Finance committee  Absolutely. Negative amortization is specific to variable rate mortgages with a fixed payment. Negative amortization will kick in when a particular interest rate triggers a situation in which your payment no longer covers your principal. If interest rates continue to change, that payment will not even cover all of the interest, thereby causing the accrued interest to be charged interest.

Finance committee  Yes. I'm happy to do so. One option spelled out in the guideline is to allow for a lump sum payment to deal with the situation of negative amortization and to waive any fees or costs associated with lump sum payments. Those are typically called prepayment penalties or payment penalties.

Finance committee  Thank you, Commissioner. Thank you for the question. It's a pleasure to be with you here today. The guideline does have a requirement for reporting. We are to receive periodic reports from the financial institutions subject to the guideline. We recently received our first set of complete data.

Finance committee  Absolutely. To understand enforceability in relation to our guidelines, it would help if I take a moment to step back to situate it within the supervision framework that the FCAC has established and works within. Quite simply, the supervision framework is organized around three pillars of activity: promotion, monitoring and enforcement.

Finance committee  Thank you, Commissioner, and thank you to the committee for having me here today. I should note that I've been kicked from the meeting a couple of times due to Internet problems, but I'm glad I'm connected for this part of the meeting since this question was directed my way. Since the onset of the pandemic, the FCAC supervision branch has been in constant contact with the regulated entities and six banks in particular, the D-SIBs, on a daily basis initially.

Finance committee  The remaining issue now is to track the reaction of consumers in relation to these programs and track complaints in particular. I think that's part of your question as well. We will be getting information on COVID-related complaints toward the fall period, but in the meantime we have continued to remain accessible to all consumers should they have any complaints or concerns they want to register with us.

Finance committee  I agree.