CmB magazine cmba-achc.ca summer 2017 | 11
findings in Postmedia's investigation. He
said he believes FICOM hasn't kept up with
risks from the growth of shadow banking
and loan fraud because the B.C. Liberal
government understaffed FICOM."
Fact Check: e CMBA met with David Eby
(who has since been named B.C.'s Attorney
General) aer Cooper's article was written, to
point out the inaccuracies contained therein
and explain the benefits and strengths of
the mortgage broker and alternative lending
sector. e most significant weakness in the
regulation of mortgage brokers is the outdated
legislation that governs them, which has been
slated for review since 2012, but has yet to
receive any significant government action.
1 http://business.financialpost.com/fp-comment/jack-mintz-how-
hysteria-around-home-capital-ginned-up-a-fictional-financial-crisis
What's in a Name? a lot.
i
n a June 30, 2017, advisory to the
financial services and mortgage
sectors, Carolyn Rogers, the Assistant
Superintendent, Regulation Sector at OSFI,
warned against the use of the words "bank"
and "banking" by entities which are not
authorized by OSFI to act as banks. In
particular, she discouraged the use of
designations and slogans like: "Commercial
Banking Centre", "Welcome to Canada's
newest online bank", "Automated Banking
Machine", "…for all your banking needs"
and "Come do your banking with us."
By the same token, the mortgage broker
industry owns the right to use the words
"mortgage broker" given that they, and not
the employees of banks, are licensed under
provincial legislation to act as mortgage
brokers. e words "mortgage broker" resonate
with the public, who clearly understand the role
and function of a mortgage broker. For others,
such as bank reps or bank mortgage specialists,
to use these words is not only improper, it
confuses people who are seeking to use the
services of an impartial intermediary in the
mortgage origination process. e CMBA has
created the MB trademark for its members
(and only its members) to use, to ensure that
the public knows they are dealing with a
true mortgage broker professional.
CoREy Van IEpEREn
