It was a sold-out luncheon, packed with Bay Street denizens, all of them having come to hear from the new top boss of Canada’s powerful bank regulator, the Office of the Superintendent of Financial Institutions (OSFI). Beth Horowitz, a director at HSBC Bank Canada, rose from her seat. She was going to confront the speaker, OSFI’s Jeremy Rudin, with an awkward, perhaps even controversial question.
She knew it could have personal “repercussions,” she acknowledged later in an email to the Financial Post. But it was an issue of increasingly urgent importance. There were tensions simmering in boardrooms of the country’s major banks, and OSFI was the source of much it, resulting from new guidelines imposed by the federal bank watchdog.
Barbara Shecter & Theresa Tedesco- Financial Post – October 4, 2014.
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