Red Flag Requirements for Creditors and Financial Institutions
As part of the Fair and Accurate Credit Transactions (FACT) Act of 2003 the Federal Trade Commission (FTC), the National Credit Union Administration (NCUA) and the federal bank regulatory agencies together have initiated the ‘Red Flags Rules’ (regulations) that now requires financial institutions and creditors to implement written identity theft prevention programs.
This program is to [...]
Canadian Business Bankruptcies Decline in 2008 by 2% over 2007
Feb 11, 2009: According to the latest stats released by the Office of the Superintendent of Bankruptcy for the year 2008, 6164 Business Bankruptcies were filed in Canada. This is a 2% drop from the year before i.e. 2007.
Although the absolute drop in numbers 2008 over 2007 is 2%, if we compare this to the [...]
Canadian Consumer Bankruptcies in 2008
Feb 09, 2009
Consumer Bankruptcies:
Comparing 2008 numbers to 2007
The following numbers were released on Monday by the Office of the Superintendent of Bankruptcy Canada.
Number of Bankruptcies
2008
2007
% Change
Newfoundland and Labrador
2 133
2 121
0.6
Prince Edward Island
444
297
49.5
Nova Scotia
3 970
3 487
13.9
New Brunswick
2 655
2 454
8.2
Quebec
28 317
25 072
12.9
Ontario
36 200
31 439
15.1
Manitoba
2 025
2 041
-0.8
Saskatchewan
1 451
1 463
-0.8
Alberta
6 066
4 768
27.2
British Columbia
7 293
6 651
9.7
Northwest Territories
22
31
-29
Yukon
27
20
35
Nunavut
7
3
133.3
Canada
90 610
79 847
13.5
Consumer bankruptcies in 2008 jumped up by 13.5% over 2007. In all of last year 90,620 Canadians filed for bankruptcy as opposed [...]