November's federal budget is supposed to include the next legislative phase for open banking. If you're a Canadian fintech executive, you've heard this song before. The difference this time? Multiple sources, speaking to industry media under the condition of anonymity, say that government officials and lobby groups are telling them it's real. Phase 2 legislation (covering common rules and accreditation frameworks) is apparently ready for its debut on Nov. 4.
The Bank of Canada finally said what Canadian fintech executives have been thinking for years: our payment infrastructure is embarrassing. But this time, they're proposing stablecoins as the solution.
With mortgage interest rates at their highest levels in recent years, the mortgage banking industry is facing a period of hesitancy among prospective borrowers and existing clients alike. This is a time when lenders and brokers must do everything in their power to ensure that the pace of mortgage applications does not slow down too much, but they also need to watch their mortgage pull-through rates.
The 2022 National Conference for Canada’s Credit Unions (CCUA) event was a must-attend for anyone operating in the credit union space. Our industry is rapidly changing and we must all be prepared to educate ourselves on the state of the market, technology, and industry best practices.
Gone are the days when lenders rely on emails and accessing consumer information through unsecured systems. The Financial Services Regulatory Authority of Ontario (FSRA) is proposing guidelines to support the lending industry and cybersecurity preparedness. This is big news for the Canadian mortgage industry.