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.

Want to track other GR news in adjacent industries? Don’t miss this week’s updates in ICT & Cybersecurity.

Dates: 2025-09-07 to 2025-09-13

📋 In This Week's Newsletter

• 🏛️ House of Commons Committee Meetings
• 🇨🇦 Canadian Federal GR News
• 🇺🇸 US Federal GR News
• 🗺️ Canadian Provincial GR News
• 📚 What We're Reading This Week

House of Commons Committee Meetings

• Access to Information, Privacy and Ethics Committee: Briefing on Conflict of Interest and Privacy Oversight: The Access to Information, Privacy and Ethics Committee will convene on September 15 from 11:00 a.m. to 1:00 p.m. for separate briefing sessions with the Conflict of Interest and Ethics Commissioner (Konrad Winrich von Finckenstein, Lyne Robinson-Dalpé, and Melanie Rushworth) and the Information Commissioner (Caroline Maynard), focusing on advisory and compliance matters.
• Government Operations and Estimates Committee: Briefing With Interim Parliamentary Budget Officer: Scheduled for September 16 from 11:00 a.m. to 1:00 p.m., the committee will meet with Jason Jacques, Interim Parliamentary Budget Officer, to discuss government operations and budget oversight.

Canadian Federal GR News

FCAC Announces Ongoing Regulatory Efficiency Initiatives in Consumer Protection Oversight

On September 9, FCAC Commissioner Benzvy Miller released a statement describing enhancements to regulatory efficiency and transparency in the supervision of financial institutions. FCAC reported streamlining guidance for regulated entities, regular review of market conduct bulletins, and tailored compliance assessments focused on consumer protection issues of elevated risk. Digital transformation efforts have standardized and automated reporting among regulated entities, with expanded portal technology use reducing manual inputs and supporting more efficient oversight. Enforcement will continue to use a triage approach, prioritizing actions based on severity of non-compliance and potential impact on consumers. The Agency remains aligned with the Government of Canada's Red Tape Review, aiming to minimize unnecessary regulatory burden while maintaining consumer protections under revised laws and codes of conduct.

Sources: Announcements: www.canada.ca

Canadian International Trade Tribunal Initiates Expiry Review on Tariff Protection for Corrosion‑Resistant Steel Sheet

The Canadian International Trade Tribunal initiated an expiry review of its November 2020 finding regarding imports of corrosion-resistant steel sheet II from Türkiye and Vietnam and subsidization from Türkiye. The review seeks to determine if concluding current protections would lead to resumed or continued dumping and injury to domestic industry. Canada Border Services Agency will report on risk by February 6, 2026, after which the Tribunal will determine the likelihood of resulting industry injury by July 16, 2026. Interested parties can participate by filing Form I – Notice of Participation. The Tribunal reports to Parliament through the Minister of Finance and hears cases on trade and tariff disputes related to anti-dumping and subsidization.

Sources: Announcements: www.canada.ca

Quebec and Canada Introduce Strategic Measures for Industries Impacted by U.S. Tariffs

On September 8, Mélanie Joly, Minister of Industry, announced a suite of federal programs aimed at supporting Canadian industries affected by U.S. tariffs, including aluminium and steel. Initiatives include a $5-billion Strategic Response Fund featuring flexible terms for business adaptation and diversification, a new Buy Canadian procurement policy for federal purchasing, expanded BDC loans up to $5 million for SMEs, flexibility for auto sector compliance with Electric Vehicle Availability Standard and a 60-day cost review, plus a $1-billion Regional Tariff Response Initiative for affected sectors such as agriculture and seafood. These measures are structured to provide immediate liquidity and support domestic production through workforce development partnerships.

Sources: Announcements: www.canada.ca

Canadian International Trade Tribunal Opens Final Injury Inquiry on Thermal Paper Rolls Imported from China

On September 11, the Canadian International Trade Tribunal commenced a final injury inquiry into whether dumping and subsidizing of Chinese-origin thermal paper rolls have harmed the domestic industry. Following a preliminary determination by the Canada Border Services Agency, the Tribunal will issue its finding by January 8, 2026. Interested parties can participate by submitting Form I—Notice of Participation. The inquiry may affect competitive dynamics within the payment processing and retail sectors that rely on thermal paper products.

Sources: Announcements: www.canada.ca

Government Extends Humanitarian Financial Permit for Transactions with Syrian State-Owned Banks

Global Affairs Canada announced on September 10 an extension of the General Permit, authorizing humanitarian-related financial transactions with Syrian state-owned banks—including the Central Bank of Syria—previously restricted under the Special Economic Measures (Syria) Regulations. The permit is valid for an additional six months, expiring February 23, 2026. This extension allows Canadian organizations, diaspora, and charities to conduct stabilization assistance and financial transactions with sanctioned Syrian banks. The measure is positioned as part of harmonized international efforts with the U.S., UK, and EU.

Sources: Announcements: www.canada.ca, Announcements: www.canada.ca

Government Reports Non-Material Data Security Breach Affecting Multi-Factor Authentication Service

A September 9 statement from the Office of the Chief Information Officer confirmed a non-material data privacy incident involving a vulnerability in third-party multi-factor authentication services used by CRA, ESDC, and CBSA. Between August 3 and 15, a vulnerability exposed user phone numbers and email addresses, leading to targeted spam and phishing attempts. 2Keys Corporation resolved the issue promptly, with external experts concluding that no sensitive personal data beyond those fields was disclosed. Canadians accessing government online services are advised to review recent logins for suspicious activity.

Sources: Announcements: www.canada.ca

Statistics Canada: Household Net Worth Increased by $257.7 Billion in Q2 2025

StatsCan released figures on September 11 showing Canadian household net worth climbed by $257.7 billion (+1.5%) to $17,877.1 billion in the second quarter of 2025, marking the seventh consecutive quarterly increase. The data reflects positive momentum in aggregate asset accumulation after accounting for liabilities.

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

Canada’s Net Foreign Asset Position Rises to $1.86 Trillion

Released September 10, the country’s net foreign asset position grew by $42.8 billion, reaching $1,855.7 billion by the end of the second quarter. The gains illustrate continued expansion of Canadian global financial holdings relative to liabilities.

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

Backgrounder: New Industry Initiatives Address Representation Challenges in Financial Services

Employment and Social Development Canada outlined ongoing industry-specific grants and projects to foster workforce inclusion in banking and financial services. Partnerships involve universities, sector associations, and financial institutions developing tailored HR and data management tools to facilitate equity reporting and increased representation of designated groups—including eligible women, Black professionals, Indigenous Peoples, and persons with disabilities—in leadership and management roles. Notable participants include HSBC Canada, Laurentian Bank, Royal Bank, Vancity Credit Union, and National Bank, with funding disbursement continuing through to 2026.

Sources: Announcements: www.canada.ca

US Federal GR News

FDIC Seeks Input on Direct Costs of AML/CFT Compliance Across Banking and Credit Union Industry

On September 12, the Federal Deposit Insurance Corporation issued a request for comments regarding its proposed 'Survey of the Costs of AML/CFT Compliance.' The voluntary survey will target nearly 2,000 insured depository institutions, collecting data on direct Anti-Money Laundering and Countering the Financing of Terrorism compliance expenditures, overlapping activities such as fraud monitoring, and compliance burdens. Survey findings are intended to guide regulatory adjustments and inform executive order-consistent deregulatory proposals. Written comments are due by November 12, with a total burden estimable at more than 15,000 hours.

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

SEC Approves ACATS Rule Changes to Shorten Account Transfer Settlement Cycle

The Securities and Exchange Commission approved updates to the National Securities Clearing Corporation’s Automated Customer Account Transfer Service on September 10. The ACATS system now eliminates the 'Settle Prep Day' and a second Fund/SERV pending day, alongside changes tied to the May 2024 T+1 settlement cycle. Account transfers, including mutual funds and selected options assets, will move faster, reducing exposure to market risks while assets are unavailable for trading. NSCC settlement rules were amended accordingly, and the SEC found the changes consistent with advancing settlement accuracy and safeguards for customer funds.

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

FinCEN Institutes Geographic Targeting Order for Southwest Border Money Services Businesses

The Financial Crimes Enforcement Network (FinCEN) announced a Geographic Targeting Order (GTO) requiring specific money services businesses in Arizona, Texas, and California to impose stricter recordkeeping and identification standards for $1,000–$10,000 cash transactions, effective September 10, 2025. Currency Transaction Reports are required within 30 days, with compliance for newly covered businesses starting October 10. Existing Bank Secrecy Act requirements, including Suspicious Activity Reports for transactions as low as $2,000, remain unchanged. The move is designed to address financial flows linked to illicit cross-border activity.

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

SEC Solicits Comments on Extension and Modernization of Municipal Securities Dealer Registration Rules

The SEC, on September 8 and 12, published information collection extension requests affecting municipal securities dealer registration through Forms MSD and MSDW and associated Exchange Act rules. The updates streamline compliance burdens, with new provisions for electronic filing and Inline XBRL documentation. The SEC acknowledged potential technical and administrative revisions, such as single-copy forms, electronic access, and coordination with bank and securities industry regulators to minimize regulatory duplication. The annual aggregate industry burden for Form 17-H filers is now estimated at 7,620 hours.

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

White House Cites Producer Price Index Drop and Small Business Optimism in Latest Economic Update

The White House released an article September 10, noting a year-over-year Producer Price Index increase of 2.6% for August 2025, outpacing expectations of 3.3%. Wholesale inflation figures saw declines in energy goods, trade services, and final demand services. Administration officials credited tariffs and economic policies for minimal consumer price impacts and reported small business optimism at the highest since January. Public commentary highlighted the surprise in economic forecasts and intensified calls for Federal Reserve interest rate cuts, with economic policy debates ongoing.

Sources: White House Announcements: www.whitehouse.gov

Canadian Provincial GR News

AMF and OSFI Report on Financial Institutions’ Climate Risk Management Practices

The Autorité des marchés financiers and Office of the Superintendent of Financial Institutions published findings from their Standardized Climate Scenario Exercise, involving over 250 Canadian financial institutions. The report confirms that, while immediate climate-related risks do not threaten stability, long-term vulnerabilities may increase, requiring improved capacity for data-driven analysis and integration of climate risk in institutional decision-making.

Sources: Provincial Announcement: www.quebec.ca

Alberta Funds $1.2 Billion in Post-Secondary Support to Strengthen Future Workforce

The Government of Alberta announced investments of nearly $1.2 billion in loans, grants, scholarships, bursaries, and awards for post-secondary students as of September 2, enhancing student aid access for workforce development and supporting the province's economic competitiveness.

Sources: Provincial Announcement: www.alberta.ca

What We're Reading This Week

• Investors stuck paying annual fees at private debt funds that halted redemptions, sometimes for years: The Globe and Mail covers fund investors facing ongoing management fees despite redemption suspensions.
• Brompton Proposes Merger of Symphony Floating Rate Senior Loan Fund With Brompton Wellington Square Investment Grade CLO ETF: Proposed fund merger would combine floating rate and investment grade CLO strategies.
• Behind every tap: Mastercard’s global network helps safeguard Canada’s digital economy: Globe and Mail details Mastercard’s infrastructure role in digital payments in Canada.
• Capitalism for big firms, risk for everyone else: Why the investment landscape needs a reset: Financial Post discusses market structure and investment risk distribution.
• Indian Derivatives Market in Spotlight as Jane Street vs. SEBI Court Battle Begins: Financial Post examines regulatory disputes in India's derivatives market.
• Roadmap for central banks not so clear: Belski: Market analysis on central bank policy trajectory.
• Hope in Hard Times: Financial Wellness in Canada Improves: Financial Post reviews indicators of improved financial wellness in Canada.
• Opinion: To compete on the world stage, Canada needs to eliminate the capital gains tax: The Globe and Mail features commentary on Canada's capital gains tax in global competition context.
• Modi-Xi Handshake, Tax Cuts Boost Case for Lagging Indian Stocks: Financial Post covers India's economic diplomacy and market impacts.
• Canadian household net worth rises by over $250 billion in Q2 2025: StatsCan daily data highlights continued growth in household assets.

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