June 7 roundup - MoneySense

June 7 roundup

On watered down mortgage rules and our love/hate relationship with Canadian banks.


•Bank regulators have watered down a proposal that would have required borrowers to provide banks with new proof of their creditworthiness each time they renewed their mortgages, the watchdog said on Wednesday. The Office of the Superintendent for Financial Institutions (OSFI) will instead allow banks to go on making decisions based on the homeowner’s payment record.

•We Canadians complain about banks fees like its our national sport but when it really comes down to it, we love our banks, according to a new study. Interbrand has released its fourth biennial ranking of Best Canadian Brands and found TD has the strongest brand in the country. In fact, eight of the top 25 brands in Canada belong to financial institutions. See the full list here.