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ARTICLE · 22 APRIL 2021

Budget 2021: Financial Institutions Update

McCarthy Tétrault
McCarthy Tétrault
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The 2021 federal budget (the "Budget") included a number of measures directed to the financial services sector, including measures in respect of credit card interchange fees, the retail payments...

CanadaFinance and Banking
Ana Badour
Ana Badour
Hartley Lefton
Hartley Lefton
Lucie Tedesco
Lucie Tedesco
Nancy J Carroll
Nancy J Carroll
Shauvik Shah
Shauvik Shah
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The 2021 federal budget (the "Budget") included a number of measures directed to the financial services sector, including measures in respect of credit card interchange fees, the retail payments oversight framework, the federal unclaimed assets regime, a proposed clarifying change to the federal financial consumer protection framework, the announcement of consultations in respect of the criminal rate of interest, and proposed amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the "PCMLTFA"), the Canada Deposit Insurance Corporation Act (the "CDIC Act"), the Payment Clearing and Settlement Act (the "PCSA"). Finally the Budget also provided that the sunset date for the federal financial institution statutes be extended to 2025. A number of these measures were previously announced in the 2020 Fall Economic Statement (see our summary here).

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