“Canada doesn’t allow American Banks to do business in Canada, but their banks flood the American Market. Oh, that seems fair to me, doesn’t it?” Trump wrote in a social media post

CNN and others debunked Trump’s claim a month ago.

“There’s nothing prohibiting American banks from operating here, including having retail branches,” Cristie Ford, a professor at the University of British Columbia’s law school, said in an email in February.

Canada tightly regulates the banking industry, and it requires various government approvals before a foreign-owned bank can open in the country. But U.S. banks have been operating in Canada for well over a century; the Canadian Bankers Association, an industry group, said in a February statement that “there are 16 U.S.-based bank subsidiaries and branches with around C$113 billion in assets currently operating in Canada” and that “U.S. banks now make up approximately half of all foreign bank assets in Canada.”

Tyler Meredith, former head of economic and fiscal policy for Prime Minister Justin Trudeau, noted on social media in February that Bank of America, Wells Fargo, Citigroup, U.S. Bank, JPMorgan, and Northern Trust are among the U.S. banks with current Canadian operations. You can see the others here and here.

Meredith said in an interview that “we take a very careful look at people who want to come into our banking sector, because we consider financial services to be a core asset to Canada and to the Canadian economy” and try hard to avoid the “cascading consequences” the world has seen with bank failures in the U.S