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: 2025-07-06 to 2025-07-12

📋 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

Treasury Board Initiates Federal Red Tape Review

On July 9, the Treasury Board Secretariat announced the initiation of a government-wide review targeting the elimination of outdated and duplicative federal regulations. Ministers across all portfolios are required to assess regulations within their departments, with an emphasis on removing rules that overlap with provincial standards and simplifying service delivery. The process will be managed by the Red Tape Reduction Office, established recently, and departments have a 60-day deadline to report their progress and proposed actions. According to Treasury Board President Shafqat Ali, the intent is to create a more efficient regulatory environment and enhance accessibility for stakeholders. This initiative is positioned as a move to lower costs, reduce compliance burdens, and make federal programs more efficient for private sector participants.

Sources: Announcements: www.canada.ca

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Committee on Internal Trade Sets Target Date to Expand CFTA to Financial Services

Minister Chrystia Freeland convened provincial and territorial counterparts in Quebec City, confirming progress on expanding the Canadian Free Trade Agreement (CFTA). Over the past six months, parties have moved to purge several exceptions from the CFTA. An agreement in principle has been reached for inclusion of the financial services sector, with a target completion before the end of Fall 2025, opening new interprovincial market opportunities for financial institutions and enhancing competition for government procurement. In parallel, the federal One Canadian Economy Act, now law, aims to dismantle remaining regulatory barriers to goods, services, and labour movement, explicitly naming health, social, and economic security among the paramount considerations.

Sources: Announcements: www.canada.ca

Competition Bureau Confirms Flat-Fee Reform for Interac E-Transfer Pricing

The Competition Bureau announced on July 10 that Interac will transition its wholesale e-transfer pricing structure from volume-based tiers to a flat-fee model, effective November 1, 2025. The current tiered arrangement has afforded lower unit costs to Canada's largest financial institutions, with smaller FIs paying higher rates per transfer. The move is intended to reset costs across the board and is expected to support a more competitive environment among banks and credit unions regardless of their size. The Bureau signaled its intent to monitor both the new price regime and broader Interac business practices to ensure continued compliance with the Competition Act.

Sources: Announcements: www.canada.ca

Minister Champagne Confirms $200 Million Disbursement to Ukraine Recovery Fund

On July 11, Minister François-Philippe Champagne concluded his participation at the Ukraine Recovery Conference in Rome, confirming Canada's $200 million contribution to the World Bank’s F.O.R.T.I.S. Ukraine Financial Intermediary Fund. This fulfills Canada’s $5 billion commitment under the G7 Extraordinary Revenue Allocation (ERA) loans mechanism. While in Rome, Minister Champagne chaired panel discussions on private sector financing for Ukraine’s reconstruction and met with senior officials from the UK, Italy, EBRD, and corporate sector. As part of G7 priorities, the Minister visited Italian financial crime enforcement units to exchange best practices on anti-money laundering initiatives.

Sources: Announcements: www.canada.ca

Canadian International Trade Tribunal: Injury Found in Steel Strapping Dumping Case

The Canadian International Trade Tribunal determined on July 10 that the domestic sector faces a reasonable indication of injury from dumped steel strapping imports originating in China, South Korea, Türkiye, and Vietnam. The decision follows an investigation initiated by the Canada Border Services Agency. Preliminary determinations from CBSA are expected by August 8, 2025. The proceedings fall under the Special Import Measures Act.

Sources: Announcements: www.canada.ca

Motus Bank Moves to Transfer Assets to Coast Capital, Apply for Federal Continuance

Motus Bank notified as of July 12 its intent to apply for approval from the Minister of Finance to sell substantially all of its assets to Coast Capital Savings Federal Credit Union. The transaction, if approved, will trigger a subsequent application for a certificate of continuance under the Canada Business Corporations Act, signaling Motus Bank’s prospective transition away from federal bank status following asset transfer. Both entities have their principal offices in Ontario and British Columbia, respectively.

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

Proposed Amalgamation: Intact Insurance, RSA Canada, and 13130100 Canada Inc.

A July 12 notice proposes the amalgamation of Royal & Sun Alliance Insurance Company of Canada, Intact Insurance Company, and 13130100 Canada Inc. into a single entity, to be named ‘Intact Insurance Company.’ Pending regulatory approval from the Superintendent of Financial Institutions and the Minister of Finance, the move is slated to take effect January 1, 2026. Policyholders are allowed to inspect the actuary’s report by request.

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

BMO Life Insurance, BMO Life Assurance Joint Application for Amalgamation

BMO Life Insurance Company and BMO Life Assurance Company are seeking Ministerial approval for amalgamation under the Insurance Companies Act, per a July 12 Gazette notice. The planned entity, ‘BMO Life Assurance Company,’ is expected to be headquartered in Toronto, with implementation targeted for November 1, 2025, subject to the grant of letters patent.

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

Fiduciary Trust Company of Canada Seeks $22 Million Reduction of Stated Capital

Fiduciary Trust Company of Canada published notice of an intent to seek Superintendent of Financial Institutions’ approval to reduce its common share stated capital by up to $22 million, following a special shareholder resolution. The reduction is subject to OFSI approval and would result in distributions to the company’s sole shareholder.

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

US Federal GR News

OCC, Fed, FDIC Finalize Reporting Changes for Troubled Loan Modifications

The OCC, Federal Reserve Board, and FDIC jointly announced changes to instructions for the Consolidated Reports of Condition and Income (Call Reports) and related filings on July 11, now aligning regulatory reporting on loan modifications for borrowers experiencing financial difficulty with the 12-month disclosure period set by FASB’s ASU 2022-02. The update means only loan modifications occurring in the preceding 12 months need to be reported as modifications for regulatory purposes, rather than requiring ongoing tracking based on institution-specific re-evaluations. The revised guidance becomes effective on December 31, 2025, but early adoption for Q3 2025 is permitted.

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

OCC Seeks Comments on Consumer Protections for Deposit Insurance Sales

On July 11, the OCC initiated a notice-and-comment period on renewing its information collection requirements under the Gramm-Leach-Bliley Act for consumer protections in depository institution sales of insurance. The review covers written and oral disclosures that insurance products are not FDIC-insured and policies regarding sales in conjunction with credit extension. The comment deadline is August 11, 2025, after which the submission will proceed for OMB review.

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

SEC Approves New Fees for CAT National Market System Plan

On July 8, the SEC published a notice that FINRA will introduce a new Consolidated Audit Trail (CAT) Funding Fee—designated CAT Fee 2025-2—applicable to industry members for executed shares between July 1 and December 31, 2025. The per-share fee is set at $0.000009 for both buyers and sellers in CAT-reported transactions, replacing the higher CAT Fee 2025-1 rate. The change reflects an updated CAT operating budget and accounts for reserve surpluses, with monthly invoicing starting in August.

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

FFIEC Proposes Call Report Revision for Enhanced Supplementary Leverage Ratio

A July 10 joint notice from the OCC, FDIC, and Federal Reserve outlines proposed Call Report changes to reflect modifications to the Enhanced Supplementary Leverage Ratio (eSLR) for US GSIB depository subsidiaries. New fields tracking the leverage buffer in line with recent capital rule proposals would apply specifically to subsidiaries of global systemically important bank holding companies, with public comments due by September 8, 2025.

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

White House Cites Economic Performance, Market Optimism

A July 9 article released by the White House claims robust economic indicators under President Trump’s administration, pointing to record S&P 500 highs, a four-year low in gas prices, muted inflation, and four consecutive months of better-than-expected hiring. The statement notes consumer confidence and wage growth, particularly among blue-collar workers, as drivers for a surge in market sentiment. The article also addresses the administration's position that tariffs have not significantly contributed to increased consumer prices.

Sources: White House Announcements: www.whitehouse.gov

Canadian Provincial GR News

Quebec Calls for Proposals to Fund Technology Incubators and Accelerators

Quebec's Ministry of Economy, Innovation and Energy has opened a new funding call for non-profits supporting technology startups, offering up to $1 million per organization for incubation and acceleration services, with combined provincial and federal assistance capped at 80% of eligible expenses.

Sources: Provincial Announcement: www.quebec.ca

Quebec Launches PAGES 2025–2030 Social Economy Action Plan

The Quebec government inaugurated the PAGES 2025–2030 initiative, allocating $141.9 million for support and financing activities targeting the province’s social economy businesses, including direct subsidies to cooperative development organizations.

Sources: Provincial Announcement: www.quebec.ca

Saskatchewan Issues Investor Alert: Bitget, CapTex Listed as Unregistered Entities

The Financial and Consumer Affairs Authority of Saskatchewan has warned the public that online entities Bitget and CapTex are not registered to sell securities or derivatives in the province, cautioning residents not to send funds to these companies.

Sources: Provincial Announcement: www.saskatchewan.ca

Public Officials' Social Media

On July 7, Senator Denise Batters posted on Twitter regarding recent federal deficit projections, referencing commentary directed at Finance Minister François-Philippe Champagne.

Sources: Social Media: x.com

What We're Reading This Week

• Attabotics filed for insolvency after Export Development Canada sought to enforce security over assets: Export Development Canada's enforcement action prompts insolvency for the Calgary-based robotics firm.
• Mutual funds vs. ETFs: What you need to know to decide what investment works for you: Financial advice outlets compare tax, management, and cost differences for Canadian retail investors.
• 3 Stocks Poised to Benefit From the "Big Beautiful Bill": Media examines listed equities set to benefit from major fiscal legislation.
• DOT Miners: Global institutional investment is accelerating, and cloud mining helps create new opportunities for digital assets: Digital asset infrastructure developments reviewed by industry publication.
• Powering the Future of Global Commerce: How Brink’s is Redefining Security in a Digital World: Brink's new security measures for cross-border commerce and payments covered in depth.
• Kholo Capital Provides Bayport South Africa with A R200 Million Mezzanine Debt Growth Funding Facility to Support the Roll Out of The Bayport SA Financial Wellness Solutions Programme: Overview of new credit facility for international financial wellness projects.