Press Releases
This monthly report covers any consumer and commercial Lending regulatory and policy activity on a provincial and federal level for the month of May. The report details: Jurisdiction Name of Law/Regulation Brief Summary of Changes The report is prepared monthly by the Advocacy and Regulatory Committee of the Canadian Lenders Association. https://www.canadianlenders.org/committees/ Special thanks to […]
Review Progressa’s recently published Open Banking brief: Open Banking Benefits Not being driven by a closed ecosystem/closed banking monopoly which restricts the consumer to access resources they need. In the open banking era, you’re linked into alternative sources of value. Consumers can get the help they need in a streamlined manner when going through challenging […]
This monthly report covers any consumer and commercial Lending regulatory and policy activity on a provincial and federal level for the month of March. The report details: Jurisdiction Name of Law/Regulation Brief Summary of Changes The report is prepared monthly by the Advocacy and Regulatory Committee of the Canadian Lenders Association. Special thanks to Blake, […]
Canadian Lenders Association’s Response to The Advisory Committee to the Open Banking Review, Department of Finance Canada Canadian Lenders Association (CLA) | l’Association des prĂŞteurs canadiens (APC) is writing this response to The Advisory Committee to the Open Banking Review representing our CLA members and their borrowers nationally. We view Open Banking standards as an essential […]
This monthly report covers any consumer and commercial Lending regulatory and policy activity on a provincial and federal level for the month of January. The report details: Jurisdiction Name of Law/Regulation Brief Summary of Changes The report is prepared monthly by the Advocacy and Regulatory Committee of the Canadian Lenders Association. https://www.canadianlenders.org/committees/ Special thanks to […]
Only 51% of Canadians have savings for an emergency. In the case of an emergency, 35% of Canadians would take out a small loan or pay for it on their credit card, and this increases to 43% of those who are living paycheque to paycheque. 96% of Canadians believe a good credit score is important, […]
TORONTO, January 7, 2019 – The Canadian Lenders Association (CLA) in collaboration with Navigant and the Innovative Lending Platform Association begins to rollout the SMART Box™ program. SMART Box™ is a pricing disclosure model and comparison tool that will enable Canadian small businesses to better assess and compare their debt finance options. In 2018, SMART Box™ […]
Canada, the second largest market, generated $868 million. The report notes that Canada saw considerable growth, up by 159% from $335 million in 2016 to $868 million in 2017. The Canadian alternative finance market was driven primarily by alternative business funding, which accounted for 61% of the total. The Cambridge Centre for Alternative Finance (CCAF) has published their […]
By David Fry, CEO of Paays.com The Modern Traveler On the face of it, the modern traveler seems to have it all. A dizzying array of potential destinations, ultimate price transparency, and an almost infinite ability to configure a holiday to their own personal choices. A decade of advancing technology has turned the modern traveler […]
Toronto, Canada December 21, 2018 – The Canadian Lenders Association (CLA), is pleased to announce that effective December 14, 2018, Ali Pourdad, Co-Founder and CEO of Progressa, was appointed to its Advocacy and Regulatory Committee as Co-Chair. The CLA was established for businesses involved in provisioning financial services and as a platform to support growth […]
This monthly report covers any consumer and commercial Lending regulatory and policy activity on a provincial and federal level for the month of December. The report details: Jurisdiction Name of Law/Regulation Brief Summary of Changes The report is prepared monthly by the Advocacy and Regulatory Committee of the Canadian Lenders Association. https://www.canadianlenders.org/committees/ Special thanks to […]
When they’re in need of a loan, a majority of Canadians now look to online lenders as a viable alternative to traditional financial institutions, according to the State of Alternative Lending in Canada 2018 study conducted by online comparison service Smarter Loans. The research has confirmed that the industry has seen a lot more interest from consumers in […]
              Throughout the Americas, online alternative finance markets have continued to develop at a steady pace. The industry has increasingly offered viable options for consumers and businesses to access finance, and for retail and institutional investors to invest in new asset classes. With expansive […]
Congratulations to Eva Wong and Andrew Graham for winning the LEADER OF THE YEAR leadership award at the www.canadianleaderssummit.com. Congratulations to all nominees: David Souaid – Evolocity Jeff Mitelman – Thinking Capital Eva Wong, Andrew Graham – Borrowell Salim Naran, – Savvyy AI Ali Pourdad, – Progressa Wayne Pommen, – PayBright Cato Pastoll, – Lending […]
By Susan Varty for the Canadian Lenders Association Fast becoming an annual can’t-miss event for FinTech, lending and finance professionals, this year’s Canadian Lenders Summit was held on November 21 in downtown Toronto, Ontario, Canada. Presented by the Canadian Lenders Association (CLA), and bringing together leading experts from the worlds of Canadian lending and finance, […]
September 26, 2018 – Ottawa, Ontario – Department of Finance Canada The Government of Canada is committed to supporting a financial sector that promotes competition and consumer choice while continuing to deliver financial stability and economic growth. In keeping with this commitment, Minister of Finance Bill Morneau today launched the Advisory Committee on Open Banking, […]
To: British Columbia Ministry of Public Safety & Solicitor General Thank you for this opportunity to provide stakeholder feedback around the subject of high-cost consumer credit products and the alternative/innovative lending industry. We are grateful to be part of this important conversation which affects the ability for millions of Canadian consumers to access credit. We are […]
This monthly report covers any consumer and commercial Lending regulatory and policy activity on a provincial and federal level for the month of October. The report details: Jurisdiction Name of Law/Regulation Brief Summary of Changes The report is prepared monthly by the Advocacy and Regulatory Committee of the Canadian Lenders Association. For more information please […]
Toronto, Canada, August 7, 2018 – Today, the Canadian Lenders Association (CLA) announced the Innovative Lenders Awards– a recognition of executives and thought leaders who have developed and fostered innovative concepts and strategies that have helped move the lending industry forward. Nominations are now open at https://www.canadianlenderssummit.com/#awards “The CLA is excited to celebrate technology and business model innovation […]
Cambridge, UK., and Toronto, Canada, September 7, 2018 –The Cambridge Centre for Alternative Finance (CCAF) and the Canadian Lenders Association (CLA) today announced a partnership to support research into the innovative Canadian lending sector through the 2018 Americas Alternative Finance Benchmarking survey. The CCAF’s Global Benchmark is the largest academic benchmarking study on alternative finance and […]
Toronto, Canada, June 18, 2018 –  Today, the Canadian Lenders Association released a set of principles intended to help guide our advocacy and regulatory  outreach and collaboration both provincially and nationally with the aim of improving transparency, provide a balanced regulatory frameworks, and an open marketplace. “The Canadian Lenders Association represents the all lender stakeholders. We believe that […]
Toronto, Ontario, July 26, 2018:Â The Canadian Lenders Association (CLA), is pleased to announce that effective July 11, 2018, Jason Mullins, President and Chief Operating Officer of goeasy Ltd., was voted onto the leadership committee as Vice Chair by the board of the CLA. The CLA was established for businesses involved in provisioning financial services and […]
The Chair: Thank you all very much. It’s been very helpful. You are very informative. If you wish to provide information to us, we look forward to that as well. For our second panel, we welcome Mr. Gary Schwartz, President, Canadian Lenders Association by video conference from Toronto; and Ali Pourdad, Chief Executive Officer, Progressa. I […]
Mesdames et Messieurs les membres du ComitĂ© sĂ©natorial permanent des banques et du commerce, je tiens Ă vous remercier de m’avoir invitĂ© Ă votre rĂ©union alors que vous examinez le projet de loi S-237 — un projet de loi d’initiative parlementaire de la sĂ©natrice Ringuette — sur la dĂ©finition de « taux d’intĂ©rĂŞt criminel » dans le Code criminel canadien. […]
Remarks for Senate Committee Meeting RE: S-237 Good afternoon, members of the Senate Committee on Banking, Trade and Commerce. Thank you for inviting me to attend your Committee meeting today, as you examine Bill S-237, Senator Ringuette’s Private Member’s Bill as it relates to the “criminal interest rate” definition currently in the Criminal Code. https://sencanada.ca/en/Committees CLA […]
LENDING (PERSONAL OR BUSINESS) The FinTech lending sector consists of non-bank platforms that provide rapid onboarding, serve a wider range of clients than traditional financial institutions, and in some cases offer lower interest rates.19Â These platforms grew tremendously in popularity for small to medium businesses and individuals after the financial crisis. The combination of stringent regulations, […]
Report: December 14, 2017 Information Centre Competition Bureau 50 Victoria Street Gatineau QC K1A 0C9 Executive summary “The future is now. Let’s get it right by providing policymakers with the information they need to nurture a competitive environment that allows Canada’s FinTech companies to innovate and grow.” John Pecman, Commissioner of Competition About this study Financial technology (FinTech) has […]
Toronto, Canada, November 20, 2017 – Canadian Lenders Association (CLA) responds to the Competition Bureau’s public consultation regarding: “Technology-led innovation and emerging services in the Canadian financial services sector” The Canadian Lenders Association (CLA) provides Canadian lenders the tools to innovate and to foster safe and ethical lending practices. As an association that represents business-to-business, the […]
CLA September Monthly Update This monthly report covers any consumer and commercial Lending regulatory and policy activity on a provincial and federal level for the month of September. Please note the Open Banking* review that was set out in the 2018 federal budget. Please make sure this is on your radar. The report details: Jurisdiction Name […]
Seven Canadian Lenders commit to adopt landmark transparency tool Toronto, Canada, and Washington, D.C., October 26, 2017 – The Canadian Lenders Association (CLA) and the Innovative Lending Platform Association (ILPA) today announced the introduction of the SMART Box™ into Canada – a model pricing disclosure and comparison tool that will enable Canadian small businesses to better […]
