Update on monoline’s bank status

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One major monoline lender is one step closer to becoming a federally regulated Schedule I Bank, with scheduled OSFI site meetings expected to be one of the last steps.

"Street Capital continues to work with representatives at OSFI in order to satisfy the necessary requirements. Our next major milestone is the OSFI onsite visit,” Ed Gettings, CEO of Street Capital said in an official release. “During their visit, OSFI staff will review our control environment and look at how we operate day to day in order to satisfy themselves that the requirements necessary to obtain an Order to Commence Operations are in place. Should we be successful, we would expect the necessary approvals to be forthcoming."

Street Capital has already applied to the Finance Minister for Letters Patent, as well as to OSFI for an Order to Commence Operations.
  • Anthony on 2015-03-30 7:47:36 PM

    They should merge with home trust

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