Well, Canada's always been an innately more cautious and small-c conservative society when it comes to handling finances. It's also always been a country more inclined toward government regulation rather than the laissez-faire approach.

For example, when the westward expansion happened in Canada, the law and the police went into a territory FIRST. The settlers came afterwards...into an environment where the law was already established and functioning.

Result: Virtually no whisky traders or gunfighters and virtually no Indian wars. Very dull history books! ;-)

In the USA the settlers were allowed to pour in first into a new territory and lawlessness reigned. Survival of the fittest. The law finally came in much later when there were considered to be enough people there to establish a state government.

Result: Thousands of whisky traders and gunfighters and bandit gangs. Thousands of murders. Hundreds of Indian wars. Very exciting history books!

Canadians prefer a society that's unexciting and safe, it seems. ;-)

I suppose they took that approach to banking as well.