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: 2025-11-30 to 2025-12-06

📋 In This Week's Newsletter

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

This Week's Parliamentary Calendar

• House Finance Committee Meeting on Committee Business: The House of Commons Standing Committee on Finance will hold a televised meeting on Committee Business, Monday, December 8, 2025, from 11:00 a.m. to 1:00 p.m., with clerks Danielle Widmer and Jean-Luc Plourde.
• Senate Banking Committee Hearings on Bill C-15: Open Banking and Fintech: The Senate Standing Committee on Banking, Commerce and the Economy will continue hearings on Bill C-15, focusing on open banking and fintech, with witnesses from Fintechs Canada, the Financial Data and Technology Association, Borrowell, Maverix Private Equity, and Canada Stablecorp Inc., December 10, 2025, at 4:15 p.m.
• Senate Banking Committee Session with Canadian Securities Administrators and Credit Unions: The Senate Standing Committee on Banking, Commerce and the Economy will hear from the Canadian Securities Administrators, Public Interest Advocacy Centre, and Canadian Credit Union Association on Bill C-15 elements, December 9, 2025, at 2:30 p.m.
• Senate National Finance Committee Reviews Bill C-15 and Supplementary Estimates: The Senate National Finance Committee will examine Bill C-15, supplementary estimates, and non-financial matters in budget bills, with witnesses including the Canadian Federation of Independent Business and Canadian ETF Association, December 10, 2025, at 6:45 p.m.
• Senate Foreign Affairs Committee on Financial Crimes and Sanctions: The Senate Foreign Affairs and International Trade Committee will examine Bill C-15 provisions on financial crimes and sanctions with FINTRAC and Finance Canada officials, December 10, 2025, at 4:15 p.m.

Canadian Federal Government News

Senate Committees Review Bill C-15: Open Banking, Privacy, and Competition

The Standing Senate Committee on Banking, Commerce and the Economy reviewed Bill C-15, with testimony from representatives of the Canadian Bankers Association, Office of the Privacy Commissioner, Competition Bureau Canada, and Canada Development Investment Corporation (CDEV). Privacy Commissioner Philippe Dufresne addressed data mobility and open banking, underscoring secure data transfer, consent, and the regulatory need for consultation and penalties reform. Competition Bureau officials supported consumer-driven banking reforms to increase competition, discussed greenwashing provisions in the Competition Act, and welcomed the removal of international standards references. Senators raised concerns on fraud reporting, liability standards, and consumer protection, while CDEV’s Elizabeth Wademan described plans to modernize CDEV’s mandate and funding model, including KPIs and transparency mechanisms for asset management. The hearing reflected ongoing legislative scrutiny of financial sector competition, privacy, and governance.

Sources: senparlvu.parl.gc.ca

Senate Committee Considers Canada Infrastructure Bank Expansion and Open Banking

Senators examined Bill C-15 proposals for a $10 billion capital increase for the Canada Infrastructure Bank (CIB), with Kathryn McCauley (Housing, Infrastructure and Communities Canada) clarifying its long-term infrastructure role. The committee debated public investment structures, affordable housing impact, and self-sustaining models for CIB. The meeting also addressed the new Consumer-Driven Banking Act, with Kirsten Fraser (Finance Canada) discussing open banking, competition, and privacy, while senators cited fraud and data sovereignty as key risks. Judith Hamel described changes in cheque fund access and anti-fraud measures, and senators questioned the absence of mandatory fraud detection policies for high-risk groups. Khusro Saeedi commented on the financial sector statutes review to reduce red tape and extend review cycles.

Sources: senparlvu.parl.gc.ca

Senate Finance Committee Reviews Budget Implementation Act: Tax Credits, Digital Services Tax, and Housing

The Senate Standing Committee on National Finance, chaired by Claude Carignan, reviewed Bill C-15’s tax and fiscal measures. Max Baylor (Department of Finance Canada) explained the extension and cost of the carbon utilization and storage investment tax credit and its applicability by provincial regulation. The committee discussed the clean electricity investment tax credit’s scope, youth employment tax credits, and scientific research incentives. Other topics included enforcement resources for the Canada Labour Code, repeal of the digital services tax, amendments for osteopaths, and changes to the disability supports deduction. The session covered issues such as transfer pricing, charitable donations, clean economy tax credits, and immediate expensing for capital expenditures.

Sources: senparlvu.parl.gc.ca

Senate Finance Committee Debates Economic Growth and Regulatory Reform in Budget

The Senate’s National Finance Committee heard from the Business Council of Canada, Canadian Labour Congress, Quebec Environmental Law Centre, and Canadian Centre for Policy Alternatives regarding Bill C-15. Theo Argitis (Business Council of Canada) called for more private sector investment and tax reform, while David Macdonald (CCPA) praised the Canada Disability Benefit exemption but raised concerns about tax bracket changes. The Canadian Labour Congress criticized tax cuts for higher-income groups, and the Quebec Environmental Law Centre addressed legislative amendments on federal law bypass. The session included debate on regulatory sandboxes, Build Canada Homes, and the need for a comprehensive plan to address inflation impacts.

Sources: senparlvu.parl.gc.ca

Senate National Finance Committee Analyzes Debt Ceiling, Housing, and Tax Measures

The Senate National Finance Committee discussed Bill C-15’s implementation of the fall 2025 budget, with testimony from the Parliamentary Budget Officer and Finance Canada officials. Jason Jacques (PBO) estimated the personal support workers tax credit at $1.4 billion over five years and Build Canada Homes spending at $7.3 billion by 2030. Senators questioned a proposed federal debt ceiling increase from $2.1 trillion to $2.5 trillion, the strategic objective of the personal support worker tax credit, and the impact of the luxury tax and underused housing tax. The meeting noted stable long-term debt-to-GDP ratios and continued study of fiscal sustainability.

Sources: senparlvu.parl.gc.ca

Competition Bureau Canada Outlines Support for Consumer-Driven Banking and Competition Act Reforms

Matthew Chiasson, Senior Policy Advisor at the Competition Bureau, appeared before the Senate Banking Committee to support Bill C-15’s Consumer-Driven Banking Act and greenwashing provisions in the Competition Act. The Bureau stated that consumer-driven banking reforms would foster competition and innovation, making it easier for consumers to switch financial service providers. The Bureau also detailed changes to greenwashing provisions, including removing the requirement for internationally recognized methodologies and clarifying substantiation standards. The Bureau will update guidelines accordingly, and noted that third-party greenwashing complaints to the Competition Tribunal will be limited under the new regime.

Sources: www.canada.ca

IMF Endorses Canada’s Fiscal Policy and Productivity Agenda

The IMF’s 2025 Article IV Mission provided a positive assessment of Canada’s economic resilience, citing the country’s ability to manage uncertainty and maintain financial system stability. The IMF endorsed Budget 2025’s competition, productivity, and investment policies, highlighting measures such as the Scientific Research and Experimental Development program, the Productivity Super-Deduction, and the completion of the Consumer-Driven Banking Framework. The IMF noted that Canada’s fiscal space and low debt levels support ongoing policy initiatives, including housing supply programs such as Build Canada Homes and the Housing Accelerator Fund. The IMF’s World Economic Outlook projects Canada will have the second strongest economic growth in the G7 in 2026.

Sources: www.canada.ca

Low-Cost and No-Cost Bank Accounts Now Available to Canadians

As of December 1, 2025, Canadians can access low-cost bank accounts with fees capped at $4 per month. Fourteen federally regulated financial institutions, including the six largest banks, have implemented the modernized Commitment on Low-Cost and No-Cost Accounts under Financial Consumer Agency of Canada (FCAC) oversight. Eligible groups for $0 accounts have expanded to include newcomers, Indigenous peoples, certain social assistance recipients, and Disability Tax Credit beneficiaries. The accounts offer up to 50% more debit transactions and include popular electronic fund transfer types. FCAC will monitor compliance with these requirements.

Sources: www.canada.ca

First Nations Finance Authority Surpasses $4 Billion in Loans

The First Nations Finance Authority (FNFA) reached $4 billion in financing since its founding, supporting an estimated 39,000 jobs and $8.5 billion in economic activity. Minister Rebecca Alty announced proposed changes to the First Nations Fiscal Management Act to enable Special Purpose Vehicles to borrow through FNFA, furthering First Nations’ access to capital for economic and resource development. The FNFA’s pooled borrowing model provides First Nations governments with lower-cost financing and greater fiscal autonomy, facilitating investments in infrastructure and economic growth.

Sources: www.canada.ca

Treasury Board Launches Horizontal Red Tape Reviews

The Treasury Board of Canada Secretariat, led by Minister Shafqat Ali, initiated horizontal red tape reviews across federal organizations, building on the prior 60-Day Red Tape Review. The reviews will target regulatory efficiency in project reviews, product market entry, business productivity, international trade, and regulatory service delivery. The Red Tape Reduction Summit, co-hosted with the Canadian Chamber of Commerce, engaged business participants from multiple sectors.

Sources: www.canada.ca

Maureen C. Jensen Biographical Note Issued by Finance Canada

Finance Canada released a background note on Maureen C. Jensen, highlighting her leadership in Canadian securities regulation, including prior roles as Chair and CEO of the Ontario Securities Commission and board positions with Franco-Nevada Corporation and the Ombudsman for Banking Services and Investments. Jensen’s experience includes senior regulatory roles at IIROC and the Toronto Stock Exchange.

Sources: www.canada.ca

Canadian Provincial Government News

Alberta Appoints New CEO at ATB Financial

Effective January 1, 2026, Chris Turchansky will serve as Chief Executive Officer of ATB Financial following appointment by the Alberta government.

Sources: www.alberta.ca

Alberta Orders in Council: Pension and Gaming Board Appointments

The Alberta government approved several orders, including the reappointment of Liliana Cordeiro to the PSPP Corporation board and the appointment of Gordon Rauscher to the Alberta Gaming, Liquor and Cannabis Commission board, both effective December 2025.

Sources: www.alberta.ca

British Columbia Implements New Gaming Control Act

B.C.’s new gaming control act, effective April 13, 2026, establishes an independent gambling regulator with authority over money laundering prevention, fee structures, and updated regulatory oversight for the province’s gambling sector.

Sources: news.gov.bc.ca

Alberta Consumer Investigation Unit Secures Fraud Conviction

Alberta’s Consumer Investigation Unit secured a conviction against Robert Bradley Sander, former director of Home Squad Inc., for fraud involving $2.43 million in homebuyer payments between 2018 and 2020.

Sources: www.alberta.ca

Government Consultations

Consultation on Cybersecurity Guidelines for Licensed Insolvency Trustees

The Office of the Superintendent of Bankruptcy is consulting stakeholders on amendments to cybersecurity guidelines, minimum requirements, and measures for the Licensed Insolvency Trustee community. Input is accepted until December 12, 2025.

Sources: ised-isde.canada.ca

What We're Reading This Week

• Inside this Ontario loan company, concern grew as payments stopped. Its plan to keep bad debt​ off the books came at the expense of vulnerable borrowers: An investigation into lending practices at a consumer loan company.
• Opinion: To fix Canada, we must fix our troubled stock market: A perspective on challenges facing the TSX and Canadian capital markets.
• Charli Brings High-Assurance AI to Capital Markets; Unveils Governance Blueprint and Q4 Platform Expansion: Technology firm Charli announces AI governance initiatives for financial markets.
• Ecclesiastical Insurance Office plc: Well-being takes on new meaning at Ecclesiastical: Insights into insurance sector workplace trends.
• Axi Attends Jeddah Fintech Week 2025, Showcases Their Products and Services: Coverage of a Canadian fintech’s international engagement.
• Former Signature Bank executives launch blockchain-based bank: Former U.S. bank executives create a new blockchain-focused financial institution.
• Why talking about life insurance brings relief, not fear: Exploring the conversations around life insurance and financial planning.
• Ottawa and Alberta’s energy deal, Canada’s GDP and Molson Coors accuses ex-managers of fraud: Must-read business and investing stories: Roundup of recent business news impacting the Canadian economy.

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