OSFI stands for “The Office of the Superintendent of Financial Institutions.” It is Canada’s banking regulator.
Note: OSFI regulates federal banks, trusts and insurance companies. Credit unions are provincially regulated, however, and therefore not directly regulated by OSFI.
Mortgage Finance Companies (e.g., First National, MCAP, etc.) get most of their funding from banks and must default insure most of their mortgages, and are therefore indirectly subject to OSFI rules.« Back to Glossary Index