The 2022 National Conference for Canada’s Credit Unions (CCUA) event was a must-attend for anyone operating in the credit union space. Our industry is rapidly changing and we must all be prepared to educate ourselves on the state of the market, technology, and industry best practices.
The Office of the Superintendent of Financial Institutions (OFSI) released its first Annual Risk Outlook report recently, and there are a number of significant implications for Canadian lenders to consider. According to Peter Routledge, OFSI’s Superintendent:
The financial lending industry runs on a vast and complex system that will always attract individuals with ulterior motives. In the United States, mortgage fraud cases were rampant in the years prior to the 2008 global financial crisis. Things have considerably improved since those dark days, but this doesn't mean we should let our guard down, which is why learning to recognize mortgage fraud red flags is vital.
Over the past 5 years, there has been a proliferation of embedded FinTech startup companies. Many of these companies make claims suggesting that traditional finance, banking services, and mortgage lenders are on their way out. Instead, embedded FinTech promises more transparency and shorter processing times. Is the promise up to the hype?