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.

Dates: 2025-06-08 to 2025-06-14

📋 In This Week's Newsletter

• 🇨🇦 Canadian Federal GR News
• 🇺🇸 US Federal GR News
• 🗺️ Canadian Provincial GR News
• 📱 Public Officials' Social Media
• 📚 What We're Reading This Week

Canadian Federal GR News

Finance Minister Convenes Virtual Meeting with Provincial and Territorial Counterparts on Economic Strategy and Internal Trade

François-Philippe Champagne, Minister of Finance and National Revenue, held a virtual meeting with provincial and territorial finance ministers to address shared economic priorities and reinforce Canada’s position in international markets. The meeting included a discussion of ongoing efforts to remove US tariffs on Canadian goods, as well as updates on Canada’s chairmanship of the recent G7 Finance Ministers and Central Bank Governors meeting. Priority topics at the G7 included global economic uncertainty, digital transformation, financial crime, and productivity. The Minister reiterated the federal commitment to removing internal trade barriers, referencing Bill C-5, the One Canadian Economy Act, which aims to eliminate federal barriers to trade and labor mobility and expedite national projects. Further legislative updates included Bill C-4, which proposes a middle-class tax cut and GST relief for first-time homebuyers, and Bill C-2, which seeks to bolster border security.

Sources: Announcements: www.canada.ca

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ABCU Credit Union Proposes Move to Federal Charter and Amalgamation with Innovation Federal Credit Union

Members of ABCU Credit Union Ltd. are scheduled to vote on June 25, 2025, on a special resolution to transition to a federal credit union under the Bank Act and immediately amalgamate with Innovation Federal Credit Union. Should the transition proceed, ABCU would become a member of the Canada Deposit Insurance Corporation (CDIC).

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

Endurance Specialty Insurance Ltd. Receives Federal Authorization to Insure Canadian Risks

Endurance Specialty Insurance Ltd. has been granted an order under subsection 574(1) of the Insurance Companies Act to insure risks in Canada, effective April 28, 2025. The authorization covers multiple lines, including aircraft, automobile, boiler and machinery, fidelity, liability, marine, property, and surety insurance. The company is permitted to operate under its English and French legal names.

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

StatsCan: Canadian Household Net Worth Rises Amid Market Volatility; Pension Fund Assets Top $2.5 Trillion

Statistics Canada reported that household net worth increased by $141.2 billion (+0.8%) in Q1 2025, reaching $17.6 trillion, even as economic conditions remained uncertain. Separately, trusteed pension funds grew by $221.3 billion (+9.8%) year-over-year to nearly $2.5 trillion by end-Q4 2024, signaling continued asset accumulation in the sector.

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

Canada’s Net Foreign Asset Position Dips by $103.2 Billion in Q1 2025

Canada’s net foreign asset position declined by $103.2 billion in the first quarter of 2025, standing at $1.82 trillion. The change reflects the difference between international financial assets and liabilities.

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

International News

Protests are on the rise and disrupting insurance: The insurance industry has been rocked by riots in France in 2023 and giant protests in Chile, South Africa and Colombia, and is now keeping a close eye on the protests that have erupted across U.S. cities in response to recent Immigration and Customs Enforcement (ICE) operations, particularly following a series of high-profile raids in Los Angeles on early June 2025.

US GR News

The Trump administration prepares to ease rules on big banks

The Big Question at the Boston FED last week: Could the Growth of Private Credit Pose a Risk to Financial System Stability?

Trump administation targets changes to the taxation of foreign investors funding lawsuits: Foreign investors in U.S. litigation don't have to pay tax on lawsuit proceeds because the tax code exempts foreigners from paying U.S. capital-gains tax, and their legal payouts are treated as capital gains. American litigation funders pay tax at the capital gains rate, while the actual plaintiffs in lawsuits pay at the ordinary income rate.

SEC Approves Transition of DTCC, FICC, and NSCC Core Settlement Systems to Public Cloud

The Securities and Exchange Commission issued a notice of no objection for The Depository Trust Company (DTC), Fixed Income Clearing Corporation (FICC), and National Securities Clearing Corporation (NSCC) to migrate key clearance and settlement systems to a single public cloud provider. The migration will proceed over several years, with some systems remaining on-premises during the transition. The agencies cited increased resiliency, scalability, and security as drivers for the move, including automated failover across multiple cloud regions and enhanced capacity management. The legal agreements between the clearing agencies and the cloud provider address system access, testing, audit rights, and regulatory oversight.

Sources: U.S. Federal Announcements: www.federalregister.gov

SEC Issues Concept Release on Foreign Private Issuer Eligibility, Seeks Public Comment

The Securities and Exchange Commission published a concept release soliciting comments on the definition and regulatory accommodations for foreign private issuers (FPI). The release reviews recent trends, including the rise of Cayman Islands incorporations and issuers with primary trading on US exchanges, and considers possible amendments to eligibility criteria such as foreign trading volume requirements or major exchange listing. The SEC requests input on investor protection, competitive effects, and transition costs, with a comment deadline of September 8, 2025.

Sources: U.S. Federal Announcements: www.federalregister.gov

Trump Administration Announces 'Trump Accounts' for All Newborns Under Legislative Proposal

The White House announced a provision in the One Big Beautiful Bill to create 'Trump Accounts,' a tax-deferred investment vehicle for every newborn American. Each account will receive an initial $1,000 contribution from the federal government, with annual private contributions capped at $5,000. The accounts, owned by the child's guardian, track a stock index and are intended to promote long-term asset growth and financial literacy. The proposal is bundled with other measures, including expanded child tax credits. The administration notes endorsements from business leaders and lawmakers and positions the measure as a tool for economic mobility and future education or homeownership.

Sources: White House Announcements: www.whitehouse.gov

SEC Approves Rule Changes for Intraday Margin Collection at NSCC and FICC

The SEC approved rule changes at the National Securities Clearing Corporation (NSCC) and Fixed Income Clearing Corporation (FICC), both subsidiaries of the Depository Trust & Clearing Corporation (DTCC), to enhance intraday margin collection and risk management. The amendments allow for more frequent monitoring and collection of margin throughout the trading day, clarify triggers for margin calls during periods of volatility, and authorize waivers or reductions in specific cases such as data errors. The changes are designed to comply with updated Covered Clearing Agency Standards and provide members with increased transparency regarding margin calculations and processes.

Sources: U.S. Federal Announcements: www.federalregister.gov, U.S. Federal Announcements: www.federalregister.gov

SEC Requests Comment on Foreign Private Issuer Disclosure, Crowdfunding Rules, and Municipal Dealer Registration

The SEC is seeking public comment on several information collection renewals and proposed revisions, including requirements for municipal securities dealer registration (Form MSD, MSDW, and related rules), crowdfunding intermediary disclosures under Regulation Crowdfunding, and technical updates to registration forms. For Regulation Crowdfunding, the Commission estimates an annual industry burden of over 27,000 hours and $17 million in costs for intermediaries.

Sources: U.S. Federal Announcements: www.federalregister.gov, U.S. Federal Announcements: www.federalregister.gov

Canadian Provincial GR News

Saskatchewan FCAA Promotes Use of Trusted Contact Person for Seniors

The Financial and Consumer Affairs Authority of Saskatchewan encouraged residents, especially seniors, to designate a Trusted Contact Person (TCP) with their financial advisor to help prevent financial exploitation. The announcement coincides with World Elder Abuse Awareness Day on June 15.

Sources: Provincial Announcement: www.saskatchewan.ca

Public Officials' Social Media

MP Jasraj Hallan used social media to question whether the government ignored Mark Carney’s offshore activities related to Brookfield’s $25 billion fund set up in Bermuda, referencing Finance Minister responses in Parliament.

Sources: Social Media: x.com

MP Jasraj Hallan posted that the Parliamentary Budget Officer projects debt servicing to reach $70 billion by 2029–2030, exceeding defense spending, GST revenue, or provincial health transfers, and criticized government spending priorities.

Sources: Social Media: x.com

MP Jasraj Hallan stated on social media that Canadian businesses missed 300,000 payments in three months, with consumer missed payments reaching 1.4 million, and criticized proposed increases in federal spending.

Sources: Social Media: x.com

Senator Tony Loffreda announced on social media that Bill S-1001, concerning the merger of Gore Mutual Insurance Company with Beneva, passed second reading in the Senate and was referred to committee.

Sources: Social Media: x.com

What We're Reading This Week

• Visa's Fintech Expansion: A New Era of Scalable Digital Payments?: Visa's ongoing push in digital payments may signal broad changes for fintech scalability.
• Opinion: International review of Canada’s anti-money laundering system will put regulators in the hot seat: Global review may shape future AML oversight in Canada.
• Riots are on the rise and disrupting insurance: The industry has been rocked by riots in France in 2023 and giant protests in Chile, South Africa and Colombia.