15: Climate Risk Management, which sets out its expectations for the management of climate-related risks.

On March 12, the Superintendent took action on the Canadian branch of Silicon Valley Bank.

Bill C-47 passes and expands OSFI’s mandate to include examining each federally regulated financial institution’s policies and procedures related to integrity and security to determine if they are adequate. The Integrity and Security Risk Division and National Security Sector are established to fulfill this part of the mandate.