QSA's Week in Finance (#19, 2025)
G7 finance ministers to convene in Banff; Competition Bureau outlines digital economy enforcement focus; Major B.C. credit unions hold member votes on federal amalgamation; Securities data shows foreign investor pullback; Privacy Act administration update released;
Good morning! This is 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: 2025-05-11
End Date: 2025-05-19
Top Headlines
Main Stories
Minister of Finance and Bank of Canada Governor to Host G7 Finance Ministers’ Meeting in Banff
From May 20 to 22, Finance Minister François-Philippe Champagne and Bank of Canada Governor Tiff Macklem will host their G7 counterparts and central bank governors in Banff, Alberta, during Canada’s G7 presidency. Representatives from the IMF, OECD, World Bank, and Financial Stability Board, as well as Ukrainian officials and the FATF, will participate in select sessions. The closure press conference is scheduled for May 22.
Sources: Announcements: www.canada.ca
Competition Bureau’s 2025-2026 Annual Plan Focuses on Digital Economy and Enhanced Enforcement
The Competition Bureau released its 2025-2026 Annual Plan, detailing the agency's intention to use expanded authority under recent amendments to the Competition Act. Efforts will center on anti-competitive activity in sectors central to Canadians—particularly those influenced by digital technology.
Sources: Announcements: www.canada.ca
Major Federal Credit Union Amalgamation Moves to Member Voting Phase
Members of Prospera Credit Union are voting on a special resolution to authorize application for federal continuance and amalgamation with Coast Capital Savings and Sunshine Coast Credit Union, forming an Amalgamated Federal Credit Union under the Bank Act. If approved and regulatory steps are completed, the new entity would transition from CUDIC to CDIC insurance.
Sources: Gazette, Part I: www.gazette.gc.ca
Sunshine Coast Credit Union Members Vote on Federal Amalgamation and Insurance Transition
Sunshine Coast Credit Union members are also considering a special resolution for the proposed federal amalgamation with Prospera Credit Union and Coast Capital Savings. Transitioning from CUDIC to CDIC coverage would affect the scope and limit of deposit insurance, with pre-existing deposits receiving transitional insurance arrangements.
Sources: Gazette, Part I: www.gazette.gc.ca
International Securities Transactions Data: March Sees Canadian Investor Purchases Abroad, Foreign Redemptions Domestically
According to Statistics Canada, in March 2025, Canadian investors acquired $15.6 billion in foreign securities, primarily U.S. bonds, while foreign investors reduced holdings of Canadian securities by $4.2 billion. March marked a second straight month of foreign outflows from Canadian securities.
Sources: Open Government Data Set: www.statcan.gc.ca
Algorithmic Impact Assessment Issued for Enhanced Repayment Assistance Plan
Employment and Social Development Canada published an algorithmic impact assessment for the revised verification process tied to the Repayment Assistance Plan, which now cross-checks borrower data with CRA records for increased fraud prevention.
Sources: Open Government Data Set: open.canada.ca
Provincial Announcements
B.C. Introduces New Commercial Liens Act to Simplify Debt Collection Processes
The Commercial Liens Act, effective June 30, 2025, establishes unified rules for liens related to services such as repair, storage, or transportation, replacing several previous provincial statutes.
Sources: Provincial Announcement: news.gov.bc.ca
Ontario Releases 2025 Budget: Measures to Address Tariffs and Economic Uncertainty
The 2025 Ontario Budget implements initiatives including a $500 million Critical Minerals Processing Fund, tax credit enhancements for manufacturers, and a new $5 billion Protecting Ontario Account to support firms facing tariff-related disruptions.
Sources: Provincial Announcement: news.ontario.ca
Public Officials' Social Media
On May 15, MP Ryan Turnbull met with Barb Zvan to discuss clarity in government standards for investors and the federal role in narrowing Canada's climate finance gap.
Sources: Social Media: x.com
On May 16, MP Ryan Turnbull held discussions with ISF to address government-industry collaboration and education initiatives in the realm of sustainable finance.
Sources: Social Media: x.com
MP Adam Chambers, on May 15, noted concern that only one item of financial legislation in the past 10 months deals with personal income tax, while raising the issue of delayed budget updates.
Sources: Social Media: x.com
Senator Tony Loffreda flagged the importance of central bank digital currency and cryptocurrency issues, referencing prior Senate committee debates and a December interim report.
Sources: Social Media: x.com
Senator Tony Loffreda addressed resource challenges for cybercrime enforcement and referenced Auditor General testimony given in recent National Finance Committee hearings.
Sources: Social Media: x.com
On May 15, Senator Rosa Galvez commented publicly on developments in RBC’s sustainable finance initiatives, pointing to her recent op-ed article.
Sources: Social Media: x.com
Senator Leo Housakos posted on May 17 about the need for transparency regarding central banker decisions, making reference to the public purse.
Sources: Social Media: x.com
What We're Reading This Week
- Nasdaq Applauds Signing of Senate Bill 29, Strengthening Texas’ Standing as a National Leader in Corporate Governance and Innovation: U.S. legislation commended for advancing governance innovation.
- DigiAsia Boosts Mobile Wallet Security with AI Fraud Detection, Approved by Bank Indonesia: Indonesia’s regulatory-approved AI approach tackles mobile wallet fraud.
- EU Prepares Sanctions on Third-Party Banks Supporting Russia: European authorities move forward with financial sanctions targeting institutions serving Russian interests.
