Chapter 2 - Deposit Taking Institutions Practice Review Exam.

Chapter 2 - Deposit Taking Institutions Practice Review Exam. Commercial bank - correct answer A bank that accepts deposits and makes consumer, business, and real estate loans Big Six - correct answer Six largest banks in Canada - Bank of Montreal (BMO) - Bank of Nova Scotia (Scotiabank) - Canadian Imperial Bank of Commerce (CIBC) - National Bank of Canada - Royal Bank of Canada (RBC) - TD Canada Trust Bank - correct answer A federally regulated deposit-taking financial institution governed by the Bank Act and requiring a charter or letter of patent to operate Office of the Superintendent of Financial Institutions (OSFI) - correct answer Main regulator of federally chartered FIs in Canada Schedule I Bank - correct answer A domestic Canadian FI, widely held, chartered to conduct business under the Bank Act Schedule II Bank - correct answer A subsidiary, usually closely held, of a foreign bank that is authorized to conduct business in Canada under the Bank Act Schedule III Bank - correct answer A foreign bank branch that is authorized under the Bank Act to accept deposits only in amounts over $150,000 Contagion - correct answer Asset withdrawals from FIs because of financial system uncertainty and destabilization resulting from the failure of another FI