Press Releases
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 […]
Toronto, ON — March 6, 2023 — The Canadian Lenders Association (CLA) is pleased to welcome Amit Sadhu, Senior Vice President, Risk Operations at RBC, to its Board of Directors. Amit brings a wealth of experience and knowledge to the CLA. His expertise in lending and risk management will be invaluable to the CLA as […]
Toronto, ON — March 2, 2023 — The Canadian Lenders Association (CLA) is thrilled to announce the election of Cyrielle Chiron, Senior Vice President, Product Strategy and Innovation at Peoples Group, to its Board of Directors. Cyrielle brings a wealth of experience and expertise to the CLA. Her extensive knowledge and understanding of the industry […]
The CLA is thrilled to announce the publication of its latest report, created in partnership with Divercial. Based on survey results from a variety of CLA members, this report provides an analysis of the current state of DE&I in Canadian finance, and offers recommendations for companies to ensure their work environment is inclusive for all […]
BILL 13 – AN ACT TO AMEND THE CONSUMER PROTECTION AND BUSINESS PRACTICES ACT Legislative amendments to the Consumer Protection and Business Practices Act were introduced in October in the House of Assembly to regulate high-cost credit lending in Newfoundland. The government recognizes that high-cost credit products may help individuals with no other options, however, […]
Largest lending summit in Canada kicks off Nov. 16 Leading voices from across the wide spectrum of the lending industry in Canada will gather for the sector’s largest event of the year at the Canadian Lenders Summit in Toronto Nov. 16. Join over 450 fintech lenders, banks, credit unions, tech vendors, portfolio providers and government […]
With over $186 billion in consumer credit balances, the non-prime consumer segment is a significant contributor to the lifeblood of the Canadian economy; they also represent the segment of the population that most relies on sources of alternative credit, given their inability to qualify at major financial institutions who focus largely on servicing prime consumers. […]
Toronto, ON, May 3, 2022 – The Canadian Lenders Association (CLA) is pleased to welcome Zenbase as a new member. Zenbased is a company committed to economic inclusion in order to foster financial empowerment for renters. Its solutions improve the financial wellness of renters while improving operational efficiency for property managers. Zenbase was founded with […]
Toronto, ON, March 8, 2022 – The Canadian Lenders Association (CLA) is pleased to welcome Clik2pay, a unique online payments service that facilitates bill, invoice, and online payments directly and securely from customer bank accounts. With Clik2pay, real-time payments are completed easily by text message, e-mail, checkout button, or QR code – and are processed […]
List of Recommendations Recommendation 1: The government should include language in Budget 2022 that accurately defines the fintech lending sector, differentiating it from payday lending. Recommendation 2: The government should ensure that credit options remain available across the entire credit spectrum. Recommendation 3: The government should amend the Canadian Payments Act to […]
Toronto, ON — February 9, 2022 — The Canadian Lenders Association (CLA) is excited to welcome new member Peoples Group, a leader in Canada’s lending space. Through Peoples Trust, Peoples Bank, Lendful and First Inheritance, they provide residential, multi-family, and commercial mortgage products, as well as asset based and corporate lending solutions and consumer loans. […]
TORONTO — January 24, 2022 — The Canadian Lenders Association welcomes Perch as a new approved vendor. Perch creates a customized plan that helps Canadians optimize their path to homeownership. The company also helps homeowners build wealth through real estate. Gary Schwartz, President of the CLA said, “We are excited to work closely with Perch. Data […]
TORONTO — December 15, 2021 — The global BNPL SUMMIT, hosted by the Canadian Lenders Association (CLA) has partnered with Retail Innovation Conference & Expo (formerly known as RetailX) to provide online and in-person content for the merchant community in Canada and US . The in-person event will be held at the McCormick Place Convention […]
On December 15th, the Minister of Finance, Chrystia Freeland delivered a fiscal and economic update on the state of Canada’s economy. In the address, the Minister underscored the importance of “finishing the fight against COVID-19” and outlined some key focus areas for the Canadian economy moving forward. Lenders should pay particular attention to the monetary […]
TORONTO — November 30, 2021 — Canadian Lenders Association’s (CLA) approved vendor and member Swoop has now expanded its services to Canada. The business funding and savings platform has been highly successful in the UK, Ireland, Australia, New Zealand, growing to a user base of 60k SMEs. Swoop has assisted its users in obtaining more […]
TORONTO — November 18, 2021 — The Canadian Lenders Association (CLA) is pleased to welcome Symple Loans – a global lending fintech company offering low-cost personal loans for Canadian consumers. Symple uses state-of-the art technologies to digitize the end-to-end borrowing experience for applicants and advanced analytics to offer credit-worthy, prime, and super-prime customers lower interest […]
November 17, 2021 (Toronto)—Calvert Home Mortgage Investment Corporation joins the CLA as a new member to offer its customized lending solutions to real estate investors, mortgage brokers and homeowners across Alberta and Ontario. Calvert will be joining the CLA as a founding member of the Mortgage Roundtable. “We are excited to join the Canadian Lenders […]
TORONTO — October 13, 2021 — The Canadian Lenders Association (CLA) is pleased to welcome credolab as a new approved vendor. Credolab’s embedded scoring technology provides deeper and more accurate behaviour insights to assess the creditworthiness of all Canadians, even new immigrants, fairly and unbiased. Credolab provides a novel fintech solution that leverages previously untapped behavioural […]
September 16, 2021 (Toronto)—The Canadian Lenders Association (CLA) is pleased to welcome RNDpoint, a UK-based lending software provider behind the ABLE Platform, a pre-packaged solution for end-to-end loan management, servicing, and collection. Founded in 2014, RNDpoint is a trusted software provider for banks, credit unions and alternative lenders worldwide. Its flexible all-in-one ABLE Platform makes […]
Toronto— September 28, 2021 — CLA Approved Vendor All Ships Investors announced a new partnership as part of its advisory to the financial technology company and alternative investment platform, Percent. This new partnership is with Indigoblue, a Canadian residential mortgage originator. It’s the most recent in a series of new partnerships between Percent and a […]
TORONTO — September 28, 2021 — The Canadian Lenders Association (CLA) is pleased to welcome BridgePoint Financial, a leader in Canada’s litigation finance market providing innovative and value-added funding solutions with an unwavering focus on client service since 2005. Gary Schwartz, President of the CLA, said, “BridgePoint Financial brings key expertise in the litigation finance market […]
Toronto, ON, September 21, 2021 – Bloom Finance Company Ltd. (“Bloom”) announced the launch of its home equity release platform for 55+ homeowners across Ontario. Following a limited rollout in select markets through the summer, the Bloom Reverse Mortgage is now available in all Ontario markets, and will soon be available in other provinces in […]
TORONTO — September 15, 2021 — The Canadian Lenders Association (CLA) is pleased to welcome Syngrafii Inc, a global pioneer in e-signatures, video signing and remote on-line notarization as an approved vendor of integrated technology tools that provide the mortgage and lending market with enhanced efficiencies, customer service and acquisition capabilities within a robust compliance […]
List of Recommendations âť– Recommendation 1: That the government should, in accordance with the Advisory Committee on Open Banking’s recommendation,1 move forward quickly to implement a hybrid, made-in Canada system of consumer-directed finance. âť– Recommendation 2: That the government should amend the Canadian Payments Act to ensure RPAA-regulated FinTechs are eligible to benefit from Payments […]
June 14, 2021 (Toronto) — The Canadian Lenders Association (CLA) is pleased to welcome Brane Capital, Canada’s leading cryptocurrency and digital asset custodian, as Brane launches the first Canadian collateral custody solution for loans secured by crypto assets like Bitcoin and Ethereum. Combining cutting-edge custody technology, private key management protocols, and customizable reporting capabilities, Brane’s […]
We are disappointed that the world-class innovation and experience of the Canadian fintech lending sector is not harnessed in Canada’s economic recovery plans as it has been successfully in the UK, US and Australia. We are pleased, however, that the government recognizes that the digital economy is critical to growing a more prosperous economy. Fintech […]
