In June 2012, OSFI issued the B-20 Guideline on Residential Mortgage Underwriting Practices and Procedures. The guideline became effective in the first quarter of 2013.
As a Federally Regulated Financial Institution actively engaged in residential mortgage lending and acquisitions, League Savings and Mortgage Company is required to comply with the Guideline which includes making public disclosure on its residential mortgage portfolio.
On June 26, 2012, the Basel Committee on Banking Supervision (BCBS) issued its final rules on the information Financial Institutions must publicly disclose when detailing the composition of their capital. Entitled, Composition of capital disclosure requirements – Rules text (http://www.bis.org/publ/bcbs221.pdf), the publication sets out a framework to ensure that the components of Financial Institutions’ capital bases are publicly disclosed in standardised formats across and within jurisdictions for Financial Institutions subject to Basel III.
In October 2011, OFSI issued its interim capital disclosure requirements for Q1 and Q2 of 2013, and in July 2013, OSFI issued its final Advisory detailing the requirements for Financial Institutions in Canada.
