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: 2025-09-21 to 2025-09-27

📋 In This Week's Newsletter

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

Last Week's Committee Meetings

• Senate Banking Committee Reviews Bill S-1001—Insurance Merger: On September 25, the Senate Committee on Banking, Commerce and the Economy met for its third session to review Bill S-1001, allowing Gore Mutual Insurance Company to merge with Beneva under Quebec law. Witnesses included executive leadership from both firms and Senator Tony Loffreda.

Canadian Federal GR News

Minister Champagne Schedules Release of Budget 2025 and Updates on Economic Strategy

The Honourable François-Philippe Champagne, Minister of Finance and National Revenue, convened a virtual meeting with his provincial and territorial counterparts to coordinate on economic priorities prior to the tabling of Budget 2025, now scheduled for November 4. The Minister presented updates on trade negotiations with the United States, citing that over 85 percent of Canada-U.S. trade remains tariff-free, and referenced ongoing measures to address U.S. trade actions and a review of current surtaxes on Chinese imports. Champagne also detailed the Major Projects Office, which is tasked with accelerating approval for significant nation-building projects, with five projects currently under review. The meeting covered prospective joint procurement approaches among governments to secure improved terms and pricing. The agenda included remarks from Bank of Canada Governor Tiff Macklem and Senior Deputy Governor Carolyn Rogers, who delivered an outlook on the Canadian economy. Housing and infrastructure investments were noted as central to the government’s economic strategy, intended to build investor confidence and enhance relationships with key trading partners.

Sources: Announcements: www.canada.ca

Federal Fiscal Data Show Surplus Decline and Deficit Growth

Statistics Canada released government finance statistics for the second quarter of 2025, recording a general government surplus of $7.0 billion—a $6.7 billion decrease compared to the same period last year. Excluding social security funds, the general government posted a deficit of $11.7 billion, significantly wider than the $0.1 billion deficit in Q2 2024. These figures provide a snapshot of the federal government’s current fiscal position, which may influence capital market activities and public sector borrowing conditions.

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

Modest Growth in Building Construction Investment Reported

Investment in building construction edged up by 0.4% in July, reaching $22.7 billion, marking an $87.4 million increase. These data points may have implications for sectors reliant on robust construction and infrastructure activity, including financial services, insurance, and real estate investment.

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

Business Openings and Closures Maintain Near-Historical Rates

Statistics Canada's June 2025 estimates show the business opening rate at 4.7%, a slight dip from previous months, matching the 2015–2019 historical average. The closure rate also stood at 4.7%, marginally above the pre-pandemic baseline by 0.1 percentage points. These rates provide insight into the churn within the Canadian commercial landscape.

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

US Federal GR News

FinCEN Proposes Two-Year Delay of AML/CFT Rule for Investment Advisers

The Financial Crimes Enforcement Network (FinCEN) published a Notice of Proposed Rulemaking on September 22, 2025, seeking public comment on delaying the effective date of the Anti-Money Laundering/Countering the Financing of Terrorism Program and Suspicious Activity Report (SAR) requirements for registered investment advisers and exempt reporting advisers. The rule was previously set to take effect on January 1, 2026; under the proposal, the effective date would be January 1, 2028. FinCEN cites the need to tailor the rule considering various adviser business models and to review compliance costs. The delay is projected to defer nearly $1.45 billion in industry expenditures originally forecast for 2026–2027. The 30-day comment period runs until October 22, 2025.

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

White House Directs Multidisciplinary Campaign Targeting Domestic Terrorism Funding and Organizations

On September 25, President Donald J. Trump issued National Security Presidential Memorandum NSPM-7, instructing federal agencies to coordinate efforts against domestic terrorism and organized political violence. The directive orders the National Joint Terrorism Task Force to investigate and dismantle networks, organizations, and streams of funding supporting such activities, with the Department of the Treasury and IRS assigned to disrupt illicit financial channels. The memorandum permits designation of groups as domestic terrorist organizations and allocates funding for law enforcement prevention and protection initiatives. This directive may prompt further regulatory and compliance actions involving financial institutions' monitoring and reporting responsibilities under federal law.

Sources: White House Announcements: www.whitehouse.gov

SEC Approves Rule Changes on CDS Instrument On-boarding for ICE Clear Credit LLC

The Securities and Exchange Commission (SEC) approved ICE Clear Credit LLC's revisions to its CDS Instrument On-boarding Policies and Procedures, affecting how new credit default swap instruments become eligible for central clearing. Changes include expanded criteria for instrument selection, updated governance structures, and adjustments to quote collection periods and operational practices. The amendments are intended to enable consideration of a broader universe of instruments for clearing, potentially impacting risk management processes and product offerings for clearing participants.

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

CFPB Publishes Spring 2025 Regulatory Agenda, Withdraws Planned FCRA Amendments

The Consumer Financial Protection Bureau outlined its regulatory priorities for June 2025 to May 2026 in its Semiannual Regulatory Agenda, focusing on unfair, deceptive, or abusive acts and practices, and mortgage ability-to-repay rules under the Dodd-Frank Act. The agenda highlights the recent withdrawal of a proposed amendment to Regulation V under the Fair Credit Reporting Act, with the Bureau citing a lack of necessity for immediate legislative rulemaking. The CFPB indicates it will pursue updates to consumer finance regulations as needed, with opportunities for public comment on forthcoming proposals.

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

SEC Reviews Rule Changes on Default Management for FICC Government Securities Division

The SEC is reviewing a proposed amendment, including modifications submitted on September 16, 2025, to the Government Securities Division Rulebook of the Fixed Income Clearing Corporation. The amended rule addresses enhanced default management for Sponsored Service and Agent Clearing Service, expanded position liquidation mechanisms, clarification of payment and porting procedures, and modified disclosures for indirect participants. The Commission is inviting public comment until October 14, 2025, with rebuttal statements due October 28.

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

Canadian Provincial GR News

AMF Alerts Investors to Pyramid Schemes and Unregistered Promoters in Quebec

The Autorité des marchés financiers issued a warning about investment solicitation efforts in Quebec using multi-level marketing techniques, cautioning that many promoters are unregistered and that such schemes may result in significant financial losses for investors.

Sources: Provincial Announcement: www.quebec.ca

Federal-Provincial Ministers Sign Multilateral Cybersecurity Collaboration Agreement

Canada’s federal, provincial, and territorial governments signed a comprehensive cybersecurity agreement to facilitate real-time threat intelligence sharing and collaborative response across jurisdictions.

Sources: Provincial Announcement: www.alberta.ca

Ontario Reports $1.1 Billion Deficit on Stronger Revenues for 2024-25

Ontario’s 2024-25 Public Accounts indicate a $1.1 billion deficit, substantially lower than the $9.8 billion forecast, due to higher-than-anticipated tax and public sector revenues.

Sources: Provincial Announcement: news.ontario.ca

Manitoba Unveils Economic Strategy and Business Loan Program

Manitoba’s new economic strategy includes a $50 million business loan program for productivity investments and expanded investment tax credits, as part of its aim to become a 'have' province by 2040.

Sources: Provincial Announcement: news.gov.mb.ca

Nova Scotia Updates Privacy Laws with Modernized FOIPOP Legislation

Nova Scotia introduced a new Freedom of Information and Protection of Privacy Act, consolidating previous laws and expanding privacy oversight to municipalities and villages effective April 1, 2027.

Sources: Provincial Announcement: news.novascotia.ca

Public Officials' Social Media

Rechie Valdez, Minister of Women and Gender Equality and Secretary of State (Small Business and Tourism), issued a statement on September 21 referencing federal initiatives that support women’s economic participation and entrepreneurship.

Sources: Announcements: www.canada.ca

What We're Reading This Week

• Accelerating philanthropic impact and mineral exploration with flow-through share financing: Exploring the dual benefits of mineral exploration incentives and charitable giving.
• No more secrets: Head of OLG’s cybersecurity on why all firms must work together to fight digital bad actors: OLG's cybersecurity chief discusses industry collaboration.
• Quebec financial markets regulator warning about pyramid scams targeting investors: Regulatory advisory on rising pyramid schemes in Quebec.
• Endeavor Bancorp to Present at the Financial Services Virtual Investor Conference on September 25, 2025: Endeavor Bancorp highlights at sector conference.

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