Remarks by the Commissioner of the Financial Consumer Agency of Canada at the Standing Committee on Finance regarding the Guideline on Existing Consumer Mortgage Loans in Exceptional Circumstances

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Summary

The Financial Consumer Agency of Canada (FCAC) appears before the Committee to discuss its work related to housing financing. FCAC is an independent federal agency tasked with protecting the rights and interests of financial consumers. The agency supervises federally regulated financial institutions and educates consumers about their rights and responsibilities. In relation to housing financing, FCAC highlights the impact of housing costs on household finances and the vulnerability of mortgage holders in today's economic environment. The agency has strengthened consumer protection measures and issued guidelines for financial institutions to adopt fair and consistent approaches when offering relief measures to consumers at risk of defaulting on their mortgage. FCAC has also stepped up its educational efforts, including developing new information on mortgage relief measures and launching a national advertising campaign promoting its tools and resources related to renting or buying a home and choosing, renewing, and paying for a mortgage.