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Inside Internal Controls

News and discussion on implementing risk management

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Impact of COVID-19 on existing credit facilities

Access to existing debt facilities is one of the many potential impacts of the COVID-19 pandemic on the operations and financial health of organizations worldwide. In this article, we identify certain key risks and issues, along with pragmatic and legal steps that organizations can take to address their existing credit relationships and navigate through this difficult period.

 

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BCCA rules overdraft fees exceeding $5 constituted “interest” under Criminal Code

Can a financial institution’s “overdraft charges” be considered criminal “interest”? In this case, the judge declared that the overdraft fees constituted “interest” under the Criminal Code, but the credit unions appealed.

 

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