Canadian banks are financial institutions that provide a range of services, including savings and checking accounts, loans, and investment options. They are known for their stability and strong regulatory framework, which helps protect consumers and maintain public confidence. The major banks, often referred to as the "Big Five," include Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia, Bank of Montreal, and Canadian Imperial Bank of Commerce. These banks operate under the supervision of Office of the Superintendent of Financial Institutions (OSFI) and are required to adhere to strict capital requirements. Canadian banks also play a significant role in the economy by facilitating trade, providing credit, and supporting local communities through various initiatives.