FACT FOCUS: Trump Claims U.S. Banks Cannot Operate in Canada. That’s Not True
Experts say 15 U.S.-based banks operate in Canada, and they face regulatory limits that make retail expansion difficult.
- On Wednesday, President Donald Trump falsely claimed that U.S. banks are prohibited from operating in Canada during an Oval Office meeting with travel executives.
- Fifteen U.S.-based banks currently operate in Canada as branches or subsidiaries, according to the Canadian Bankers Association, holding combined assets of approximately US$90.1 billion.
- Most U.S. banks operate as Schedule III institutions, Jeremy Kronick, president of the Howe Institute, explained; these cannot accept deposits below $150,000 .
- Finance professor James Thompson of the University of Waterloo said regulatory differences between nations likely cause confusion; Canada's market remains small with dominant incumbents.
- The Federal Reserve reports more than 3,700 domestically owned commercial banks in the U.S., compared to 15 with presence in Canada; regulatory barriers deter most U.S. firms from entry.
18 Articles
18 Articles
FACT FOCUS: Trump claims US banks cannot operate in Canada. That’s not true
Asked about the trade war with Canada on Wednesday, President Donald Trump falsely claimed that U.S. banks are not allowed to do business with its neighbor to the north. The allegation came during a meeting with U.S. travel executives in the Oval Office, after a reporter asked Trump whether there are plans for renewed trade […]
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FACT FOCUS: Trump claims US banks cannot operate in Canada. That's not true
President Donald Trump falsely claimed on Wednesday that U.S. banks are not allowed to do business in Canada. There are currently 15 U.S.-based banks operating out of Canada, either as branches or subsidiaries, according to a spokesperson for the Canadian…
The allegation was defended once again by US President Donald Trump during a press conference in the Oval Room. SIC Verifies.
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