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Press Releases

Canadian Lenders Association and American Financial Services Association Launch Cross-Border Automotive Finance Initiative to Combat Fraud and Advance Industry Innovation

FOR IMMEDIATE RELEASE Canadian Lenders Association and American Financial Services Association Launch Cross-Border Automotive Finance Initiative to Combat Fraud and Advance Industry Innovation Toronto, ON and Washington, DC – April 29, 2026 — The Canadian Lenders Association (CLA) and the American Financial Services Association (AFSA) today announced a strategic cross-border collaboration focused on strengthening the […]

Canadian Lenders Association (CLA) Response to the Spring Economic Statement (2026)

The Spring Economic Statement reflects a government that is increasingly active in shaping the financial services landscape—through enforcement, consumer protection, housing finance, and competition policy. Many of these measures are directionally sound. However, taken together, they represent a meaningful expansion of regulatory scope that will require careful calibration to avoid unintended consequences for credit access, […]

ONTARIO BUDGET 2026: A CREDIT MARKET PERSPECTIVE

The Government of Ontario’s 2026 Budget introduces a number of measures aimed at supporting business investment and economic resilience. While certain steps align with improving liquidity and competitiveness, the budget does not fully address several structural issues raised by the Canadian Lenders Association (CLA), including in its pre-budget submission—particularly around credit market access, regulatory modernization, […]

American Fintech Council (AFC) and Canadian Lenders Association (CLA) Partner to Strengthen U.S.–Canada Fintech Collaboration

FOR IMMEDIATE RELEASE American Fintech Council (AFC) and Canadian Lenders Association (CLA) Partner to Strengthen U.S.–Canada Fintech Collaboration Strategic partnership will expand cross-border collaboration, enhance industry standards, and promote responsible growth for U.S. and Canadian financial institutions Toronto, Canada (March 19, 2026) – The American Fintech Council (AFC), the largest U.S. industry association representing both […]

CLA acquires the Canadian Regulatory Technology Association to Strengthen Canada’s Financial Services Ecosystem

FOR IMMEDIATE RELEASE CLA acquires the Canadian Regulatory Technology Association to Strengthen Canada’s Financial Services Ecosystem February 17th, 2026 Toronto, Canada – The Canadian Lenders Association (CLA) today announced the acquisition of the Canadian Regulatory Technology Association (CRTA) into the CLA ecosystem. The initiative reflects the continued evolution of the CLA’s mandate and reinforces its […]

Ontario 2026 Pre-Budget Submission

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 […]

2025 End of Year Policy Report

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 […]

Canadian Lenders Association Appoints goeasy’s Patrick Ens as Vice Chair

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 […]

Canadian Lenders Association Appoints TD’s Michael McGhee as New Chair of the Board

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 […]

CLA Analysis of the 2025 Federal Budget: ‘Canada Strong’

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 […]

Canadian Lenders Association Statement on British Columbia’s Consumer Protection Amendments

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 […]

OSFI Sets Compliance Expectations for Evolving Risk Environment

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 […]

Rachel Manno joins the CLA as Board Secretary

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 […]

OSFI’s Annual Risk Outlook 2025-2026

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, […]

CLA: Recommendations on Proposed Amendments to the PCMLTFA for the Financing and Leasing Sector

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. […]

Steve Malone, CEO of CanCap, Joins the Board of the CLA

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 […]

CLA Review of the 2024 Fall Economic Statement

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 […]

David Gens joins the board; Kevin Clark becomes Exec Treasurer

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 […]

CLA Response to the Department of Finance consultation – Including Insurance Charges under the Criminal Rate of Interest in the Criminal Code

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 […]

CLHIA Response to Dept of Finance

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 […]

EY Report: Millions of Canadians Cut off from Access to Loans

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 […]

MPOWER Financing names Jatin Rajput, global financial services executive and fintech investor, as Chief Financial Officer

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 […]

Government of Canada’s Interest Cap Risks Criminal Surge 

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 Secures $2.3 Million to Revolutionize Credit Access for Non-Prime Consumers

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, […]

Aryza Originate: Revolutionizing Loan Origination in Canada

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, […]

Neo Financial, a leading Canadian Fintech, Joins the Canadian Lenders Association

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 […]

Competition Bureau Unveils Guidelines to Combat Wage-Fixing and No-Poaching

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 […]