Ontario Fall Economic Statement: Canadian Lenders Association Response

Today, the Ontario government released its 2026 Fall Economic Statement. In response, Gary Schwartz, President at the Canadian Lenders Association (CLA), issued the following statement:

“Ontario’s households and businesses need reliable access to credit as they navigate economic uncertainty. The Canadian Lenders Association welcomes the government’s commitment to reduce regulatory duplication, remove interprovincial barriers and improve access to capital.

“Banks, credit unions and non-bank lenders all contribute to a competitive financial services sector. Regulatory modernization should recognize these different business models and ensure that requirements are proportionate to risk. For consumers, the objective should be greater choice, fair treatment and access to responsible lending.

“The government’s exploration of optional digital credentials is particularly relevant to our members. Secure, verifiable identification could help lenders prevent identity fraud and make it easier for consumers to access financial services. Implementation must protect personal information, preserve consumer choice and accommodate people who continue to rely on physical identification. We encourage Ontario to engage lenders early in this work and consider compatibility across jurisdictions.

“We are disappointed that the statement does not address reform of the Repair and Storage Liens Act, despite the opportunity to advance changes that benefit consumers, responsible repair and storage operators, and lenders alike. Clearer rules governing repair authorizations, notice to secured lenders and storage charges would help prevent abusive practices and unnecessary costs. We continue to urge the government to bring these reforms forward.

“The CLA looks forward to working with the government on practical reforms that strengthen fraud prevention, support competition and improve access to credit for Ontarians.”