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Mortgage Broker News | 14 Jul 2011, 08:00 AM Agree 0
The owner of a successful brokerage known for fighting the Big Five will now change the firm’s name rather than face the possibility of a hefty fine or jail time over what the law suggests is a misappropriation of the word “bank.”
  • Tracy Luciani Price | 15 Jul 2011, 03:11 AM Agree 0
    What a huge waste of time, money and energy to go after a broker because they use the word "Bank" in their name. It's ludicrous to think the banks own the word bank...which can also mean "count" and in 'bank on us'. The resources spent on fighting a broker because of his name would have been better spent on a million other ways...How about spending it on educating the general public about 'collateral mortgages' or educating them about how the pitfalls of 'cashback mortgages' which are pushed by the big banks for their huge profits.
  • Lew MacDonald | 15 Jul 2011, 03:46 AM Agree 0
    Further evidence of the influence the Big 5 have over our government.

    Disappointing, but not surprising.
  • JPG | 15 Jul 2011, 03:55 AM Agree 0
    The brokerage industry handed complete control of our destiny to the banks in the early 90's by becoming dependent on them for our paychecks! So it is curious why the name "Bank Fighter" is a relevant marketing strategy in the first place! 'Fighting' the hand that feeds you....?
  • An Interested Observer | 15 Jul 2011, 05:54 AM Agree 0
    If by holding oneself out to be a "bankfighter" implies that they are in fact a bank, does it follow that being a "crimefighter" makes one a criminal? Pure and unadulterated cowtowing to the interests of Big Money. Shame on the OSFI for its heavy-handed tactics and its lack of impartiality, let alone logic. With respect to the function and purpose of agencies of the federal government, it's high time we complacent Canadians asked the pointed question: who is serving whom?
  • AB Broker | 15 Jul 2011, 05:56 AM Agree 0
    So I suppose the government will now be going after the food banks and blood banks accross the nation? This is just another example of the government working for the banks who fund their election campaigns.
  • ON Broker | 15 Jul 2011, 06:20 AM Agree 0
    What a joke, banks can't handle the pressure so they go after the little guy. Big guy pushing the little guy around. Quite obvious a bank is behind this and FSCO is kissing their ass. FSCO sure to hell didn't do anything about the RBC agent bad mouthing brokers. i will say it again, what a joke. I don't know what it is going to take for us to drop our competitive issues with each other, form an organization (NOT CAAMP) that represents us and take a stand against issues we see, like this one.
  • Robert Stanfield | 15 Jul 2011, 06:22 AM Agree 0
    Hey, where is CAAMP in all this??? Helping the broker, NO. They are no where to be seen. CAAMP should be right beside this broker helping him fight this, but they are to busy collecting fee's for no services offered.
  • John Dearin DLC MORTGAGES AND MORE | 15 Jul 2011, 07:25 AM Agree 0
    What a crock of $!#!@. Darick, I will pledge $500.00 right now to any legal fund you want to start to fight this...It has nothing to to with being a part of the same franchise, it has to do with standing up to the banks. I am sure it would have to be deposited in a trust account in a "financial institution", not a " " as we are not allowed to use the name. I hope other brokers across the network will stand up here and fight this bull $@!#@#, be they a part of DLC or any other brokerage.

    John Dearin AMP, RPA
  • Joe Broker | 15 Jul 2011, 03:14 PM Agree 0
    I am so sorry Darick Battaglia had to fight this on his own. This is the perfect chance for CAAMP, IMBA, and other organizations that say they represent the interests of the brokers to prove themselves. What about other organizations that use the work bank in their name? how about banning bankrate.com from using the name, how about banning common expressions like 'laughing all the way to the bank', or 'as good as money in the bank'. This is a perfectly good place to make a stand and fight for our rights as brokers. Am I right, or am I talking nonsense. Please let me know. If I use any of the above expressions will the banks come after me with a $5 million fine, or 10 years in prison. People, can you see how ludicrous this is? CAAMP what do you say?
  • wjk | 15 Jul 2011, 09:36 PM Agree 0
    That's really lame and shows how beholden our government is to the banksters. Funny how they don't go after the food banks. Battaglia should change his name to Bank. I've heard you can't be prevented from embedding your own name in your company name.
  • Tony D'Avino | 15 Jul 2011, 11:48 PM Agree 0
    CAAMP and IMBA should be joining forces to assist Mr. Battaglia in mounting a legal challenge to this ruling.
  • Ron Butler | 19 Jul 2011, 04:22 AM Agree 0
    Please be aware the complaint may even have come from another broker; jealous of Darick's brilliant choice of name. Everyone should be aware that FSCO has turned there focus on to compliance re: advertising this year and we will hear more and more about problems with business names, the wording of ads and the fact that FSCO has decided that any reference to a "Team" is totally forbidden.
  • Mj Broker | 22 Jul 2011, 03:49 AM Agree 0
    What is CAAMP and IMBA for? this is the time mortgage industry needs their help. what will they do to show their support of mortgage brokers and agents? We have been paying our membership dues to have an associations to back us up. Maybe FSCO and Banks know we don't have a real support and we are all alone.
  • had enough | 22 Jul 2011, 03:53 AM Agree 0
    We need to dissolve CAAMP and start over with a new organization that has our bests interests at heart.
  • Jamey Morse | 22 Jul 2011, 04:07 AM Agree 0
    Sounds like a perfect opportunity for an advertising campaign to help promote the "David" image of the mortgage broker against the "goliath" of the banks.
  • Brilliant chocie of name? | 22 Jul 2011, 04:22 AM Agree 0
    "I fight banks. But I send your deal there and let them service you for the next five years and I get paid by the bank for doing this". Not so brilliant. Come on, CAAMP has better things to do than spend time on a firm that can't embrace the partnership they have choosen to be part of.
  • Shaun Serafini | 22 Jul 2011, 03:47 PM Agree 0
    In related news, the government has issued a cease and desist order against the use of the words "river bank", "bank-shot" and "bankrupt" as these words may convince people that they are actually associated with banks and banking.

    They have also asked network TV to go through the archives and change the name of Carlton & Philip Banks from the Fresh Prince of Bel-air in all future airings of repeat episodes! No word yet on Fairbanks Alaska being forced to change name.

    On a serious note however, in one word, ridiculous! Put that in the bank!
  • Darick Battaglia | 24 Jul 2011, 01:38 AM Agree 0
    Thank you all for your support. Despite two legal opinions; expressing my rights to continue to use the name based upon the Federal trade mark granted under the category of mortgage brokering services and an understanding of the Federal Trademarks Act, OSFI seems to have trump power over other federal jurisdiction. OSFI " OSFI supervises and regulates all banks, and all federally incorporated or registered trust and loan companies, insurance companies,"
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