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: 2025-10-19 to 2025-10-25

📋 In This Week's Newsletter

• 🏛️ This Week's Parliamentary Committee Calendar
• 🇨🇦 Canadian Federal GR News
• 🗺️ Canadian Provincial GR News
• 📚 What We're Reading This Week

This Week's Parliamentary Committee Calendar

• Senate Committee on Banking, Commerce and the Economy: Canada’s Housing Crisis (Oct. 29): On October 29, the Senate Committee hears from Armine Yalnizyan (Economist) and David McKay (MHBC Planning), continuing its study on housing affordability and related government taxes and fees at 4:15 p.m. in Room W110.
• Senate Committee on Banking, Commerce and the Economy: Housing Crisis Study – OSFI and Mortgage Stakeholders (Oct. 30): Scheduled for October 30 at 10:30 a.m., the committee will meet with Peter Routledge (Superintendent, OSFI), Mark McQueen (Wellington Growth Partners), and Vince Gaetano (Owl Mortgage) on industry perspectives.
• Senate National Finance Committee Examines Federal Housing Support Programs (Oct. 28): On October 28 at 9:00 a.m., Jason Jacques and Mark Mahabir (Parliamentary Budget Officer), Pamela Steer (CPA Canada), and Angella MacEwen (CUPE) are scheduled to testify on federal estimates and housing-related initiatives.
• House Committee on Access to Information, Privacy and Ethics: Conflict of Interest Act Review (Oct. 27): Scheduled for October 27 at 11:00 a.m., witnesses include Michael Wernick (University of Ottawa) and journalist Samuel Cooper, discussing the review of the Conflict of Interest Act.
• House Committee on Science and Research: Private Sector Investment in R&D (Oct. 27): On October 27, Ryan Williams (Balsillie School), Grace Lee Reynolds (MaRS), Bruce Johnson (Martinrea), Molly Shoichet (U of T), Marc Nantel (Niagara College), and Robert Asselin (U15 Canada) provide insight on R&D investment.

Canadian Federal GR News

Federal Government Announces National Anti-Fraud Strategy and Plans Financial Crimes Agency

On October 20, François-Philippe Champagne, Minister of Finance and National Revenue, presented a suite of anti-fraud measures forming the basis for Budget 2025’s National Anti-Fraud Strategy. Proposed legislative amendments to the Bank Act will require financial institutions to implement policies and procedures to identify and deter fraud, secure consumer consent prior to enabling account features associated with financial scams, and allow account holders to customize transaction limits. Banks will also be compelled to report financial fraud data to the Financial Consumer Agency of Canada. Alongside these changes, the government will create a Financial Crimes Agency, consolidating expertise to combat money laundering and financial fraud. Legislation for the new agency is to be introduced no later than Spring 2026.

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

Consumer Protection Funding for Advocacy and Research Projects

On October 22, Mélanie Joly, Minister of Industry, revealed new funding through the Canadian Consumer Protection Initiative, backing over 25 projects led by not-for-profits and consumer groups. The program targets issues in affordability, retail and finance sector challenges, and the development of research and tools to improve consumer awareness and market participation. Areas of focus include financial literacy initiatives and studies addressing market transparency.

Sources: Announcements: www.canada.ca

Black Entrepreneurship Program Receives Renewed Federal Investment

On October 20, Ministers Marjorie Michel (Health) and Rechie Valdez (Women and Gender Equality, Small Business and Tourism) announced a $189 million funding extension for the Black Entrepreneurship Program (BEP) during Small Business Week. The investment will be deployed through the Loan Fund, Knowledge Hub, and Ecosystem Fund, expanding support for business owners nationwide and increasing access to capital. The Federation of African Canadian Economics and the Business Development Bank of Canada formalized a continued partnership to provide financing for Black entrepreneurs. The BEP’s Loan Fund has already approved more than $70 million in loans, with nearly 24,000 business owners participating since launch.

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

Data Released: Monthly Credit Aggregates for August 2025

Statistics Canada published new data on monthly credit aggregates for August 2025. The dataset is available to inform financial sector analysis of credit expansion across Canada.

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

Statistics Canada Reports Q2 Lending Services Price Index

The Lending Services Price Index for the second quarter of 2025 was released on October 21. This dataset enables sector participants to benchmark changes in lending service costs year-over-year.

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

Investment in Building Construction Slightly Up in August

Statistics Canada noted a 0.1% increase in total investment in building construction, reaching $22.8 billion for August 2025. The data reflects ongoing trends in construction activity relevant for mortgage and lending services.

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

Q2 Data Available on Non-Bank Mortgage Lenders

Statistics Canada published results from its Survey of Non-Bank Mortgage Lenders for Q2 2025 on October 24. The dataset supports analysis of mortgage market dynamics outside traditional banks.

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

Senate Committee Examines Development Charges and Housing Affordability

On October 23, the Standing Senate Committee on Banking, Commerce and the Economy, chaired by Clément Gignac, continued its housing crisis study, focusing on infrastructure funding and development charges. Witness Robert Howe discussed the impact of property taxes and municipal fees, noting municipalities may miscalculate development charges, resulting in increased costs. The committee debated alternative funding models, including service corporations and user fees, and considered regulatory options for reducing development costs and promoting housing affordability.

Sources: Transcripts: senparlvu.parl.gc.ca

Senate Committee Discussion: Affordable Housing and Investment Models

On October 22, the Banking, Commerce and the Economy Committee received testimony from Jeremy Read (UWCRC 2.0), Derek Ballantyne (New Market Funds), and Peter Norman (Altus Group) on asset transfer incentives, investment models for non-profits, and rural housing challenges. The session addressed regulatory barriers, approval timeline delays, high development charges, and the conversion of vacant office spaces for housing. The influence of foreign investment and the downturn in Toronto’s housing market also featured in the discussion.

Sources: Transcripts: senparlvu.parl.gc.ca

Senate National Finance Committee: Economic Update and Resource Development Focus

On October 21, the Senate National Finance Committee held discussions on sustainable finance and Canada’s transition to a low-carbon economy. Professor Olaf Weber (York University) argued for tighter alignment with international carbon regulations and highlighted risks threatening Canada's export competitiveness. Ian Lee (Carleton University) pointed to the fiscal importance of resource development and noted concerns around foreign investments and ownership in Canadian resource sectors.

Sources: Transcripts: senparlvu.parl.gc.ca

Senate Agriculture and Forestry Committee Reviews Insured Losses and Resilience Investment

On October 23, Liam McGuinty (Insurance Bureau of Canada) addressed increased insured losses from wildfires, calling for improved building codes and resilience-focused investment. NRC researchers presented economic benefits of resilient rebuilding and the launch of a flood map portal expanding to wildfire zones. The committee discussed the logistics of deploying firefighting drone technology and the need for regulatory support in integrating advanced tools.

Sources: Transcripts: senparlvu.parl.gc.ca

Minister Olszewski Announces Ecosystem Fund Expansion for Black-Led Businesses in the Prairies

On October 24, Eleanor Olszewski, Minister responsible for Prairies Economic Development Canada, introduced $15.2 million in funding for the Black Entrepreneurship Program Ecosystem Fund in the Prairies. Eligible not-for-profits supporting Black-led businesses can apply for mentorship and business training resources, effective over five years.

Sources: Announcements: www.canada.ca

Canadian Provincial GR News

Quebec Enacts Pan-Provincial Digital Identity Law

On October 22, the Quebec National Assembly adopted Bill No. 82, establishing a legal framework for digital identity, improved data management, and mandatory reporting of security incidents affecting critical infrastructure.

Sources: Provincial Announcement: www.quebec.ca

Ontario Delivers Updated Support Measures for Small Business

Ontario announced additional funding for small and young entrepreneurs, new investments in digital adoption, and ongoing tax relief totaling nearly $12 billion.

Sources: Provincial Announcement: news.ontario.ca

What We're Reading This Week

• KPMG and Fieldguide Reimagine AI-enabled Assurance to Empower Clients with Precision, Speed, and Insights: KPMG and Fieldguide outline AI-based approaches for faster assurance services.
• From construction to M&A to white-collar crime, here are Canada’s best law firms: The Globe and Mail profiles top law firms in areas relevant to finance and corporate activity.
• Everyday People Financial Corp. and XTM Inc. Announce Strategic Management Services Agreement to Integrate Canadian Payments Operation: Two firms announce integration agreement impacting Canadian payments infrastructure.
• Opinion: Ottawa’s RRIF rules are forcing seniors to run out of savings: Editorial examines policy impact on retirement savings withdrawal patterns.
• Sustainable Innovation & Health Dividend Fund Distributions: Report on dividend distributions in health innovation fund.
• Pilot project to allow small companies to report earnings semi-annually: Securities regulators roll out pilot for flexible reporting in small public companies.
• Sports betting is a booming business. The FBI’s NBA probe is putting it in the spotlight: FBI investigation brings attention to US sports betting activities.
• National Angel Capital Organization Calls for Unified Capital Strategy to Strengthen Canada's Innovation and Investment Infrastructure: Advocacy group suggests unified strategy for Canada's investment ecosystem.

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