Press Releases
Canadian Lenders Association (CLA) Ontario 2026 Pre-Budget Submission Supporting responsible credit, innovation, and consumer choice in Ontario Summary Points: The Canadian Lenders Association (CLA) submitted its recommendations to the Ontario Ministry of Finance in advance of the Government of Ontario’s upcoming budget. The recommendations focus on targeted, practical reforms that would strengthen Ontario’s credit […]
Overview: The Canadian Lenders Association’s policy work is grounded in evidence-based advocacy, cross-sector coordination, and sustained engagement with federal and provincial policymakers. Through structured roundtables, member consultations, and direct regulatory dialogue, the CLA works to ensure that Canada’s financial policy framework protects consumers while preserving responsible access to credit across the economy. Our approach emphasizes […]
FOR IMMEDIATE RELEASE Canadian Lenders Association Appoints goeasy’s Patrick Ens as Vice Chair Appointment strengthens representation of non bank and alternative lenders on the CLA Board Toronto, ON, December 12, 2025 – The Canadian Lenders Association (CLA) today announced that Patrick Ens, President of easyfinancial, has been appointed Vice Chair of the CLA Board of Directors. Ens, who will […]
FOR IMMEDIATE RELEASE Canadian Lenders Association Appoints TD’s Michael McGhee as New Chair of the Board Association thanks BMO’s Gayle Ramsay for her exceptional leadership as Chair over the past two years Toronto, ON, December 11, 2025 – The Canadian Lenders Association (CLA) today announced that Michael McGhee, Senior Vice President and Head, TD Auto […]
Toronto, ON, November 4, 2025 In a year shaped by notable uncertainty and rising geopolitical challenges, Prime Minister Mark Carney and Finance Minister François-Philippe Champagne have unveiled the long-anticipated 2025 Federal Budget. For Canadian lenders and borrowers alike, the overarching theme is modernization: a push toward secure data mobility, real-time payments, responsible innovation, and greater […]
FOR IMMEDIATE RELEASE Toronto, ON – October 13, 2025 The Canadian Lenders Association (CLA) acknowledges British Columbia’s initiative to modernize consumer protection law, including measures that would provide consumers with free monthly access to their credit report and score, and introduce both security alerts and credit freezes administered by consumer reporting agencies. These objectives, as […]
5 main points: Expanded Supervisory Focus: OSFI is broadening its regulatory lens beyond solvency and capital adequacy to include institutional integrity, cyber resilience, and non-financial risks like geopolitical threats and foreign interference. New Security Structures: Two new units—the National Security Sector and the Integrity and Security Risk Division—will assess institutions’ threat protection capabilities and support […]
FOR IMMEDIATE RELEASE CLA Appoints Rachel Manno, Partner at Wildeboer Dellelce LLP, to Board of Directors as Secretary Toronto, ON – May 2, 2025 The Canadian Lenders Association (CLA) is pleased to announce the appointment of Rachel Manno, Partner at Wildeboer Dellelce LLP, to its Board of Directors, where she will serve as Secretary. Rachel […]
Key Considerations for the Canadian Lending Sector On March 13, 2025, the Office of the Superintendent of Financial Institutions (OSFI) released its Annual Risk Outlook (ARO) for the 2025-2026 fiscal year, identifying key risks facing Canada’s financial system and outlining its regulatory response. The report highlights an increasingly complex risk environment driven by geopolitical uncertainty, […]
Introduction to recommendations on Proposed Amendments to the PCMLTFA for the Financing and Leasing Sector The CLA and its membership appreciate the opportunity to provide feedback to the pre-publication of new regulations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), which includes amendments extending obligations to the financing and leasing sector. […]
PRESS RELEASE FOR IMMEDIATE RELEASE Steve Malone, CEO of CanCap, Joins the Board of the Canadian Lenders Association Toronto, ON – December 21, 2024 The Canadian Lenders Association (CLA) is pleased to announce the appointment of Steve Malone, CEO of CanCap Group, to its Board of Directors. CanCap Group is a leading Canadian financial services […]
Fall Economic Statement (FES) Over the past several years, the CLA has advocated for open and equitable access to credit, a modernized fintech landscape, and a harmonized cross-provincial system that benefits all Canadians. Yesterday’s Fall Economic Statement (FES), “Reducing Everyday Costs and Raising Wages,” delivered significant wins for CLA members; however, political instability leaves significant […]
Canadian Lenders Association, Non-Prime Roundtable Response to the August 2024 Legislative Proposals Relating to the Maximum Allowable Rate of Interest under the Criminal Code September 11, 2024 POSITION STATEMENT The Canadian Lenders Association (CLA), representing a broad spectrum of stakeholders in the Canadian financial services industry, firmly opposes the proposed amendments to the Criminal Code […]
Response to the Department of Finance consultation – Including Insurance Charges under the Criminal Rate of Interest in the Criminal Code Release Date: 09/11/2024 The Canadian life and health insurance industry expressed concern over proposed legislative changes that would redefine “interest” in the Criminal Code to include insurance charges, arguing that the consultation period was […]
Announcement from Gary Schwartz, Canadian Lenders Association (CLA) I am very pleased to announce that David Gens, Founder & CEO of Merchant Growth Ltd., one of Canada’s leading private finance companies focused on the SME marketplace, will be joining the CLA’s Board of Directors. David brings with him a wealth of experience in the lending […]
CHANGES TO SECTION 347 OF THE CRIMINAL CODE: 347 (1) Despite any other Act of Parliament, every person who enters or offers to enter or offers to enter into an agreement or arrangement to receive interest at a criminal rate, who advertises an offer to enter into an agreement or arrangement that provides for the […]
Toronto, ON — April 19, 2024 — In a strategic move ahead of the impending election, Deputy Prime Minister and Minister of Finance Chrystia Freeland presented the 2024 federal budget titled “Fairness for Every Generation.” This budget, which projects substantial fiscal outlays and tax adjustments, seeks to bolster support among younger Canadians while maintaining fiscal […]
ABOUT THE CANADIAN LENDERS ASSOCIATION AND THE OPEN FINANCE ROUNDTABLE The Canadian Lenders Association (CLA) supports the growth of bank and non-bank companies that are in the business of lending, along with sectors closely related to lending such as Banking as a Service (BaaS), Core Banking, Diversity, Equity & Inclusion (DE&I), Sustainable Finance, and Open […]
Government Interest Rate Cap to Remove up to $10.7 Billion from the Canadian Economy, Cut Off Millions of Canadians from Access to Loans OTTAWA, ON, February 12, 2024 – A new report conducted by Ernst & Young LLP, commissioned by the Canadian Lenders Association (CLA), highlights the severe, far-reaching consequences of the federal government’s new […]
Rajput’s experience as a CFO, M&A banker, management consultant, fintech VC, and board member will help MPOWER continue to scale volumes, systems, and processes. Outgoing CFO Rob Partlow is retiring from full-time work and will join MPOWER’s Board of Directors. WASHINGTON, D.C., February 20, 2024 — MPOWER Financing (“MPOWER”), a mission-driven fintech firm and the […]
New research paper from the Ontario Association of Chiefs of Police and the Canadian Lenders Association TORONTO, February 5, 2024 – The Ontario Association of Chiefs of Police (OACP), the voice of police leadership in Ontario, and the Canadian Lenders Association (CLA) are raising concerns regarding legislation introduced by the federal government which could lead […]
Woveo, a Canadian Lenders Association member, has secured $2.3 million in seed funding to revolutionize short-term credit options for non-prime consumers. This new capital injection brings Woveo’s total financing to $3.8 million, following its initial pre-seed round of $1.5 million last September. The latest funding round includes new and returning investors, BKR Capital, Relay Ventures, […]
Brent Reuter, CEO of North America at Aryza Aryza, a leading global provider of data-driven software solutions for credit and debt management, has launched its innovative loan origination software, Aryza Originate, in the Canadian market. With a strong focus on improving people’s financial health, Aryza aims to revolutionize the loan application process through seamless collaboration, […]
Toronto, ON — July 5, 2023 — The Canadian Lenders Association (CLA) is excited to announce that leading Canadian fintech Neo Financial has joined the Canadian Lenders Association as a new member. Neo Financial provides a modern, streamlined financial experience for businesses and consumers, with business products that include Banking as a Service and loyalty […]
Recently, the Competition Bureau published its wage-fixing and no-poaching enforcement guidelines. The Competition Bureau’s latest enforcement guidelines tackle wage-fixing and no-poaching agreements, reinforcing its commitment to fostering competitive markets and safeguarding consumer choice. These guidelines shed light on the Bureau’s approach to enforcing the Competition Act’s subsection 45(1.1), which bans employers from colluding to fix […]
The Department of Finance has sought industry feedback on the types of loans that fall outside of the government’s stated policy intent to address predatory lending in Canada. This submission aims to provide insights and recommendations that align with the government’s policy objectives while ensuring access to credit for individuals who may not meet traditional […]
ABLE Platform connects to CARFAX Canada vehicle history network to make loan origination, servicing, and collection data-driven and transparent for all auto lenders. (TORONTO, March, 2023) – ABLE Platform, a trusted provider of financial and banking software products, and CARFAX Canada, the country’s definitive source of vehicle history information, have established a long-term partnership program. […]
Toronto, ON — March 24, 2023 — On March 28, Deputy Prime Minister and Minister of Finance, Chrystia Freeland, tabled the federal government’s 2023 budget entitled “A Made-in-Canada Plan: Strong Middle Class, Affordable Economy,Healthy Future.” The NDP have already stated their support for the budget, therefore, the Liberal government is expected to maintain the confidence […]
OTTAWA – The Canadian Lenders Association (CLA) is disappointed at today’s announcement to lower the maximum allowable rate of interest to 35 per cent from a 47 per cent Annual Percentage Rate (APR). The CLA, which represents members across the lending spectrum in Canada, acknowledges making life more affordable for Canadians is a goal worth […]
Highlights from the 2023 Ontario Budget that impact various sectors of the Canadian Lenders Association community including our mortgage, SMB and sustainable finance roundtables. Toronto, ON — March 24, 2023 — The Canadian Lenders Association (CLA) is pleased to provide an overview of Ontario’s 2023 Budget, which includes significant measures aimed at fostering business […]
