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ARTICLE · 25 APRIL 2024

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Budget 2024: Financial Institutions Update

McCarthy Tétrault
McCarthy Tétrault
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The 2024 federal budget (the "Budget") includes a number of measures directed to the financial services sector, including: (i) developments in respect of a Consumer-Driven...

CanadaTechnology
TechLex Blog
TechLex Blog
Ana Badour
Ana Badour
Michael Scherman
Michael Scherman
Lori Stein
Lori Stein
Mike Dolson
Mike Dolson
Stephanie Dewey
Stephanie Dewey
Christopher Yam
Christopher Yam
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The 2024 federal budget (the "Budget") includes a number of measures directed to the financial services sector, including: (i) developments in respect of a Consumer-Driven Banking Framework, which will be overseen by the Financial Consumer Agency of Canada ("FCAC"), (ii) a number of measures in respect of affordability of financial services, including limits on non-sufficient fees ("NSF Fees") charged by banks and additional consumer protection measures in respect of high-interest lending and criminal rate of interest enforcement, (iii) updates to financial crime legislation (iv) tax measures in respect of crypto-asset transactions, (v) proposed deposit insurance consultations and (v) a number of proposed amendments to the Bank Act, the Insurance Companies Act, and the Trust and Loans Companies Act (the "Financial Institutions Statutes").

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