Press
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 […]
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 […]
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 […]
Written Submission to the Standing Senate Committee on Banking, Commerce and the Economy
CHANGES TO SECTION 347 OF THE CRIMINAL CODE: 347 (1) Despite any other Act of Parliament, every person who enters or offers to enter or offers to enter into an agreement or arrangement to receive interest at a criminal rate, who advertises an offer to enter into an agreement or arrangement that provides for the […]
CLA Analysis of the 2024 Federal Budget: ‘Fairness for Every Generation’ in Election Lead-Up
Toronto, ON — April 19, 2024 — In a strategic move ahead of the impending election, Deputy Prime Minister and Minister of Finance Chrystia Freeland presented the 2024 federal budget titled “Fairness for Every Generation.” This budget, which projects substantial fiscal outlays and tax adjustments, seeks to bolster support among younger Canadians while maintaining fiscal […]
CLA Written Submission to Department of Finance Consultation on Strengthening Competition in the Financial Sector
ABOUT THE CANADIAN LENDERS ASSOCIATION AND THE OPEN FINANCE ROUNDTABLE The Canadian Lenders Association (CLA) supports the growth of bank and non-bank companies that are in the business of lending, along with sectors closely related to lending such as Banking as a Service (BaaS), Core Banking, Diversity, Equity & Inclusion (DE&I), Sustainable Finance, and Open […]
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 […]
CLA Non-Prime Roundtable Submission on Potential Carve-Outs to the Maximum Rate of Interest
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 Partners with CARFAX Canada for Transparent Auto Lending
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. […]
Budget 2023 Overview
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 […]
Lowering Maximum Allowable Rate of Interest Will Hurt Millions of Canadians, says CLA
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
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 […]
Amit Sadhu of RBC Joins Canadian Lenders Association Board of Directors
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 […]
Cyrielle Chiron of Peoples Group Joins Canadian Lenders Association Board of Directors
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 […]
New DE&I Report: “The Future of Work”
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
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, […]
Zenbase, a Leader in Flexible Rent Payments, Joins the Canadian Lenders Association as a New Member
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 […]
Largest lending summit in Canada kicks off Nov. 16
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 […]
CLA Response on the Consultation on Lowering the Criminal Rate of Interest
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. […]
Clik2pay Joins the Canadian Lenders Association
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 […]
Written Submission for the Pre-Budget Consultations in Advance of the Upcoming Federal Budget
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 […]
Peoples Group Joins the Canadian Lenders Association
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. […]
Perch Joins the Canadian Lenders Association As New Approved Vendor and Mortgage Roundtable Member
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 […]
Merchant-focused BNPL SUMMIT launches in Toronto & Chicago
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 […]
CLA Response to the Fall Fiscal and Economic Update
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 […]
Canadian Lenders Association’s Approved Vendor and Member Swoop Expands to Canada in Advance of Open Banking
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 […]
Fintech Symple Loans Joins the CLA, Giving Canadians an Online Borrowing Experience with Lower Interest Rates
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 […]
Calvert Joins the Canadian Lenders Association as a Founding Member of the Mortgage Roundtable
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 […]
Credolab to enhance Canadian Lenders Association’s Lenders API
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 […]
RNDpoint Joins Canadian Lenders Association to Offer Digital Lenders ABLE Platform
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 […]
All Ships Investors Closes First Canadian Real Estate Transaction on the Percent Platform
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 […]
BridgePoint Financial Joins the CLA
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 […]
Bloom Launches Modern Home Equity Release Platform for 55+ Canadians
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 […]
E-Signature Provider Syngrafii Joins CLA as Approved Vendor of Compliant e-Signature Tools
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 […]
Written Submission for the Pre-Budget Consultations in Advance of the Upcoming Federal Budget
List of Recommendations ❖ 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. ❖ Recommendation 2: That the government should amend the Canadian Payments Act to ensure RPAA-regulated FinTechs are eligible to benefit from Payments […]
Crypto custodian Brane Capital Joins CLA, Launching Canada’s First Comprehensive Collateral Custody Solution for Crypto-Backed Loans
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 […]
Canada’s 2021 Budget: The CLA’s Response
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 […]
Response to Ontario High-Cost Credit Consultation
Response to the Alternative Financial Services: High-Cost Credit Consultation Paper March 30th, 2021 Introduction The Canadian Lenders Association (CLA) supports the growth of companies that are in the business of lending, or providing other means of credit, to small businesses and individuals. We represent over 100 companies across Canada. Our members are fintech innovators and […]
Zūm Joins CLA as an Approved Vendor to Offer Lenders Best in Class Payment Technology
February 16, 2021 (Toronto) — The Canadian Lenders Association (CLA) is pleased to welcome Zūm, a leader in fast and intelligent payment operations, into its membership as an approved vendor based on their ability to optimize borrower satisfaction and revenues through next generation payment solutions. Zūm empowers lenders to offer efficient and cost-effective real-time funding […]
2020 Wrap Up in Canadian Lending
2020 has been a year marked with incredible resilience, recovery and innovation. Though many industries played vital roles supporting Canada’s businesses and citizens through COVID, the lending industry deserves special recognition. This year lenders took extraordinary steps to support Canadian families and entrepreneurs. Many instituted relief programs, cut rates, and worked with all levels of […]
Alternative Credit Scoring in Canada
November 19, 2020 The Bank of Canada recently rained on hopes for a quick recovery from the economic impacts of the country’s coronavirus slowdown — a hope nurtured, many thought, by signs of economic resilience over the summer. Alas, late in October, the Canadian central bank issued a Monetary Policy Report suggesting that hard times will continue, perhaps all […]
HES FinTech Joins Canadian Lenders Association to Drive Digital Lending Transformation Across Canada
The Canadian Lenders Association (CLA) is pleased to announce that they have entered into a strategic partnership with HES FinTech, a leader in lending solutions for banks and fintechs. The HES-CLA partnership brings together in-depth expertise in lending software development and deployment, product ideation, and innovative tools to help support Canada’s lending community. With its […]
Echelon & CLA Announce Strategic Relationship
TORONTO, August 10, 2020 – As part of a strategic relationship signed between Echelon Capital Markets (Echelon) and the Canadian Lenders Association (CLA), Echelon has officially been named as the Preferred Financial Advisor to the CLA, effective immediately. Echelon’s investment banking team has advised a number of CLA members with their capital and M&A needs […]
Excluding Fintech Lending in the Time of COVID
By: Gary Schwartz, President of the Canadian Lenders Association This article originally appeared in the Globe & Mail While governments globally have actively engaged their fintech lenders to help deliver loans to shuttered Main Street merchants, our government has chosen to exclude this burgeoning sector. It seems counterintuitive to ignore companies that pre-COVID had been […]
Covid-19 Small Business Survey Results (CLA)
Toronto, May 26th, 2020 – Canadian Lender Association has completed a comprehensive national survey in cooperation with its fintech lenders. CLA members finance over 100,000 micro, small and medium sized businesses nationally. The survey results indicate that even with the deployment of the Business Credit Availability Program (BCAP), small businesses struggle to overcome liquidity issues. […]
Truth in Advertising for Insolvency Trustees
Standardization of Public Disclosures May 25, 2020, Ottawa – The CLA has serious concerns regarding the recent representations made by certain insolvency trustees on mainstream and social media, either via advertising or through public statements. It is our view that any advertising that encourages consumers to consider bankruptcy as a first course of action – […]
FDATA North America Endorses Canadian Lenders Association’s Proposal
April 24, 2020, Washington, DC & Toronto – The Financial Data and Technology Association (FDATA) North America today announced its endorsement of the Canadian Lenders Association (CLA) proposal to include financial technology (fintech) participation in Canada’s COVID-19-related financial relief programs for small and medium-sized enterprises (SMEs). While Canada’s Business Credit Availability Program (BCAP) should provide […]
Ottawa in talks with fintechs on $2-billion plan to lend money to an additional 100,000 firms
A group of leading fintechs is in discussions with Ottawa on a proposal to provide $2 billion in emergency loans to up to 100,000 Canadian small businesses, The Logic has learned. Representatives from Kilgour Williams Capital and the Canadian Lenders Association (CLA) have met with Finance Canada multiple times over the past month to fine-tune […]
Proposal to Develop, Implement and Administer a Small Business Emergency Funding Program
Canadian Lenders Association (“CLA”), in conjuection with Kilgour Williams Capital (“KWC”), is pleased to submit this proposal to develop, implement and administer an emergency funding program (the “Program”) to assist Canadian small businesses affected by the COVID-19 pandemic, and that may not be well served, by the Business Credit Availability Program (“BCAP”) being administered through […]
Foreign Governments Working with Fintech to Distribute Aid to SMBs
Governments are looking to fintech platforms as way to effectively adjudicate and distribute aid to small businesses. Below are examples of how foreign governments are working with fintech and on what terms. USA: Paycheck Protection Program (PPP) asks lenders to underwrite based on whether the borrower was in operation on Feb 15, not […]
A Message to Canadians Borrowers
Covid-19 has impacted the daily lives of millions of Canadian families from coast to coast. As individuals, we are all experiencing tremendous levels of financial stress, as are the small businesses that define our neighbourhoods. Our primary goal at the CLA is to play as active a role as possible in alleviating this financial pressure […]
Canada’s Government Assistance Programs for SMBs Compared to Foreign Governments
COVID-19 fallout could force 1 in 4 small businesses to close doors permanently. Ottawa has responded with a stimulus package that included a wage subsidy, tax deferrals and billions in credit to keep SMBs afloat during this massive cashflow crisis. Please read the CLA’s Open Letter to Government, which outlines further actions that can be taken in […]
Canadian Lenders Association Establishes COVID-19 Consumer Lending Working Group
March 30th, 2020 (Toronto)—The Canadian Lenders Association (CLA) today announced the formation of a national working group to support consumer lenders in their response to COVID-19. The consumer lender working group will serve as an advisory committee and resource for CLA members and advocate on their behalf as ongoing actions are considered in efforts to […]
Open letter to the Government of Canada: Canadian small businesses need fintech lending options during COVID-19
The Canadian Lenders Association and its members ask the Government of Canada to extend their proposed economic stimulus for small businesses to include financial technology-driven lending options. March 24, 2020, 9:00AM EST (TORONTO, ON) The Right Honourable Prime Minister Justin Trudeau The Honourable Bill Morneau The Honourable Mary Ng The Honourable Navdeep Bains The Honourable […]
Lettre ouverte au gouvernement du Canada : Les petites entreprises canadiennes ont besoin d’options alternatives de financement pendant la COVID-19
L’Association des Prêteurs Canadiens et ses membres demandent au gouvernement du Canada d’étendre les mesures de relance économique pour les petites entreprises afin d’inclure des options de financement par voie de technologie financière. Le 23 mars 2020 Cher Premier ministre Trudeau, M. Morneau, Mme Ng, M. Bains, Mme Freeland, M. Duclos et M. Rodriguez : […]
Canadian Lenders Association Establishes COVID-19 SMB Working Group
March 19th, 2020 (Toronto)—The Canadian Lenders Association (CLA) today announced the formation of a national working group to support members’ response to COVID-19. The working group will serve as an advisory committee and resource for CLA members and advocate on their behalf as ongoing actions are considered in efforts to provide additional credit to small […]
Q1 2020 Regulatory Update
This quarterly update covers any consumer, commercial, and mortgage lending regulatory and policy activity on a provincial and federal level for the Q1 2020. 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 […]
BMO, Cox & BFS Capital join Canadian Lenders Association Board
Feb 11th, 2019, Toronto, Canada – The Canadian Lenders Association (CLA) today announced that Lyla Kanji, Head Loan Syndication & Specialty Finance, Canadian Commercial Banking at BMO Financial Group, Jerome Dwight, EVP of Cox Automotive Canada (Dealertrack) and Mark Ruddock, CEO of BFS Capital have joined as members of the association’s board. “We are very excited to expand the […]
Leaders-in-Lending Winners, presented by BMO Financial Group
Nov 20, 2019, Toronto, Canada. Canadian Lenders Association (CLA), the voice of the innovative business and consumer lending industry, announces the winners of the 2019 Leaders-in-Lending Awards. Wayne Pommen, CEO, Paybright – paybright.com and Financeit – www.financeit.io won the Exectutive and Company award respectively. “We are proud to sponsor this year’s lenders award that recognizes the world-class […]
VoPay Joins Canadian Lenders Association to Support Digital Lending Growth Across Canada
VANCOUVER, British Columbia — The Canadian Lenders Association (CLA) is please to announce that VoPay, a leader in payment technology innovation has become a member. The CLA provides its members with the tools to innovate and grow and to foster safe and ethical lending practices. Digital lending uses technology platforms and software to manage loan […]
OnDeck Canada CEO, Neil Wechsler, Announced as New Chair of Canadian Lenders Association
Nov 12th, 2019, Toronto, Canada – The Canadian Lenders Association (CLA) today announced Neil Wechsler, CEO of leading online small business lender, OnDeck Canada, as the new Chair of the CLA’s Board of Directors. Neil’s appointment comes with a renewed vision to ensure the CLA is the national leader in fostering transparency for innovative lending practices […]
CLA Announces the Leaders-in-Lending Awards, presented by BMO Financial Group
Nov 11, 2019, Toronto, Canada. Canadian Lenders Association (CLA), the voice of the innovative business and consumer lending industry, announces the Top 25 Lenders of 2019. “In partnership with BMO, we are excited to continue to celebrate innovation and leadership in Canada’s lending sector,” says Gary Schwartz, President of the CLA. “Today we announce the […]
The Canadian Lenders Association Reaffirms Industry Lending Values
Toronto. November 11th, 2019. Canadian Lenders Association (CLA), the voice of the innovative business and consumer lending industry, reaffirms its commitment to further transparent and ethical lending to Canadian borrowers nationally. “As an association that represents key aspects of Canada’s lending ecosystem including: policy, advocacy, standards, and innovation, it is important to renew and reaffirm […]
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 […]
July 2019 Regulatory Update
This monthly report covers any consumer and commercial Lending regulatory and policy activity on a provincial and federal level for the month of July. 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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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. […]
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. Home 9 – Business Event The Credit Association of Greater Toronto (the “CAGT”) promotes excellence and innovation in the Credit and Financial Industry and other enabling verticals to drive […]
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 […]
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 […]
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 […]
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, […]
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 […]
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 […]
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, […]
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™ […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
Celebrating Innovation at the Canadian Lenders Summit 2018
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, […]
Minister Morneau Launches Advisory Committee on Open Banking
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, […]
British Columbia: Stakeholder Feedback, High-Cost Credit Products & Alternative Lending Industry
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 […]
CLA’s October Legal Update
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 […]
CLA Launches the Innovative Lenders Awards
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 Centre for Alternative Finance & Canadian Lenders Association Partner on Global Benchmark Study
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 […]
The Canadian Lenders Association Outlines National Advocacy & Regulatory Principles
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 […]
Jason Mullins, goeasy’s President and COO Joins the Canadian Lenders Association as Vice Chair
Toronto, Ontario, July 26, 2018: 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 […]
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 […]
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. […]
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 […]
An Overview of FinTech in Canada – lending
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.19 These platforms grew tremendously in popularity for small to medium businesses and individuals after the financial crisis. The combination of stringent regulations, […]
Technology-led innovation in the Canadian financial services sector
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 […]
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 […]
CLA’s September Legal Update
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 […]
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 […]
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 […]
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 […]
CLA’s August 2018 Legal Update
Review here: CLA August 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 August. 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 […]
CLA & Navigant Collaborate to Offer the SMART Box™ Disclosure Tool to Small Business Lenders
TORONTO & CHICAGO–(BUSINESS WIRE)–Navigant (NYSE: NCI) and the Canadian Lenders Association (CLA) announced today they are collaborating on adapting the SMART Box for the Canadian market. 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. The collaboration combines Navigant’s […]