Consultation on a proposed Guideline on existing consumer mortgage loans in exceptional circumstances
Current status: Closed
This consultation closed on May 5, 2023.
Background
The Financial Consumer Agency of Canada (FCAC) invited comments on a proposed guideline setting out how it expects federally regulated financial institutions to provide tailored support to consumers with mortgages for their principal residence who are experiencing severe financial difficulty.
The proposed guideline built on FCAC’s public letter published on October 11, 2022, which was focused on the impact of interest rate increases on consumers who hold variable rate mortgages.
Next steps
FCAC considered all comments received and modified the proposed guideline, where appropriate.
The Guideline on Existing Consumer Mortgage Loans in Exceptional Circumstances was published on July 5, 2023.
What we heard
Related links
FCAC Guideline on Appropriate Products and Services for Banks and Authorized Foreign Banks