Who bears the ultimate responsibility for regulation of depository institutions?
A)The Office of the Superintendent of Financial Institutions
B)The Canada Deposit Insurance Corporation
C)The Department of Finance
D)The Bank of Canada
E)The Federal Reserve

Question

Quizplus · Accepted Answer

The ultimate responsibility for regulation of depository institutions in Canada lies with the Department of Finance. While other organizations such as the Office of the Superintendent of Financial Institutions and the Canada Deposit Insurance Corporation also have important roles in overseeing these institutions, they ultimately answer to the Department of Finance. The Bank of Canada is responsible for monetary policy, and the Federal Reserve is the central banking system of the United States.

Who Bears the Ultimate Responsibility for Regulation of Depository Institutions