The amendments in the bill are intended to strengthen the oversight of CMHC so that there would be better knowledge within the government of the risk profile of CMHC—the types of activities it's engaged in, its activities to mitigate any of those risks, and the capacity of management and the board to respond to risks within the products covered in its commercial programs.
So it provides the ability for the government to establish the terms and conditions of the securitization program and provides for OSFI to be more engaged in the supervision of that entity, as it is currently engaged in the supervision of the private sector entities that provide mortgage insurance in Canada.
It enhances the CMHC board of directors by adding two deputy ministers—one from the responsible department, Human Resources and Skills Development, and the Deputy Minister of Finance—as ex-officio members to the board.
The intent is to have a more cohesive system of oversight on the CMHC.