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: 2025-11-16 to 2025-11-22

📋 In This Week's Newsletter

• 🏛️ This Week's Parliamentary Calendar
• 🇨🇦 Canadian Federal Government News
• 🗺️ Canadian Provincial Government News
• 🇺🇸 US Federal Government News
• 💬 Government Consultations
• 📚 What We're Reading This Week

This Week's Parliamentary Calendar

• House Finance Committee Meets to Review Budget 2025: On November 24, the House of Commons Standing Committee on Finance will conduct a review of Budget 2025. Representatives from the Office of the Parliamentary Budget Officer, including Jason Jacques, are scheduled to testify between 11:00 a.m. and 1:00 p.m.
• House Industry and Technology Committee Examines Productivity Gaps and Capital Outflow: The House Standing Committee on Industry and Technology will meet on November 24 to study Canada’s underlying productivity gaps and capital outflow. Witnesses will include representatives from the Centre for the Study of Living Standards, Danby, Universities Canada, Réseau des CCTT, and the Bank of Canada. The session runs 11:00 a.m. to 1:00 p.m.
• Senate Committee to Examine Access to Credit and Capital Markets for SMEs: On November 26, the Standing Senate Committee on Banking, Commerce and the Economy will study access to credit and capital market issues for small- and medium-sized enterprises, hearing from officials at Innovation, Science and Economic Development Canada and the Business Development Bank of Canada.
• Senate Banking Committee Continues SME Access Study: The Standing Senate Committee on Banking, Commerce and the Economy will reconvene on November 27 to continue its examination of SME access to credit and capital, with witnesses to be announced.

Canadian Federal Government News

Budget 2025 Implementation Act Introduced in House of Commons

On November 18, Minister François-Philippe Champagne tabled Bill C-15, the Budget 2025 Implementation Act, No. 1. The wide-ranging legislation includes provisions relevant for banks and other financial sector participants, such as measures to complete the legislative framework for consumer-driven banking, new requirements for banks to detect and prevent consumer-targeted financial fraud, and a regulated regime for stablecoins. Credit unions are set to receive new pathways for federal entry and expansion, and cheque deposit regulations will be adjusted to improve customer access to funds. The bill also includes elimination of the underused housing tax and changes to the capital gains exemption, as well as a Productivity Super-Deduction to increase business investment incentives. Significant support for affordable housing construction and updated tax incentives for clean technology are part of the package. Bill C-15’s passage would finalize several priorities detailed in Budget 2025.

Sources: www.canada.ca

Competition Bureau Statements on Enforcement in Disrupted Markets

Matthew Boswell, Commissioner of Competition, addressed the International Bar Association's annual conference following several rounds of Competition Act amendments. He outlined the Bureau’s ongoing commitment to evidence-based enforcement and international cooperation, citing increased integration of technologists and data scientists into enforcement teams and adoption of AI tools for detection and analysis. The Bureau’s revised enforcement guidelines will reflect both legislative changes and insights from OECD, ICN, and G7 collaboration. Boswell confirmed continued pursuit of MOUs and enhanced competition cooperation frameworks with the UK and EU, aiming to improve certainty for cross-border business activity.

Sources: www.canada.ca

Financial Advice-Seeking Trends Published by FCAC

On November 17, the Financial Consumer Agency of Canada (FCAC) published results from its 2024 Financial Capability Survey. According to the survey, 35% of Canadians sought financial advice in the prior 12 months, with 76% accessing free advice. The most common sources were family and friends, banks, investment firms, and professional advisors. Younger Canadians (18–34) were twice as likely to seek advice on social media (18%) and generally preferred informal sources over professionals. The survey found that lower-income and less-educated Canadians—along with those experiencing disability—were the least likely to seek financial advice.

Sources: www.canada.ca

Minister Champagne’s Budget 2025 Armchair Events in Regina and Winnipeg

François-Philippe Champagne, Minister of Finance and National Revenue, is scheduled to discuss Budget 2025 at two separate events: with the Saskatchewan Urban Municipalities Association in Regina on November 20, and with the Winnipeg Chamber of Commerce on November 21. Both sessions are open to media, with Q&A to follow. Registration is required for attendance.

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

National Defence Convenes Roundtable on Venture and Defence Capital

Defence Minister David McGuinty hosted a roundtable in Ottawa with venture capital stakeholders on November 17, focusing on aligning public and private capital for the Defence Industrial Strategy. Discussion included regulatory certainty and risk-sharing mechanisms for investment in innovation sectors such as quantum encryption, robotics, and AI, and on developing procurement practices responsive to new types of national security threats.

Sources: www.canada.ca

Minister Valdez Issues Statement on Women’s Entrepreneurship Day

On November 19, Minister Rechie Valdez recognized Women’s Entrepreneurship Day, summarizing nearly $7 billion in government commitments under the Women Entrepreneurship Strategy. Additional allocations in Budget 2025 include $380 million for equality advancement programs and over $220 million to address gender-based violence, with a continued policy focus on expanding women’s participation across sectors.

Sources: www.canada.ca

Atlantic Canada Black Entrepreneurship Program Receives Renewed Federal Support

The Atlantic Canada Opportunities Agency announced $6.8 million in new funding for the Black Entrepreneurship Program Ecosystem Fund. The funding, part of a national $189 million, five-year commitment, will strengthen non-profit supports and help Black entrepreneurs in Atlantic Canada access capital and business tools.

Sources: www.canada.ca

StatsCan: Canadian International Securities Transactions, Q3 2025

Statistics Canada reported on November 17 that foreign investors added $31.3 billion in Canadian securities during September, with the third-quarter total reaching $80.3 billion. Canadian investors acquired $22.1 billion of foreign securities in the same month, raising their Q3 total to $57.6 billion.

Sources: www.statcan.gc.ca

StatsCan: Consolidated Government Finance Deficit Narrows

Statistics Canada published consolidated Canadian Government Finance Statistics for 2024, with the total deficit recorded at $68.5 billion, down from $94.0 billion in 2023.

Sources: www.statcan.gc.ca

StatsCan: Investment in Building Construction Down in September

Investment in building construction fell 1.1% to $22.4 billion in September, according to StatsCan data released November 19. The update notes a slowing in construction activity at the close of the quarter.

Sources: www.statcan.gc.ca

StatsCan: Net Capital Stock and Residential Structures in 2024

As reported November 18, Canada’s net capital stock totaled $7.8 trillion in 2024, comprising $4.2 trillion in residential structures and $3.6 trillion in non-residential assets.

Sources: www.statcan.gc.ca

Canadian Provincial Government News

AMF Endorses National Guidance on Segregated Funds in Québec

On November 19, the Autorité des marchés financiers announced formal endorsement of the Canadian Council of Insurance Regulators’ Segregated Funds Guidance and will integrate it into its Québec regulatory frameworks for life and health insurance contracts.

Sources: www.quebec.ca

British Columbia Opens Applications for 2025–26 Civil Forfeiture Grant Program

The Government of British Columbia is accepting applications for its Civil Forfeiture Grant program, which allocates funds to community crime prevention and safety initiatives using the proceeds of crime. Submissions are open until December 15, 2025.

Sources: news.gov.bc.ca

US Federal Government News

Federal Reserve Proposes Enhanced Transparency for Supervisory Stress Testing

The Federal Reserve put forward a proposed rulemaking to increase transparency in its bank supervisory stress testing. The proposal involves annual publication of detailed model documentation, a process for public feedback on material changes to models, and codifies an advance comment period for annual stress test scenarios. Extensive technical detail on projected losses and capital, scenario design, and model validation is included. The Board also suggests shifting the stress test jump-off date from December 31 to September 30 to limit risk of balance sheet optimization based on scenario disclosures.

Sources: www.federalregister.gov

SEC Seeks Data on Cost of AML/CFT Compliance Across Registered Entities

On November 21, the Securities and Exchange Commission issued a request for comment on a voluntary survey aimed at assessing anti-money laundering and counter-terrorist finance (AML/CFT) compliance costs among registered broker-dealers and mutual funds. The survey covers direct and indirect compliance costs, and will remain open for stakeholder input until January 20, 2026.

Sources: www.federalregister.gov

Federal Reserve Finalizes Revisions to Large Financial Institution and Insurance Supervisory Ratings

Effective January 16, 2026, the Federal Reserve will revise its supervision rating system for large financial institutions and insurance conglomerates. Firms receiving one Deficient-1 component rating and two satisfactory components will now retain 'well managed' status, and the mandatory enforcement presumption for a single Deficient-1 rating is removed. Detailed procedural rules and definitions are provided in the final notice, which runs to several pages.

Sources: www.federalregister.gov

OCC Proposes Rescission of Recovery Planning Guidelines for Large National Banks

The Office of the Comptroller of the Currency proposed rescinding its recovery planning guidelines for insured national banks, federal savings associations, and branches with assets over $100 billion. The OCC contends the guidelines add little value in real-world distress events and are duplicative of broader risk management standards. The move is expected to yield cost savings and lessen regulatory burden.

Sources: www.federalregister.gov

FinCEN Proposes Special Measure Targeting Mexican Gambling Establishments Linked to Money Laundering

The Financial Crimes Enforcement Network (FinCEN) proposed prohibiting U.S. financial institutions from processing transactions involving ten Mexican gambling venues connected to the Sinaloa Cartel. The rule would extend due diligence and notification obligations for U.S. banks, citing ongoing cartel use of these casinos for illicit funds movement. Public comments are invited through December 17, 2025.

Sources: www.federalregister.gov

Government Consultations

OSFI Launches 90-Day Consultation on Capital Adequacy Requirements (CAR) Guideline (2027)

On November 20, the Office of the Superintendent of Financial Institutions (OSFI) opened consultation on proposed revisions to the Capital Adequacy Requirements Guideline, affecting capital rules for credit risk, corporate exposures, and market risk. The consultation period runs 90 days.

Sources: www.osfi-bsif.gc.ca

What We're Reading This Week

• Bank regulator proposes loosening rules to stimulate corporate and real estate lending: The Globe and Mail covers proposals by Canada’s bank regulator to relax lending requirements for corporate and real estate borrowers.
• This major lender is accused of working with shady firms that prey on seniors and other vulnerable Canadians, duping them into high-interest loans: The Toronto Star reports on allegations against a major lender over partnerships with firms targeting vulnerable borrowers with high-cost products.
• Fast cars and easy money: Insurance agents penalized for role in luxury car 'grey market': CBC reports disciplinary action against insurance agents for involvement in luxury vehicle schemes.
• Opinion: This SEC decision will have huge consequences for Canada’s capital markets: A Globe and Mail commentary discusses the implications for Canada of a key SEC move affecting capital markets.
• Posthaste: Three reasons why investors are suddenly fastening their safety belts: The Financial Post explains renewed market risks that have investors on alert.
• 12 Major Verification Trends in 2026: Regula on the Birth of a New Digital Identity: The Star/GlobeNewswire reviews developing directions in digital identity verification and regulation.
• Global capital is on the move as investors redraw the real estate map: Analysis of shifting real estate investment flows by The Star/GlobeNewswire.
• Cyber readiness: A new requirement for cyber insurance?: Financial Post explores whether cyber preparedness will become mandatory for coverage.
• The missing ingredient: socially inspired capital: The Globe and Mail examines the concept of socially-driven capital in business.
• The Star and The Globe review future innovation and capital market resilience: News outlets assess new paradigms for fostering financial sector resilience in a transforming global economy.

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