Good morning! Welcome back to Queen Street Analytics' weekly roundup of regulatory developments, legislative discussions, political announcements and other government-related news for professionals in the financial industry, banking, credit unions, insurance, payment processing, fintech, credit card issuing, asset management, venture capital, private equity, and crypto-currencies.

Every Monday, we break down the most important updates in this space in under five minutes.

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Start Date: 2025-03-23
End Date: 2025-03-29

Top Headlines

Main Stories

National Bank of Canada and Canadian Western Bank Amalgamation

The Office of the Superintendent of Financial Institutions announced the issuance of letters patent amalgamating National Bank of Canada and Canadian Western Bank into one entity, effective from the first day of the month following National Bank's acquisition of Canadian Western Bank. This move signifies a consolidation within the banking sector under the Bank Act.

Sources: Gazette, Part I: www.gazette.gc.ca

Questbank Receives Letters Patent of Incorporation

Questbank has been officially incorporated under the Bank Act, following the issuance of letters patent effective March 6, 2025. This incorporation marks the entrance of a new player in the Canadian banking landscape, potentially impacting competition and banking services.

Sources: Gazette, Part I: www.gazette.gc.ca

Santander Consumer Bank Amalgamation

Santander Consumer Bank has been formed through the amalgamation of Santander Consumer Finance Inc. and Santander Consumer Inc., effective March 5, 2025. This consolidation, authorized under the Bank Act, allows the bank to commence business operations, potentially enhancing its market position in Canada.

Sources: Gazette, Part I: www.gazette.gc.ca

New AML/ATF Regulatory Amendments

Canada introduces regulations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, targeting sectors like factoring and cheque cashing. These non-discretionary changes align with FATF standards, addressing vulnerabilities and ensuring the integrity of Canada's financial system.

Sources: Canada Gazette, Part II: www.gazette.gc.ca

Gore Mutual Insurance Company's Application for Continuance

Gore Mutual Insurance Company plans to apply for a private Act to continue as a body corporate under Quebec laws. This strategic shift from its current governance under the Insurance Companies Act may influence its operational and regulatory framework.

Sources: Gazette, Part I: www.gazette.gc.ca

Important Updates

Secondary Stories

CorePointe Insurance Company's Asset Release Application

CorePointe Insurance Company intends to apply for an order to release its Canadian-held assets by April 28, 2025, as per the Insurance Companies Act, affecting policyholders and creditors in Canada.

Sources: Gazette, Part I: www.gazette.gc.ca

Investment Banking Services Price Index Released

Statistics Canada published the 2024 Investment Banking Services Price Index, providing updated data for assessing pricing trends in the investment banking sector.

Sources: Open Government Data Set: www.statcan.gc.ca

Public Officials' Social Media

Greg McLean Advocates for Canada First TFSA Top-Up

MP Greg McLean tweeted about plans to define investments qualifying for the Canada First TFSA Top-Up, aimed at boosting Canadian businesses.

Sources: Social Media: x.com

Julie Vignola Criticizes Mark Carney's Financial Moves

MP Julie Vignola expressed concerns over Mark Carney's financial dealings, questioning his economic priorities for Canada on Twitter.

Sources: Social Media: x.com

Chris Warkentin Supports Canada First TFSA Top-Up

MP Chris Warkentin promotes the Canada First TFSA Top-Up, emphasizing its benefits for Canadian businesses and tax-free savings.

Sources: Social Media: x.com

Kelly McCauley on Tax Savings for Seniors

MP Kelly McCauley highlights tax benefits for seniors, contrasting them with offshore tax havens, in a recent tweet.

Sources: Social Media: x.com

Garnett Genuis Calls for Investment in Canada

MP Garnett Genuis tweeted about increasing the TFSA limit to encourage investment in Canadian companies, promoting economic growth.

Sources: Social Media: x.com

Melissa Lantsman on Pensioners and Offshore Accounts

MP Melissa Lantsman sarcastically remarked on pensioners with offshore accounts in a tweet referencing Mark Carney.

Sources: Social Media: x.com

Larry Brock Supports TFSA Top-Up for Canadian Investments

MP Larry Brock supports increasing the TFSA limit for Canadian investments, aligning with the Canada First initiative.

Sources: Social Media: x.com