Trump Misinforms on US Banks in Canada, Experts Correct Him

President Donald Trump falsely claimed that U.S. banks are not allowed to operate in Canada during a meeting with U.S. travel executives.

The Bank of Canada is actually Canada's central bank, equivalent to the Federal Reserve in the U.S., and not a commercial enterprise, according to experts.

There are 15 U.S.-based banks operating out of Canada, either as branches or subsidiaries, with combined assets of approximately $124 billion Canadian dollars ($90.1 billion), said Nathalie Bergeron, a spokesperson for the Canadian Bankers Association.

U.S.-owned banks in Canada face restrictions due to Canadian banking regulations, including high deposit minimums for Schedule III banks, which are branches of foreign banks not incorporated in Canada.