Canada Deposit Insurance Corporation: CDIC meets to discuss protecting depositors in a dynamic financial environment

CDIC meets to discuss protecting depositors in a dynamic financial environment

OTTAWA – November 6, 2024 – The Canada Deposit Insurance Corporation (CDIC) held its Annual Public Meeting today via live webcast. Leah Anderson, President and Chief Executive Officer, was joined by Robert Sanderson, Chair of the Board of Directors, and members of senior management to discuss how CDIC protects depositors and promotes financial stability by focusing on depositor trust and confidence, resolution readiness, and organizational strength in a dynamic operating environment.  

"As I reflect on the past year, I'm struck by the complexity of risks, rapid pace of innovation, and evolution of products and services in the financial sector," said Ms. Anderson. "Throughout this period, CDIC continued to deliver on its mandate and remains prepared to protect depositors and uphold financial stability – whatever the future brings."

CDIC's priorities include reinforcing trust in deposit protection through public awareness and clear and transparent disclosures at member financial institutions; being "resolution ready" through early identification of risks to CDIC members and continued emphasis on robust resolution planning, testing and assessment of execution capabilities; and fostering organizational strength by cultivating a diverse and inclusive workforce.

Ms. Anderson also announced that CDIC will offer a wide variety of web and social media content during Financial Literacy Month in November to help depositors make informed decisions about how they save their money.

About CDIC

CDIC is a federal Crown corporation, established by Parliament in 1967. We protect people's insured deposits and contribute to financial stability by safeguarding over $1.2 trillion in deposits at more than 80 member institutions. As resolution authority, we are responsible for handling the failure of any of our members, from the smallest to the largest. Our members include banks, federally regulated credit unions, as well as trust and loan companies. We are funded by premiums paid by member institutions and do not receive public funds to operate. We have resolved 43 member failures to date, affecting some two million depositors. No one has ever lost any money under CDIC protection.

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For further information

Tamara Mason
Head, Communications and Reporting
Tel: 613-943-4395
E-mail: media@cdic.ca

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