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: 2025-10-05 to 2025-10-11

📋 In This Week's Newsletter

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

Canadian Federal GR News

Federal Government Unveils Capital Budgeting Framework and Modernized Budget Cycle

On October 6, Minister François-Philippe Champagne announced a restructured federal budgeting approach that introduces a new Capital Budgeting Framework. The framework distinguishes operational from capital spending, aiming to prioritize infrastructure and housing investments with long-term economic effects. The Public Accounts of Canada will remain compliant with Public Sector Accounting Standards. Additionally, the budget cycle is shifting, with the federal budget now tabled in the fall and an economic and fiscal update provided in the spring, starting with Budget 2025 on November 4. These changes are intended to support construction season timing and enable improved planning for builders, investors, and governments at all levels. The full plan will be released with Budget 2025.

Sources: Announcements: www.canada.ca

Technical Briefing Scheduled on Budget Framework

Finance Canada officials held an embargoed technical briefing on October 5 for accredited media, ahead of the November 4 Budget 2025 tabling. The session outlined elements of the new budgeting approach, with Minister Champagne answering questions before and after his October 6 Standing Committee on Finance appearance. The briefing restricted the release of materials until the embargo is lifted, aiming to provide background details on the updated fiscal methodology.

Sources: Announcements: www.canada.ca

Government Introduces Bill C-12: Strengthening the Immigration System and Borders Act

On October 8, Minister Gary Anandasangaree introduced Bill C-12, which targets transnational crime, illicit drug and weapons trafficking, money laundering, and immigration system integrity. The bill amends the Customs Act to require port operators to provide facilities for CBSA enforcement and grants CBSA access to transporter premises for examinations. The Oceans Act is amended to allow coast guard security patrols and intelligence activities. RCMP information-sharing on sex offenders is broadened. The act also tightens asylum rules, strengthens authorities to cancel immigration documents, and facilitates data sharing within IRCC and with provincial partners. Anti-money laundering provisions include stronger penalties and add FINTRAC to the Financial Institutions Supervisory Committee, enhancing supervisory information exchange.

Sources: Announcements: www.canada.ca

Fifth Green Bond Issuance Announced

Finance Canada announced a fifth Canadian-dollar green bond issuance, including a new 30-year bond and a re-opening of the 7-year bond from February 2025, which previously attracted over $3.1 billion in orders. The issuance is positioned to unlock private financing for green infrastructure and conservation projects, contributing to the government’s net-zero strategy and supporting the growth of the sustainable finance market. The green bonds are expected to meet investor demand for AAA-rated green investments.

Sources: Announcements: www.canada.ca

Canadian International Trade Tribunal Finds Reasonable Indication of Injury from Dumped Oil Country Tubular Goods

On October 9, the Canadian International Trade Tribunal determined that dumped oil country tubular goods from Mexico, the Philippines, Türkiye, South Korea, and the United States have likely caused or threatened injury to Canada’s domestic industry. The inquiry, under the Special Import Measures Act, was triggered by a CBSA dumping investigation. The CBSA is required to issue a preliminary determination by November 7, 2025.

Sources: Announcements: www.canada.ca

Senate Committee Hears Expert Testimony on Tax Competitiveness and Regulatory Burden

On October 7, the Standing Senate Committee on National Finance convened with representatives from organizations such as the Business Council of Canada, Canadian Chamber of Commerce, and CFIB. Matthew Holmes called for removal of internal trade barriers and infrastructure improvements, while Andrew DiCapua projected modest GDP growth amid declining exports and investment. Jasmin Guénette discussed small business cost pressures, and Christina Santini advocated tax relief. Theo Argitis cited an investment crisis and the need for comprehensive tax reform. Discussion included regulatory reduction, trade diversification, fiscal policy critiques, and strategies for attracting skilled labor.

Sources: Transcripts: senparlvu.parl.gc.ca

Senate Committee Reviews Canada's Financial and Economic Situation

The National Finance Committee met again on October 8 to discuss unemployment, rising costs, and declining investment. DT Cochrane (Canadian Labour Congress) critiqued market-driven policies and recommended infrastructure investment and tax reforms. Steve Aubin (Deloitte) discussed the separation of operating and capital spending. The session addressed youth unemployment, small business challenges, social safety nets, and international accounting practices, with further committee meetings planned.

Sources: Transcripts: senparlvu.parl.gc.ca

Senate Banking Committee Probes Housing Crisis and Mortgage Flexibility

On October 8, the Standing Senate Committee on Banking, Commerce and the Economy focused on housing affordability. CMHC’s Mathieu Laberge reported that Canada must double annual home construction to 400,000 units for the next decade to restore affordability. The session covered private investment, regulatory reform, prefab housing, GST rebates, and mortgage hardship tools. CMHC detailed a $4.9 billion commitment to create 14,500 units and ongoing collaboration with universities and startups to improve construction methods. Tax treatment inequities and the sufficiency of construction loan programs were discussed.

Sources: Transcripts: senparlvu.parl.gc.ca

Senate Banking Committee Debates Tax Reform for Housing

On October 9, Mike Moffatt and Alex Beheshti (Missing Middle Initiative) and Jon Love (KingSett Capital) briefed the Senate Banking Committee on the need to address construction costs and tax structures to make housing more affordable. Moffatt suggested cutting taxes on new homes and updating GST/PST rebates for inflation. The committee discussed development charge complexities, federal program effectiveness, and policies to increase housing supply.

Sources: Transcripts: senparlvu.parl.gc.ca

StatsCan: Wealth Gap Widens Amid Weakening Economy

Statistics Canada reported on October 9 that the income gap remained at a record high in Q2 2025. A weakening economy contributed to reduced household income and net savings across the income spectrum, while strong financial market gains increased the wealth gap in favor of the wealthiest households.

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

Canadian International Trade in Services Surplus Narrows

For August 2025, Canada’s services trade surplus narrowed from $0.4 billion in July to $0.3 billion. Exports of services edged down 0.2% to $18.7 billion, while imports held steady at $18.4 billion.

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

US Federal GR News

FDIC Sunshine Act Meeting Considers Reputation Risk and Regulatory Practices

The Federal Deposit Insurance Corporation convened a Sunshine Act meeting on October 7, accessible via webcast from Washington, DC. The agenda included proposed rulemakings on the prohibition of reputation risk usage by regulators and on unsafe or unsound banking practices. Reports and actions taken under delegated authority were addressed, with opportunities for further discussion upon Board member request. Media access required prior registration, and information on the meeting was provided by Debra A. Decker, FDIC Executive Secretary.

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

SBA Issues Disaster Declaration for Minnesota Storms

The Small Business Administration issued a disaster declaration for Minnesota on October 2, following storms and high winds on June 21. Loan applications for physical damage are due by December 1, 2025, and for economic injury by July 2, 2026. Affected counties include Beltrami and surrounding areas. Interest rates for disaster loans vary by applicant type and credit availability. Applications are available online or at designated local locations.

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

SBA Extends Disaster Loan Deadlines for Sisseton-Wahpeton Oyate Reservation

Amendment 1 to the Presidential disaster declaration for the Sisseton-Wahpeton Oyate of the Lake Traverse Reservation, issued on October 9, extends the application deadline for physical damage loans to December 5, 2025. Economic Injury Disaster Loan applications remain due June 11, 2026. Applications can be submitted via the MySBA Loan Portal.

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

SBA Updates Major Disaster Declaration for Sisseton-Wahpeton Oyate

The Small Business Administration issued a further amendment to the major disaster declaration for the Sisseton-Wahpeton Oyate, extending physical damage loan application deadlines to December 5, 2025. The EIDL deadline remains June 11, 2026. All other declaration terms remain unchanged, with Sharon Henderson at SBA available for inquiries.

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

Canadian Provincial GR News

BC Government Proposes Stronger Credit Fraud Protections

British Columbia introduced amendments to consumer protection laws that would grant consumers free monthly access to credit scores, enable free credit freezes, and impose stricter requirements on credit-reporting agencies and credit-repair businesses.

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

Nova Scotia Improves Financing Tools for Resource Sector Businesses

Nova Scotia amended regulations for its loan boards, increasing flexibility in security requirements and providing quicker access to capital for farming, seafood, and forestry businesses.

Sources: Provincial Announcement: news.novascotia.ca

Alberta Showcases Digital Asset Industry at North American Blockchain Summit

Alberta’s Minister of Technology and Innovation, Nate Glubish, attended the North American Blockchain Summit in Dallas to promote investment opportunities for the province’s digital asset and financial technology sectors.

Sources: Provincial Announcement: www.alberta.ca

Alberta Approves Insurance and Pension Regulations in Latest Orders in Council

On October 8, Alberta issued multiple Orders in Council affecting insurance regulations, pension plan governance, and the exclusion of certain land transactions from foreign ownership regulations.

Sources: Provincial Announcement: www.alberta.ca

Quebec Announces Adjustments to Tax Measures and Harmonization With Federal Sales Tax

Quebec published a newsletter detailing adjustments to provincial tax measures and harmonization with various federal sales tax measures on October 10.

Sources: Provincial Announcement: www.quebec.ca

What We're Reading This Week

• Canada’s banking sector needs more competition, not more regulation, Bank of Canada Deputy Governor says: Carolyn Rogers addresses competition and regulatory trends in Canadian banking.
• EQT-Backed Credila Financial Is Said to Reassess IPO Plans on US Visa Rules: Credila Financial reviews IPO strategy amid evolving US visa policies.
• UPDATE Zensurance: Cybercrime Affects More Than 50% of Small Businesses in Canada: Zensurance finds cybercrime is widespread among Canadian SMEs.
• Grants and rebates lift small businesses out of survival mode: Access to grants and rebates is helping shift small businesses toward growth.
• Corus lenders revisit a well-worn restructuring path: Corus lenders are pursuing familiar strategies in ongoing restructurings.
• There are lots of problems in the world. Why is the stock market doing so well?: Analyzes factors behind strong equity market performance despite global challenges.
• ‘Stable’ reputation makes Canada attractive to investors, Joly says: Mélanie Joly discusses Canada’s appeal to investors.

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