Press Releases

Press Release July 15, 2019

Inverite Joins the Canadian Lenders Association

July 16, 2019, Vancouver, BC, Canada: Inverite, the first Canadian designed, developed, and focused real-time bank verification service and an advocate of open banking, has joined the Canadian Lenders’ Association (CLA) as an affiliate member. “Inverite is proud to become an affiliate member of the CLA,” said Lloyd Evetts, Inverite’s director of business development. “As […]

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Press Release July 15, 2019

Marble Financial Becomes Member of the Canadian Lenders Association

MLI Marble Lending Inc. (CSE:MRBL) (“Marble” or the “Company”) is pleased to announce that it has joined as a member of the Canadian Lenders Association (“CLA”). The CLA provides its members the tools to innovate and grow and to foster safe and ethical lending practices. “We believe that clarity and transparency should be maximized in all credit […]

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Press Release July 11, 2019

Coast Capital Savings and OnDeck Canada Announce Small Business Partnership

Montreal, Quebec and Surrey, B.C., July 11 – Coast Capital Savings, Canada’s largest credit union by membership, and OnDeck Canada, a leading online lender to Canadian small businesses, today announced an innovative partnership aimed at accelerating online lending to Coast Capital small business members. Beginning this month, Coast Capital Savings (Coast Capital) small business members […]

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Press Release July 10, 2019

SharpShooter Funding Joins the CLA

Toronto, ON – July 10, 2019 – SharpShooter Funding and First Down Funding join the Canadian Lenders Association as general members. First Down Funding and SharpShooter, are proud to become a member of the Canadian Lenders Association and look forward to adhering to the principles for which they stand. “Membership of the CLA establishes First […]

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Press Release July 4, 2019

Credit Invisible: Keynote Video

1 in 3 Canadians may be credit invisible according to PERC Canada. Michael Turner, President of PERC Canada debuted groundbreaking research on credit invisibility and credit deserts in Canada at the Canadian Lenders Association’s Credit Invisibility Summit. Keynote Highlights: Michael Turner is the CEO and President of Policy and Economic Research Council (PERC).  He sets […]

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Press Release July 4, 2019

Klarna | Affirm: Panel Video

See panel hosted by Canadian Lenders and Retail Touchpoints in Chicago @ RetailX The Changing Face of Checkout: Panel: • Gary Schwartz, President of the Canadian Lenders Association • Chris Faught, VP of Omnichannel at Affirm • Lindy Crea, Head of U.S. Partnerships at Klarna. This panel highlights ways to develop a successful relationship with […]

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Press Release May 31, 2019

Affirm, Klarna & CLA: The Changing Face Of Checkout

Hasbrouck Heights, NJ May 31, 2019 — During the Retail TouchPoints (RTP) Live! @ RetailX event, June 25-26 at Chicago’s McCormick Place, the Changing Face Of Checkout panel will highlight strategies to attract next-gen shoppers. As part of the Digital Transformation Track at RTP Live!, the panel will take place Wednesday, June 26 at 11:00am. […]

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Press Release May 22, 2019

Disruption Conference: CLA partner with The Credit Association of Greater Toronto

CLA partner with the The Credit Association of Greater Toronto to support the Disruption Conference on June 13th in Toronto. CLA members can register at CAGT member price. https://conference.cagt.ca/ The Credit Association of Greater Toronto (the “CAGT”)  promotes excellence and innovation in the Credit and Financial Industry and other enabling verticals to drive performance and customer experience […]

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Press Release May 16, 2019

2019 Global Benchmark Study: Cambridge Centre for Alternative Finance & Canadian Lenders Association Continue Partnership

Cambridge, UK., and Toronto, Canada, May 16, 2019 –The Cambridge Centre for Alternative Finance (CCAF) and the Canadian Lenders Association (CLA) today announced a continuation in their partnership to support research into the innovative Canadian lending sector through the 2019 Americas Alternative Finance Benchmarking survey. The CCAF’s Global Benchmark continues to be the largest academic benchmarking […]

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Press Release May 10, 2019

May 2019 Regulatory Calendar

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 […]

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Press Release March 19, 2019

Progressa Report: ‘OPEN BANKING: Benefiting The Underserved’

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 […]

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Press Release March 11, 2019

March 2019 Regulatory Calendar

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, […]

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Press Release February 11, 2019

A Review into the Merits of Open Banking

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 prêteurs 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 […]

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Press Release February 2, 2019

January 2019 Regulatory Calendar

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 […]

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Press Release January 9, 2019

New Study: How do Canadians feel about credit?

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, […]

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Press Release January 7, 2019

CLA Rolls Out Transparency Tool to SME Lenders

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™ […]

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Press Release December 27, 2018

Canadian Alt Lending Sector Grows by 159%

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 […]

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Press Release December 21, 2018

Infographic: Travel Point-of-Sale Financing

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 […]

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Press Release December 20, 2018

Ali Pourdad, Progressa Co-Founder and CEO Joins the Canadian Lenders Association as Advocacy & Regulatory Committee Co-Chair

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 […]

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Press Release December 19, 2018

December 2018 Regulatory Calendar

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 […]

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Press Release December 19, 2018

The State of Alternative Lending in Canada 2018 Study

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 […]

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Press Release December 6, 2018

Highlights from Americas Alternative Finance Industry Report

                           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 […]

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Press Release December 1, 2018

Innovative Lender of the Year 2018

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 […]

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Press Release December 1, 2018

CLA RESPONSE TO “THE PUTTING CONSUMERS FIRST ACT”

An Open Letter to Hon. Tracy MacCharles, Minister of Government and Consumer Services Toronto, Canada, August 18, 2017 – Canadian Lenders Association (CLA) responds to The Putting Consumers First Act (Consumer Protection Statute Law Amendment). The CLA provides Canadian lenders the tools to innovate and to foster safe and ethical lending practices. As an association that […]

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Press Release December 1, 2018

ILPA AND CLA PARTNER TO PROMOTE INNOVATIVE LENDING PRACTICES FOR SMALL BUSINESSES IN THE U.S. AND CANADA

Washington, D.C., and Toronto, Canada, August 21, 2017 – The Innovative Lending Platform Association (ILPA) and the Canadian Lenders Association (CLA) today announced a partnership to support innovative services and access to capital for small businesses in the United States and Canada. Based in Washington, D.C., the ILPA is the leading U.S. trade organization representing a […]

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Press Release December 1, 2018

CANADIAN LENDERS ASSOCIATION & INNOVATIVE LENDING PLATFORM ASSOCIATION LAUNCH SMART BOX IN CANADA

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 […]

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Press Release December 1, 2018

CLA Responds to the Competition Bureau’s FinTech Public Consultation

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 […]

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Press Release December 1, 2018

Gary Schwartz Remarks to Senate Committee Regarding Bill S-237

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 […]

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Press Release December 1, 2018

Transcript of Senate Hearing on Bill S-237

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 […]

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Press Release December 1, 2018

Observations pour la réunion du Comité sénatorial concernant le projet de loi S-237

Mesdames et Messieurs les membres du Comité sénatorial permanent des banques et du commerce, je tiens à vous remercier de m’avoir invité à votre réunion alors que vous examinez le projet de loi S-237 — un projet de loi d’initiative parlementaire de la sénatrice Ringuette — sur la définition de « taux d’intérêt criminel » dans le Code criminel canadien. […]

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