This is Queen Street Analytics' weekly digest of regulatory developments, legislative discussions 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. Once a week, we break down the most important updates in this space in under five minutes.

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Dates: 2026-02-02 to 2026-02-08

📋 In This Week's Newsletter

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

This Week's Parliamentary Calendar

• House Industry and Technology Committee Upcoming Session on Bill C-15 Budget Implementation Act: The House of Commons Industry and Technology Committee will examine clauses from Bill C-15, with testimony from Minister Mélanie Joly and senior officials from the Department of Industry. The session is scheduled for February 9, 3:30–5:30 p.m., with an in-camera discussion on productivity gaps and capital outflow.
• House Finance Committee to Review Bill C-15 Budget Implementation Act: The Finance Committee meets on February 9 from 5:45–7:45 p.m. to review Bill C-15. Minister Sean Fraser and officials from the Departments of Justice and Environment are slated to appear, with discussions focusing on legislative provisions and fiscal governance.
• Senate Committee on Banking, Commerce and the Economy: SME Access to Credit and Capital Markets: On February 12, the Banking, Commerce and Economy Committee will consider Bill S-3 (regulatory amendments) and examine SME access to credit and capital markets. Daniel Wilson and Bryce Tingle from the University of Calgary will appear as witnesses.
• Senate Committee on Banking, Commerce and the Economy: Elements of Bill C-15, Sub-metering, and Fuels: The committee convenes February 11 to address Bill C-15 divisions, regulatory amendments, and sub-metering. Witnesses include Lisa Stilborn and Devin O'Grady (Canadian Fuels Association) and Christopher Holz (Sub-metering Council of Ontario).
• Senate Committee on National Finance: Review of Bill C-15 and Bill C-4: The National Finance Committee meets February 10 to examine Bill C-15 and affordability measures in Bill C-4. Witnesses feature Julie Blais (Réseau BIBLIO du Québec), Ernie Daniels (First Nations Finance Authority), Mary Chevreau (Canadian Urban Libraries Council), and Jason Jacques (Office of Parliamentary Budget Officer).

Federal Government News

FCAC Issues $4 Million Penalty to Bank of Montreal for Consumer Fee Violations

The Financial Consumer Agency of Canada imposed a $4 million administrative monetary penalty on the Bank of Montreal for breaches of consumer provisions in the Bank Act, relating to erroneous monthly plan fee charges between 2010 and 2024. Over 101,000 customers were affected, with refunds and redressed interest totaling more than $3 million and a further $600,000 donated to charity for unrefundable amounts. FCAC’s Summary of Proceeding #4 details failures in disclosing applicable charges and the timing of fee commencements. The agency stressed that all federally regulated financial institutions are expected to review FCAC decisions and ensure compliance with consumer protection requirements.

Sources: www.canada.ca

Standing Senate Committee on Banking, Commerce and the Economy Reviews Bill C-15: Consumer Protection and Fraud Policy

During the February 4 meeting, the Standing Senate Committee on Banking, Commerce and the Economy examined Bill C-15 with witnesses from the Financial Consumer Agency of Canada (Shereen Benzvy Miller, Manon Bombardier, Frank Lofranco) and the Ombudsman for Banking Services and Investments (Sarah Bradley). The session covered OBSI’s rising fraud complaints, particularly digital scams, and regulatory limitations in achieving compensation—only one in five fraud cases were resolved favorably for consumers. Senators raised questions about consumer awareness, legal liability regimes, and banks’ obligations under Bill C-15 to establish fraud policies. FCAC discussed guidelines for mortgage holders and ongoing research into financial literacy. Concern was registered regarding consistency in fraud protection, complaint standardization, and the effectiveness of enforcement authorities.

Sources: senparlvu.parl.gc.ca

Parliamentary Budget Officer Expresses Concerns Regarding Budget 2025 Fiscal Anchor and Capital Budgeting

At the February 3 Senate Committee on National Finance, Interim Parliamentary Budget Officer Jason Jacques discussed the federal government's abandonment of the debt-to-GDP fiscal anchor, referencing IMF recommendations for its maintenance. Jacques noted a request for committee assistance in obtaining information from Library and Archives Canada and commented on the complexity of differentiating federal from private investments. The 2025 budget’s $41 billion investment aims to generate $106 billion over five years. Senators raised issues including youth unemployment, staff reductions, and budget cuts' effects on agencies like the Atlantic Canada Opportunities Agency. Jacques emphasized transparency in fiscal management and the need for careful assessment of policy impacts, highlighting disproportionate workforce reductions among non-executive personnel and the challenge of tracking executive salaries.

Sources: senparlvu.parl.gc.ca

FCAC Launches National Financial Literacy Campaign 'Making the Most of Your Money'

On February 2, FCAC announced a nationwide advertising campaign focused on encouraging Canadians to manage their money using a suite of practical tools—Mortgage Calculator, Account Comparison Tool, Budget Planner, and Credit Card Payment Calculator. The campaign targets improved understanding of financial decisions and their implications and includes information on consumer rights when dealing with federally regulated institutions. The campaign runs until March 31 and directs citizens to resources available at Canada.ca/it-pays-to-know.

Sources: www.canada.ca

Federal Government Renews Black Entrepreneurship Program with $189 Million Investment

Minister Rechie Valdez announced the renewed federal commitment of $189 million to the Black Entrepreneurship Program. Since 2021, the program assisted more than 24,000 Black entrepreneurs, provided mentorship, training, and financing, with $70 million approved across over 800 loans. The investment aims to facilitate business growth and address persistent barriers to capital and networks for Black entrepreneurs, including Black women and 2SLGBTQI+ business owners. The renewal supports economic inclusion and broadens access to competitive tools for scaling businesses.

Sources: www.canada.ca

Tribunal Initiates Expiry Review of Photovoltaic Modules and Laminates from China

The Canadian International Trade Tribunal has begun an expiry review of its 2021 order regarding Chinese imports of photovoltaic modules and laminates. The Canada Border Services Agency will report by July 2, 2026, on the likelihood of resumed or continued dumping or subsidizing. If positive, the Tribunal will decide by December 9, 2026, whether injury to domestic industry would likely result. Associations and governments may participate by filing Form I—Notice of Participation.

Sources: www.canada.ca

Canada Revenue Agency Renews Grant for Community Volunteer Income Tax Program

Secretary of State Wayne Long announced renewed grant funding for CVITP on its 55th anniversary. The funding assists eligible organizations in hosting free tax clinics, with the grant amount linked to the number of tax returns filed. For the 2025–26 cycle, organizations must host clinics, file at least 10 federal tax returns, and use the CVITP Identifier Number. Last year, more than 3,580 groups and 19,810 volunteers helped file over 1 million returns, providing billions in benefits and credits to vulnerable populations. CRA’s expanded outreach aims to recruit more volunteers, and further details are expected in spring 2026.

Sources: www.canada.ca

StatsCan Releases 2024 Natural Gas Financial Survey Data

Statistics Canada published the 2024 Natural Gas Financial Survey, providing updated data on companies engaged in natural gas transportation and distribution. The annual survey reflects the sector’s financial position and informs infrastructure financing decisions.

Sources: www.statcan.gc.ca

StatsCan Publishes January 2026 Canadian Economic News Update

Statistics Canada has released the January 2026 edition of Canadian Economic News. The report includes data relevant for banking, investment, asset management, and lending sectors.

Sources: www.statcan.gc.ca

Provincial Government News

Alberta Opens Consultation for Personal Information Protection Act Reform

The Government of Alberta launched a public survey for modernizing the Personal Information Protection Act, inviting input from Albertans and private-sector organizations through February 17, targeting updates to reflect digital economy shifts.

Sources: www.alberta.ca

Ontario Invests Nearly $2 Million in Business Succession Planning Hub

Ontario announced a $2 million investment for the Succession Ontario hub, delivered by Kingston Economic Development Corporation, to equip entrepreneurs with tools and advisory services for smooth ownership transitions.

Sources: news.ontario.ca

Nova Scotia Launches Program Reducing Minimum Down Payment for First-Time Homebuyers

Nova Scotia introduced a pilot program requiring a 2% minimum down payment for first-time homebuyers, partnering with credit unions and acting as mortgage guarantor; eligibility criteria include income limits and stress tests.

Sources: news.novascotia.ca

What We're Reading This Week

• Ontario proposes a new class of mutual funds; investors raise risk concerns: A look at regulatory proposals for mutual funds and associated debate.
• Disgraced Ontario financial advisor faces victims of $1.8M investment fraud in court: Coverage of regulatory and court action regarding advisor fraud.
• Benefits of a financial advisor: Analysis of financial advisor value proposition.
• 'I would like my money back': Ontario woman worried $150K invested in private lending is gone: Case study on private lending and investor protection.
• Big-name investors back Neo Financial ahead of loan securitization program launch: Insights on investment trends and principals in fintech.
• The Quiet Security Shift: Infrastructure Capital Flees to Safety: Report on capital allocation shifts in infrastructure.
• The Quiet Security Shift: Infrastructure Capital Flees to Safety: A review of security dynamics affecting infrastructure investment.

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