“Canada doesn’t allow American Banks to do business in Canada, but their banks flood the American Market. Oh, that seems fair to me, doesn’t it?” Trump wrote in a social media post

CNN and others debunked Trump’s claim a month ago.

“There’s nothing prohibiting American banks from operating here, including having retail branches,” Cristie Ford, a professor at the University of British Columbia’s law school, said in an email in February.

Canada tightly regulates the banking industry, and it requires various government approvals before a foreign-owned bank can open in the country. But U.S. banks have been operating in Canada for well over a century; the Canadian Bankers Association, an industry group, said in a February statement that “there are 16 U.S.-based bank subsidiaries and branches with around C$113 billion in assets currently operating in Canada” and that “U.S. banks now make up approximately half of all foreign bank assets in Canada.”

Tyler Meredith, former head of economic and fiscal policy for Prime Minister Justin Trudeau, noted on social media in February that Bank of America, Wells Fargo, Citigroup, U.S. Bank, JPMorgan, and Northern Trust are among the U.S. banks with current Canadian operations. You can see the others here and here.

Meredith said in an interview that “we take a very careful look at people who want to come into our banking sector, because we consider financial services to be a core asset to Canada and to the Canadian economy” and try hard to avoid the “cascading consequences” the world has seen with bank failures in the U.S

  • Yoga@lemmy.ca
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    10 days ago

    Here’s a list of them:

    Amex Bank Citibank J.P. Morgan Bank Bank of America, National Association Bank of New York Mellon Capital One, Nation Association Citibank, National Association Comerica Bank Fifth Third Bank, National Association J.P. Morgan Chase Bank, National Association M&T Bank Northern Trust Company PNC Bank, National Association State Street Bank and Trust Company U.S. Bank National Association Wells Fargo Bank, National Association

    If you recognize these names, I and many others would highly appreciate you moving your business elsewhere.

      • Yoga@lemmy.ca
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        10 days ago

        By switching at renewal.

        I’m assuming you went through a broker?

        • SpaceNoodle@lemmy.world
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          9 days ago

          Ah, the difference is that I’m in the US. I wasn’t aware of the Canadian renewal system. That sounds like it could be disastrous for buyers’ interest rates.

          • Yoga@lemmy.ca
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            9 days ago

            If you have a US mortgage, mortgages are usually open so you would just refinance with a different institution, the penalties should be less than with Canadian term mortgages.

            Depending on your rate though it would probably be a bad idea.

            • SpaceNoodle@lemmy.world
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              9 days ago

              Yeah, I do have a good rate that I don’t want / can’t afford to lose.

              The problem is that it seems I still have no control over who holds my mortgage in the end. They can apparently just sell it to someone else whenever they want. My mortgage changed hands twice before it ended up with a specific group of fuckers that I hate.

      • Sturgist@lemmy.ca
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        9 days ago

        I’d never gone and read anything Hitler had written. Maybe it’s partly the inherent inaccuracies introduced when translating something. Idk… whatever it was…that quote from Mein Kampf was absolutely insufferable. Not the topic, disgusting as it is. The…hmmm… slightly flowery, holier-than-thou-esque tone… patronising, like you’d speak to someone you think is really dumb. Which I guess probably was what was going on. Get the feeling Hitler thought he was a pretty smart cookie.

  • imvii@lemmy.ca
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    10 days ago

    Someone come get their grandpa. He’s pooping in the flower bed again.

  • Kichae@lemmy.ca
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    9 days ago

    Trump would think that having standards for behaviour is a blanket ban on Americans, wouldn’t he? He doesn’t think highly of his people.

  • 60d@lemmy.ca
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    9 days ago

    They’re welcome to operate here, and pretty much always have been. Originally, VP Krasnov said amongst other things like fentanyl, we have to “open up” our banking. This I read as “deregulate” our banking to allow more risky, predatory, and derivative practices which served to crash Murca in '08, making a ton of money for those involved in the bailout welfare payments.

  • yannic@lemmy.ca
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    8 days ago

    Make it true. Make an announcement saying we have ceded to his demands and have forbidden the banks from operating here.

    • chuck@lemmy.ca
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      8 days ago

      ooh oooh not before you seize the assets … hmm need an excuse … lets say supporting the fentanyl trade :D