Canadian Lenders Association (CLA) Governance Guidelines

The CLA is committed to advancing the growth and integrity of Canada’s lending industry. Our mission is to foster innovation, ensure members meet the highest standards of practice and work to support borrowers nationally.

1. Membership Criteria
   Membership is open to entities engaged in lending, excluding payday lenders, who adhere to Canadian financial regulations and demonstrate a commitment to responsible lending practices.
2. Certification Requirements
   Members must comply with consumer protection laws, engage in credit reporting, participate in fraud prevention, and uphold CLA values, fostering a trustworthy lending environment.
3. CLA Lenders Values
   Our core values—Financial Innovation, Credit Building, Financial Inclusion, Financial Literacy, Regulatory Certainty, and Consistency—guide our advocacy for a dynamic, accessible, and stable lending landscape.
4. Approved Vendors
   Approved vendors are essential technology and service partners, selected based on their alignment with our community’s values, compliance with regulatory standards, and contributions to our members’ success.
5. Compliance and Monitoring
   We monitor member and vendor compliance through regular reviews and audits, ensuring adherence to CLA standards and taking corrective actions as necessary.
6. Competitive Behaviour
   It is important that CLA members do not engage, under the auspices of the CLA, in coordinated behaviors or practices that restrict competition or target competitors who are not members of the CLA. It is critical that CLA staff and CLA members abide by these guidelines which are designed to avoid not only actual wrongdoing but also the appearance of wrongdoing. To that effect, CLA members should generally refrain from sharing with each other any confidential sensitive commercial information such as pricing, capacity, expansion, business plans etc.
7. Governance Structure
   The CLA is governed by a board of industry leaders who oversee our direction, policies, and member compliance, supported by committees focusing on specific areas of lending.
8. Stakeholder Engagement
   We actively engage with regulators, members, and vendors, fostering collaboration and dialogue to promote a healthy lending ecosystem.
9. Amendments and Updates
   The governance document is periodically reviewed and updated to reflect changes in the regulatory landscape and industry best practices, ensuring continued relevance and effectiveness.

The CLA remains dedicated to promoting responsible lending, innovation, and consumer protection, contributing to a vibrant and equitable financial future for all Canadians.This draft aims to encapsulate the ethos and operational framework of the CLA, reflecting its commitment to fostering a responsible and innovative lending environment in Canada.