Taxes are going up, TO condo prices are going down and recreational property up 15% to 40% in the Canadian market.
How the US will Inflate its Debt Away
TD Bank Releases ALARMING Report About State Of Ca
Why are Interest rates not falling.
Goldman Sachs’ top AI picks
Does Printing Money Cause Inflation?
HSBC, the Untouchable Titan of Global Finance
US Economist’s Shock Warning: “Biggest Crash in Ou
Toni Gravelle Speech
Alberta Premier on the Supreme Court\'s ruling, an
What Bank of America Just Said is Shocking
Horrific Canadian Banking Corruption Right Before
The Banking System is in Free-Fall
The Financialization of Real Estate
The FDIC Threatens Downgrades That Will Cut Off Ac
Bitcoin regulations are coming
Are we in a bubble and, if so, when will it pop?
Canadian real estate and government, March 29
FIRE report January 12th
BOC and reconciliation with Indigenous people
Nov 26 FIRE report
FSIM FIRE report Nov 23
Nov 18th FIRE report
Poloz debunked, Nov 12 FIRE report
Central bank digital currencies: foundational prin
Nov 5th FIRE report
FIRE report November 2nd
Canadian real estate February 24
Real estate: Feb 9, bulls vs bears
Feb 1, The Dumb Money Real Estate Vid
January real estate report 2021
December 4th real estate report
Real estate, mortgage debt to income ratio improve
Real estate: fiscal conservatism/ponzi neoliberali
Caution for real estate investors, Oct 14th report
Canadian bank industry overview - part 1
Why insurance should partner with flood-claim.com
Canadian large bank comparison
Current state of fintech in Canada
XE.com explains their Big Data and AI strategy.
Greenpeace urges TD bank boycott
Insurance flood US vs Can comparison.
Canadian bank industry overview part 5
Canadian banking industry overview part 4
Part 3 Canadian bank industry overview
Canadian banking overview - part 2
Death to bitcoin, long live bitcoin
RBC to integrate Wave Technologies
Deposits have skyrocketed since the start of the p
About
About BankNews TV: financial services industry monitor (FSIM), analytics and research
Latest news and events for Canadian financial service companies, analytics, fintech and AI. BankNews.TV provide the latest technology news and reports for banks and insurance companies looking to compete in a rapidly changing market.
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Research
Part 2: The Merchant Loyalty Industrial Complex Collapse
fsim.ca/docs/Credit_cards_Part_2v4.pdf
Mark Sibthorpe
Since November 2, 2021, Loyalty Ventures Inc.'s (Airmiles) market cap has decreased from $861.42M to $2.11M, a decrease of -99.75%. This compares closely to 2018, when Aimia sold Aeroplan back to Air Canada and partners TD and CIBC for $238 million. For reference, in 2005 Aeroplan launched an IPO valuing it at $2 billion. Related to Aimia’s downfall, it had also previously sold the UK Nectar program to Sainsburys for $120 million, $580 million lower than it paid for Nectar in 2007.
This report digs under the surface and uncovers why loyalty is going the way of the dodo.
Merchants should not waste time fighting card networks
fsim.ca/docs/Card_fees_ongoing.pdf
Mark Sibthorpe
This is part one of a two part assessment of merchant frustration due to high credit card fees. The second part of this report will outline an alternative approach that merchants can consider. An approach that is a win for them and also for the card networks.
The full story of SVB March 12th, 2023
fsim.ca/docs/SVB_special_report2.pdf
Mark Sibthorpe
Aggregated news and research related to SVB. Apart from SVB, included in this report is related news with respect to other banks and non-traditional companies looking to add financial services that also appear risky.
March 2023 bank earnings summary
fsim.ca/docs/bankearningsfriday.pdf
Mark Sibthorpe
This report provides a snapshot into recent bank earnings and related news as published in fsim.ca reports.
Real estate report: October 30th, 2020
fsim.ca/docs/Oct30rereportv1.pdf
Mark Sibthorpe
The big buzz in real estate recently is Mark Carney being scooped up by Brookfield. This means more juice for riskier borrowers. Brookfield, a huge player in real estate, both residential and commercial, recently bought its remaining shares from Sagen (Genworth MI Canada), which values the company at $3.8 bn.
VersaBank’s New High-Security VPN Proving Especially Valuable During COVID-19 Pandemic
fsim.ca/docs/TailscaleReleaseMarch30FINAL.pdf
Press Release
2014 FSIM when Bernanke visited Montreal
fsim.ca/docs/MockBernanke.pdf
Mark Sibthorpe
Considering Bernanke is hated by the Republicans and hated even more by the Democrats, and is currently under scrutiny for saving AIG but not Lehman, (in hindsight) with respect to issues over solvency vs liquidity, the Montreal lovefest attended by 1,100 people yesterday must have been a welcome respite. Click the link to read the entire 2014 report.
Eisman's big Canadian bank short
fsim.ca/docs/eisman2.pdf
Mark Sibthorpe
I have been reporting on Steve Eisman's short position for quite some time. As the analyst reaction to Eisman shows (link below), Eisman has taken a lot of heat for shorting Canadian banks. Instead of capitulating, in September 2019 he publicly disclosed the fact that he added Canadian Tire to his position, He explains the rationale for this in a BNN interview late 2019. Essentially, his big concern with respect to banks was non-performing loans in Alberta. He feels Canadian bank CEOs are not prepared for a credit cycle. He specifically referenced ATB (a private bank) in discussing his concerns. Looking at the numbers today, my guess is that he has made off like a bandit.
VersaBank Beta-Testing Its New, High Volume Mortgage Finance App
fsim.ca/docs/VBCortelMortFinanceAppFeb62020.pdf
Press Release
VersaBank announces it is initiating beta-testing on its newly developed high-volume mortgage software app with the Cortel Group, one of Canada’s largest home and condominium builders. The app, named “Direct Connect”, was designed to facilitate and significantly reduce the lengthy finance approval process typically experienced by home buyers when visiting home and condo pre-construction sales offices.
How and why you need to defend your brand against disruptors
Mark Sibthorpe
Technology, and being open to opportunities, has preempted transformation in banking. At the top of change are Mint, PayPal and ApplePay; three examples of transformative solutions that are now ubiquitous. On the horizon: Uber and Google, both having recently announced partner based banking services. Further down in the plumbing is Duca Impact Labs, Versabank, and Revolut. This report shows how cost conscious FIs can, not only stay relevant in the face of adversity, but punch well above their weight. All thanks to creative thinking and the ongoing commoditization of technology.
Kick the can(nomics)
fsim.ca/docs/Kick.pdf
Mark Sibthorpe
Canada has used consumer debt to provide life support to the economy. This strategy which basically pushed the day of reckoning to the next government was old back in 2014, and now is well past its sell-by-date. Recognizing this, and desperate to keep the economy out of a recession, Trudeau is spending more money now than any government in Canadian history. This report disusses a possible alternative.
ScoreCard Bill Morneau, Canada's Minister of Finance
fsim.ca/docs/ScoreCardMorneau.pdf
Mark Sibthorpe
This report is a scorecard I designed in order to rank the performance of the current Minister of Finance, Bill Morneau. I do regular rankings because, otherwise, I cannot measure the performance in a meaningful way. The scoring is based on a variety of metrics as detailed on the ‘score-table’ on page 3. Examples of the criteria and weighting include:
Observations and overview of 2018 NB flood support from government and insurance companies.
fsim.ca/docs/Observations and overview of 2018 NB flood support from government and insurance companies..pdf
Mark Sibthorpe
Flood aftermath is linked to post traumatic stress. Here are some findings from a study conducted by Queensland University following a flood:
"The findings showed that aftermath stress contributed to poor mental health outcomes over and above the flood itself, prior mental health issues and demographic factors," Ms Dixon said.
"Aftermath stress was the strongest predictor of post-traumatic stress symptoms with 75 per cent of people saying the most difficult aspect was the aftermath and dealing with insurance companies," she said.
With this in mind, I felt it was important to understand how New Brunswick flood victims were treated.
Update Argentina: a sign of the times
fsim.ca/docs/Update Argentina_ a sign of the times.pdf
Mark Sibthorpe
Argentina is in the news daily because the situation is dire, and may be an indication of further contagion. The most dramatic story that speaks of the a leading cause of its troubles was the recent arrest of the public works secretary, Jose Lopez. June 15th he was caught hiding millions in cash in a monastery. No this is not a plot for a comedy.
Summary of Canada's flood news, 2017 to present
fsim.ca/docs/Summary-of-flood-news-2017-present.pdf
Mark Sibthorpe
This report covers flood news in Canada from 2017 to present and highlights the relevent issues for home-owners and the insurance industry.
Banking on Pot
fsim.ca/docs/c10191_banking-on-pot.pdf
SBS
As states across the US legalize marijuana for both medicinal and recreational purposes, it has fueled a growing industry of marijuana related businesses (MRBs).
Canadian banking industry overview
Mark Sibthorpe
The industry overview is divided into 5 parts:
Introduction
Small banks
Small medium sized banks
Medium sized banks
Medium large banks
2014 Mobile payments the Apple pay way
fsim.ca/docs/Mobile_Payments_Apple_Pay_2014.pdf
Mark Sibthorpe
With Walmart Pay about to userp Apple Pay, I thought I would share my 2014 book on mobile payments and loyalty. The guilde was written for Merchants that want to understand loyalty, credit, mobile payments and Apple Pay, but anyone involved with credit and loyalty might find it useful.
The book is a prelude to Walmart leaving MCX, and chronicles the evolution that led to Walmart Pay. There is an extensive case study of Walmart that looks into its efforts to become an ILC and to avoid paying credit card transaction fees ('merchant discount').
It offers readers a step-by-step methodology for evaluating and transforming credit and loyalty programs. The strategies are based on proven examples and industry facts. The Nectar, Target, Canadian Tire and Walmart case studies are examples of the practical approach I have taken, written with the intent that merchants can use them as blueprints for their own initiatives.
Death to bitcoin, long live the blockchain (See full report)
Mark Sibthorpe
Jamie Dimon calls bitcoin a fraud used by criminals, yet he has jumped into the blockchain with both feet.
TD bank industry conduct
fsim.ca/docs/tdind2.pdf
Mark Sibthorpe
TD’s share price recently collapsed by $7 bn in one day due to CBC’s allegations of aggressive selling tactics. A huge fall from a bank that was trading at a premium as recently as January. This was even before the most recent allegation of TD attempting to avoid paying taxes on advertising.
This report chronicles the events leading up to the collapse, shows TD's performance, analyses other related issues.
Book review: Back from the Brink
fsim.ca/docs/backbrink.pdf
Mark Sibthorpe
This is a book review of the book Back from the Brink by Paul Halpern, Caroline Cakebread, Christopher C. Nicholls and Poonam Puri.
Footnote 151
fsim.ca/docs/footnote151.pdf
Mark Sibthorpe
Footnote 151 implies an important regulatory change related to derivative contracts. It means that US Banks will not be required to hold as much capital against commodities. If you want to understand the implications of this regulatory change in more detail, see the enclosed related article detailing the changes. For contextual purposes, I have also included two Rolling Stones Magazines reports from 2010 and 2014 that chronicle the role large US banks have played in manipulating commodities. You might question the credibility of these sources, but rest assured, these reports are based on United States Senate hearings which outline the issues in a 396 page report related to the implied risks.
Save the Canadian economy now
fsim.ca/docs/helecopter-money.pdf
Mark Sibthorpe
Consumer debt spending appears to have insulated Canada from the worst of the credit crisis, but now the alarming magnitude of consumer debt ($1.92-trillion) could exacerbate a day of reckoning.
This report assesses the issues at hand and recommends the solution to get Canada's economy on track.
Reasons financial service companies should consider gamification
fsim.ca/docs/GamingEventProposal-printsample--en-final.pdf
Mark Sibthorpe
Gamification of business processes resulted on Mint.com growing to 10 million users within 4 years. This report explains how.
National Bank Special Report
fsim.ca/docs/NatBSpec.pdf
Mark Sibthorpe
According to Bloomberg, National Bank of Canada will take a C$64 million ($48 million) restructuring charge in the fourth quarter and said its investment in Maple Financial Group Inc., which is being probed by German regulators, may be at risk of a “substantial loss.”
Will Canadian banks charge companies for deposits?
fsim.ca/docs/depgrowthimpact2.pdf
Mark Sibthorpe
In light of today’s possible rate cut, this report discusses how a bank rate cut and capital ratio pressure could precipitate negative corporate deposit interest rates in Canada.
Canadian Tire's (CTC) - Canadian Tire Financial Services (CTFS) Scotia deal overview and risk assess
fsim.ca/docs/ctfsfinal.pdf
Mark Sibthorpe
Review of the Canadian Tire Financial Services deal with Scotiabank, risks, opportunity and benefits.
Finance minisiter scorecard August 26, 2015
fsim.ca/docs/Scorejo-August-2015.pdf
Mark Sibthorpe
This report looks at Joe Oliver, minister of finance’s progress to date, and assigns a grade to his government’s performance to date.
Xtreme Branch
fsim.ca/docs/xbranch.pdf
Mark Sibthorpe
Branches are evolving to meet the digital age. This documents tracks the evolution with real-world examples.
Canadian Nudge
fsim.ca/docs/nudge.pdf
Mark Sibthorpe
CWB cause for concern
fsim.ca/docs/cwbupdate.pdf
Mark Sibthorpe
BNTV Overview
fsim.ca/docs/overviewpdf.pdf
BNTV
BankNews.TV Publishing Corp services overview document:
- Analytics
- Financial services industry monitor (FSIM) industry briefings and developments reports
- Research
Challenger banks not a threat to big banks
fsim.ca/docs/challenger.pdf
Mark Sibthorpe
This report looks at Canadian challenger banks (apart from merchant led banks) and explains why they have not threatened larger institutions. It also looks at ways in which these upstarts have achieved success.
Gamification of financial data project
fsim.ca/docs/GamingEventProposal-printsample--en-final_original.pdf
Mark Sibthorpe
This document contains details on how BankNews.TV is helping kids learn programming via gamification of financial data.
The impact a rate rise will have for Canadian banks
fsim.ca/docs/irr-f.pdf
Mark Sibthorpe
Canadian banks have made money throughout the credit crisis, but this trend may be about to reverse. The rational supporting this prediction is that revenue has grown despite a declining net interest margin (NIM). It has grown in spite of this fact because Canadian debt (loan lease volume) has risen significantly, as shown in chart 2.
FIFA: the new goldenballs
fsim.ca/docs/goldenballs.pdf
Mark Sibthorpe
Yesterday, the Attorney General of Switzerland (OAG) opened criminal proceedings related to the FIFA scandal. This report outlines some of the events related to the criminal investigation, with a particular focus on banking.
Scorecard Minister of Finance: JIm Flaherty
fsim.ca/docs/Scorecard Min Fin Flaherty April 8 2014.pdf
Mark Sibthorpe
March 18, Finance Minister Jim Flaherty resigned from cabinet after having endured a difficult year due to health issues. This report looks at his legacy and attempts to grade his government’s performance to date.
Merchants extend financial services
fsim.ca/docs/merchantfs.pdf
Mark Sibthorpe
Merchant led financial services are growing in importance once again. This is exemplified in the ongoing UK rivalry between ASDA, Sainsbury and Tesco. Together these merchant/financial service companies provide the backstop for three different approaches for merchants looking to extend their financial services.
Hot Money: real-estate
fsim.ca/docs/hotmoney.pdf
Mark Sibthorpe
Currency Cheat Sheet: a guide for the rest of us
fsim.ca/docs/currencycheatsheet.pdf
Mark Sibthorpe
Riches to Rags? Summary of possible risks for Genworth MI CANADA, INC.
fsim.ca/docs/gq4risk.pdf
Mark Sibthorpe
Genworth had its Q4 2014 earnings call. Genworth own about 30% of the mortgage default insurance in Canada. Not surprisingly, the earnings call became focussed on Alberta; and for good reason, with 20% of its outstanding insured mortgage balance in Alberta, sensitivity to the oil shock and how Genworth plan to manage related risks were discussed in detail.
Canadian Western Bank Competitive Forecast
fsim.ca/docs/cwbf.pdf
Mark Sibthorpe
Based on historical financial data (see detailed charts pages 5-8), the oil based recession in Alberta, and comparison against two of its peers, this document outlines my observation with respect to CWB’s future performances.
Liquid Canada: the tipping point
fsim.ca/docs/Liquid.pdf
Mark Sibthorpe
This report examines liquidity issues in the Canadian financial service industry.
Bank Fees
fsim.ca/docs/Bank fees.pdf
Mark Sibthorpe
Recently the CBC and The Globe and Mail both reported on what has been referred to as a consumer “bank fee outcry”. CBC compares banks to cable and phone companies, standing accused of trying to gouge customers with service fees. The backlash appears to have originated in conjunction with the NDP and the Consumers Council of Canada which argues that there is anxiety ‘among consumers about banking fees’.
Cheap Oil Report
fsim.ca/docs/co2.pdf
Canada's Economy, a strategic solution
fsim.ca/docs/ces.pdf
Mobile Payments Blueprint: guide to credit and loyalty transformation for merchants
fsim.ca/docs/booksample.pdf
Guide to system selection
fsim.ca/docs/gssnow.pdf
Read sample report: Guide to system selection. This sample would normally cost $99 but is available free as a sample. Click here view sample report.
News feed
SCOTIABANK SAYS TECHNICAL GLITCH THAT DISRUPTED DIRECT DEPOSIT, CHEQUE PAYMENTS HAS BEEN RESOLVED
G&M (2026-01-28)
âWe are deeply sorry for the inconvenience the earlier technical issue has had on our clients, and sincerely appreciate their patience as we worked through this,â Ms.
CAN THE FEDERAL BUDGET REALLY SPUR $500-BILLION IN PRIVATE-SECTOR BUSINESS INVESTMENT?
G&M - James Bradshaw, Mark Rendell (2025-11-06)
Business and investment leaders said the federal budgetâs focus on spurring $500-billion of private-sector investment by 2030 sets the right tone, but reaching that target will hinge on whether Ottawa creates the right conditions to see projects through. A
FEDERAL BUDGET 2025: PLAN FOR STABLECOIN RULES TO USHER IN CANADA’S ‘DIGITAL DOLLAR ERA,’ ADVOCATES SAY
G&M - Mariya Postelnyak (2025-11-06)
Stablecoin companies and advocates are hailing Ottawaâs new federal framework for the digital currency as a milestone in legitimizing the asset and the start of âthe digital dollar eraâ in Canada. The
FEDERAL BUDGET 2025: OTTAWA TAKES AIM AT BANKING SECTOR WITH MEASURES TO BOOST COMPETITION
G&M - Stefanie Marotta (2025-11-06)
The federal government is tackling Canadaâs concentrated banking industry with measures in the federal budget to boost competition by making it easier to switch lenders, regulating stablecoin, lowering fees and reducing hurdles for smaller lenders. Calls
THE GOOD AND BAD NEWS WITH OTTAWA’S RISING DEBT CHARGE BURDEN
G&M (2025-11-06)
For those who worry about the sustainability of Canadaâs debt load, there was a blip of good news in the budget released Tuesday: relative to the size of the economy, federal interest payments this past fiscal year were actually slightly lower than what had been forecast in last Decemberâs fall
ELON MUSK COULD BECOME WORLD’S FIRST TRILLIONAIRE AS TESLA SHAREHOLDERS APPROVE NEW PAY PACKAGE
G&M (2025-11-06)
The worldâs richest man was just handed a chance to become historyâs first trillionaire. Elon
CANADA COULD ELIMINATE OIL AND GAS EMISSIONS CAP, BUDGET PLAN SAYS
Yahoo Finance (2025-11-05)
Reuters reported last month that Canada was in talks with energy companies and the oil-producing province of Alberta about eliminating the emissions cap from the countryâs oil and gas sector if the industry and province reduce their carbon footprint in other ways.
BUDGET 2025 GOES BIG ON CAPITAL SPENDING, DEFICIT PROJECTED AT $78.3B
BNN (2025-11-05)
The 2025 federal budget includes $32.5
OTTAWA PROMISES MORE OVERSIGHT ON BANKS, INCREASE ACCESS TO FUNDS DEPOSITED BY CHEQUE
BNN (2025-11-05)
âBudget 2025 announces the government will review fees charged by banks and other federally regulated financial institutions including Interac e-Transfer fees and ATM fees,â reads the budget document.
GOLD PLUNGES BELOW $4,000 AS US-CHINA TRUCE ERODES HAVEN DEMAND
Bloomberg (2025-11-05)
Gold slid below $4,000 an ounce, extending losses from the worst rout in over a decade as progress on a US-China trade deal sapped haven demand. Spot
AMAZON PLANS TO CUT CORPORATE JOBS ACROSS CORE DEPARTMENTS
Bloomberg - Spencer Soper, Matt Day, and Jason Schreier (2025-11-05)
Amazon.com
GLOBAL CHIP SELLOFF ERASES $500 BILLION IN VALUE AS FEARS MOUNT
Bloomberg - Winnie Hsu (2025-11-05)
The global selloff in semiconductor stocks accelerated on concern over lofty valuations for some of the artificial intelligence boomâs biggest winners. Memory
CANADA’S RICH HAVEN’T RELIED THIS LITTLE ON WORK SINCE THE 1980S
Better Dwelling (2025-11-05)
The average one-percenter saw income from wages or salary fall 4.2%
VOLATILE RISK SENTIMENT COULD LIMIT EURO’S RISE
WSJ (2025-11-05)
The euro recovers some ground against the dollar but gains are likely to remain modest and short-lived as global risk sentiment is volatile, Monex Europe analysts say in a note.
STABLECOIN ORCHESTRATION BECOMES NEW BLOCKCHAIN BATTLEGROUND
Pymnts (2025-11-05)
They are Mastercardâs rumored $2 billion acquisition of zerohashâs crypto capabilities last month, Stripeâs $1 billion purchase of Bridge finalized in February, and the Friday (Oct.
OTTAWA TARGETS NON-COMPETE AGREEMENTS AT BANKS, TELCOS AND OTHER FEDERALLY REGULATED COMPANIES
G&M - Tim Kiladze (2025-11-05)
Ottawa wants to restrict the use of non-compete agreements for employees of federally regulated businesses, taking action after Ontario updated its own labour laws and banned contracts that prevent people from joining rival companies. In
INSURANCE GIANT SUN LIFE FINANCIAL REPORTS $1.1B IN Q3 PROFIT, DOWN YEAR-OVER-YEAR
Yahoo Finance (2025-11-05)
Earnings for the period ended Sept.
BANK OF CANADA TO CUT 10% OF STAFF AS CARNEY HUNTS FOR SAVINGS
Bloomberg (2025-11-05)
The Bank of Canada is planning to eliminate hundreds of jobs, about 10% of its workforce, as part of Prime Minister Mark Carneyâs bid to reduce government expenses. About
EMPIRE LIFE POSTS $93 MILLION Q3 NET INCOME
Investment Executive (2025-11-05)
Net insurance service result fell by $19 million from last yearâs third quarter, primarily from unfavourable impact assumption updates individual insurance had this quarter compared with the favourable impact of assumption updates in group solutions in the same period of 2024.
BANK OF AMERICA DELIVERS ITS PITCH TO INVESTORS—AND WALL STREET SHRUGS
WSJ (2025-11-05)
Bank of America BAC -2.04%decrease;
CARNEY GOVERNMENT’S ‘GENERATIONAL INVESTMENT’ WILL LAND SQUARELY ON BACKS OF YOUNGER CANADIANS
G&M - JAKE FUSS AND GRADY MUNRO (2025-11-04)
Despite promising a âvery different approachâ to fiscal policy during the election, the cracks are clearly showing as the Carney government gears up to release its first budget on Tuesday. Finance
CANADIAN DOLLAR HITS A NEAR THREE-WEEK LOW AS DOMESTIC BOND YIELDS SLIDE VS. U.S. TREASURIES
G&M - Fergal Smith (2025-11-04)
The Canadian dollar weakened to a near three-week low against its U.S.
UBS CHAIR WARNS OF ‘LOOMING SYSTEMIC RISK’ FROM PRIVATE CREDIT RATINGS
FT (2025-11-04)
Insurers shopping for better ratings on their private credit assets are creating a âlooming systemic riskâ to global finance, the chair of UBS has warned. Speaking
MX FINDS BMO NESBITT BURNS ENGAGED IN FRONT RUNNING
Investment Executive (2025-11-04)
BMO Nesbitt Burns Inc.
VERSABANK ANNOUNCES LARGEST US RPP PARTNER TO DATE; SURPASSES US RPP TARGET WITH US$310 MILLION FUNDED IN FISCAL 2025
VersaBank (2025-11-04)
VersaBank USA, has entered into an agreement with its largest US RPP partner to date, under which, the partner will utilize the Bank's core Receivable Purchase Program (RPP) in the United States
TORONTO’S UNEMPLOYMENT RATE RISES TO 8.9%
Mortgage Broker News (2025-11-03)
Torontoâs unemployment rate climbed to 8.9%
LATEST BOC CUT MARKS GOOD NEWS FOR CANADA'S HOUSING MARKET
Mortgage Broker News (2025-11-03)
A trend toward âmore normal interest ratesâ was noted by Canadian Real Estate Association (CREA) senior economist Shaun Cathcart as a reason to expect stronger homebuying activity in 2025âs final quarter and throughout 2026.
QUESTRADE GETS APPROVAL TO LAUNCH NEW BANK IN CANADA
G&M - Stefanie Marotta (2025-11-03)
Questrade Financial Group Inc.
COMPLETE DIGITAL SOVEREIGNTY ‘IMPOSSIBLE’ FOR FEDERAL GOVERNMENT, TREASURY BOARD SAYS
G&M - Joe Castaldo (2025-11-03)
Achieving complete digital sovereignty is âimpossibleâ for the government of Canada, according to a new report from the federal Treasury Board. Crucial
CIRCULAR NATURE OF AI DEAL COULD FORESHADOW BUBBLE: BRUCE
BNN (2025-11-03)
Tom Bruce, macro investment strategist at Tanglewood Total Wealth Management, joins BNN Bloomberg to discuss stocks rising on AI optimism and strong earnings.
CANADA’S LOW-SCRUTINY IMMIGRANT MORTGAGES REBRAND RISK AS INCLUSION
Better Dwelling (2025-11-03)
These programs allow newcomers to buy a home with as little as 5% down, even without a Canadian credit history.
INTEREST RATES AT LOW END OF IDEAL BALANCE BETWEEN GROWTH, INFLATION: MACKLEM
Investment Executive (2025-11-03)
âWe think monetary policy is in about the right place to provide some support, while keeping inflation well controlled,â he said.
WILL AI MEAN THE END OF CALL CENTRES?
BBC (2025-11-03)
"Our data confirms the vast majority of people get the answers they need from our chat facility, first time, within seconds.
OTTAWA TO UNVEIL DRAFT STABLECOIN LEGISLATION IN BUDGET, SOURCES SAY
G&M - MARIYA POSTELNYAK, Sean Silcoff (2025-11-03)
Ottawa is preparing to roll out draft stablecoin legislation as soon as December, as Canada seeks to catch up to U.S.
BERKSHIRE CASH SETS RECORD AS PROFIT RISES, SIGNALING CAUTION AHEAD OF BUFFETT EXIT
G&M (2025-11-03)
Berkshire Hathaway BRK-B-N -0.20%decrease
HOUSEHOLD CREDIT QUALITY HOLDS STEADY, BUT PRESSURE IS BUILDING AT THE MARGINS: CIBC
Yahoo Finance (2025-11-03)
The share of lower-credit borrowers whoâve fallen a month or more behind on payments has risen to roughly 11.5
GOLD STEADY AROUND $4,000 AFTER CHINA ENDS SOME TAX INCENTIVES
Yahoo Finance (2025-11-03)
âThe tax changes in goldâs heaviest consumer nation will dent global sentiment,â said Adrian Ash, director of research at BullionVault.
UK BONDS’ BEST RUN IN TWO YEARS IS WINNING OVER GLOBAL INVESTORS
Yahoo Finance (2025-11-03)
âItâs always been a question of when inflation is going to start coming down and there are now signs thatâs starting to happen,â said Seamus Mac Gorain, global head of rates at JPMorgan Asset Management, who said he is overweight gilts.
CANADA ON THE VERGE OF A RECESSION: DAVENPORT
BNN (2025-11-03)
Michael Davenport, senior economist at Oxford Economics, joins BNN Bloomberg to discuss Canadian GDP numbers.
MARK CARNEY’S FIRST BUDGET PLOTS A SHARP DEPARTURE FROM PAST FISCAL PLANS
BNN (2025-11-03)
To pass the budget, the Liberals need to secure support from the opposition -- or some opposition MPs will have to abstain from the budget vote.
YES, THE BEST INVESTMENT BANKERS ARE WORTH PAYING FOR
Bloomberg (2025-11-03)
Recent dealmaking by OpenAI appears to raise an awkward question for mergers and acquisitions advisers: What value do you add? The ChatGPT developer has relied mainly on in-house teams in negotiating recent commercial partnerships in chip supply and shunned outside advisers, the Financial Times reported last month, citing someone with knowledge
LEVERAGED LENDING, HIGH-YIELD DEBT ISSUANCE UP
Investment Executive (2025-11-03)
In a report Friday, the rating agency said North American leveraged loans rebounded sharply in the third quarter, with issuance jumping to US$384 billion, up from US$114 billion in the previous quarter, driven by US$251 billion worth in July alone.
A FIGHT OVER CREDIT SCORES TURNS INTO ALL-OUT WAR
WSJ - AnnaMaria Andriotis, Gina Heeb (2025-11-03)
The battle pits Fair Isaac, the creator of the dominant credit-scoring algorithm, against three companies: Equifax, Experian and TransUnion.
JPMORGAN FLAGGED EPSTEIN SUSPICIONS IN 2002, YEARS EARLIER THAN KNOWN
WSJ - David Benoit, Joe Palazzolo, Khadeeja Safdar (2025-11-03)
In April 2002, JPMorgan Chase raised a red flag about Jeffrey Epstein.
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FOLLOWING EPSTEIN’S MONEY
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Federal prosecutors opened a financial-crimes investigation into Jeffrey Epstein in 2007 amid their larger sex-trafficking probe. The financier and his legal team waged a war against them, his emails show.
Federal prosecutors expanded their probe into Jeffrey Epsteinâs sex crimes in 2007 to include potential charges of money laundering, an effort that included an outreach to one of his most important clients, according to documents and emails from Epsteinâs personal Yahoo account.
The lead prosecutor requested that a grand jury issue subpoenas for âevery financial transaction conducted by Epstein and his six businessesâ dating to 2003, the emails show. Prosecutors also subpoenaed major banks for records about Epsteinâs accounts and financial activity, according to two people familiar with the matter, who asked not to be identified to discuss a sensitive investigation.
Marie Villafaña, who was an assistant US attorney for the Southern District of Florida at the time, even contacted Epsteinâs longtime wealth-management client, Les Wexner, the billionaire businessman behind the brands Victoriaâs Secret and Bath & Body Works, about the investigation, according to the documents and emails.
Epstein grew furious when he learned that prosecutors had broadened their investigationâs scope, the emails show. His high-powered team of lawyers, including Gerald Lefcourt, Harvard Law School professor Alan Dershowitz, former Bush administration official Jay Lefkowitz and former Independent Counsel Kenneth Starr, argued that Villafaña was pursuing baseless claims to pressure their client into a plea deal. They launched an aggressive campaign to discredit her attempts to follow the money and pressured her higher-ups to remove her and others from the caseâor scuttle the case entirely.
Ultimately, efforts to prosecute Epstein for sex crimes and financial crimes ended after senior officials in the US attorneyâs office directed prosecutors to begin plea negotiations with Epstein. Those talks led to a federal non-prosecution agreement as Epstein pleaded guilty to two state-level sex chargesâan outcome thatâs been widely derided as far too lenient. More than a decade would pass before Epsteinâs finances came under scrutiny again.
Villafaña, who left the federal prosecutorâs office in 2023, declined to comment for this story.
These previously unreported details of the financial-crimes probe were contained in a trove of 18,000 emails from Epsteinâs private Yahoo email account obtained by Bloomberg. The relevant correspondence began about a year before Epstein reported to a Palm Beach County jail in June 2008. It includes his communications with his attorneys, correspondence pertaining to the grand juryâs inquiry and draft complaints that some of his lawyers prepared alleging prosecutorial misconduct. It also includes Epsteinâs aggrieved, typo-laden missives about the investigation to friends and business associates, including the former chief executive officer of investment bank Bear Stearns.
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The money laundering probe adds a new layer to the narrative about how the government conducted its investigation into the notorious sex abuser. It also raises questions about what evidence prosecutors may have gathered as they followed Epsteinâs money, long before the public began demanding a full accounting of his case. If that investigation had continued, prosecutors may have been able to identify other individuals and institutions that facilitated his sex-trafficking operation, said Stefan Cassella, the former deputy chief of the Department of Justiceâs Asset Forfeiture and Money Laundering Section. They might also have recovered more restitution for his victims, Casella said.
The documents and emails obtained by Bloomberg do not reveal important aspects of the money laundering investigationâincluding, most prominently, what it found. Nor do they detail the transactions that the government sought to examine, the six businesses that were targeted by subpoenas, the specific dollar amounts involved nor the manner in which Epstein was suspected of laundering funds. One former law enforcement official familiar with the matter, who spoke to Bloomberg on the condition of anonymity because of the sensitivities surrounding the case, said the probe lasted 18 months and turned up at least tens of millions of dollars in questionable financial transactions.
The revelation that the investigation had a financial aspect also puts a spotlight on Alex Acosta, the former US Attorney for the Southern District of Florida, who signed off on Epsteinâs plea deal.
Then-US Attorney Alex Acosta at a press conference, Aug. 7, 2007.
Source: Scott Fisher/Sun-Sentinel/Zuma Press/Alamy
Last month, Acosta told the House Committee on Oversight and Government Reform that he didnât recall any discussion of âpotential financial crimesâ as part of his officeâs Epstein investigation. Yet the emails and documents from Epsteinâs Yahoo account show that prosecutors in his office discussed the financial-crimes component of the investigation with Acosta and copied him on correspondence about it. Records obtained as part of the money laundering probe were stored at the US Attorneyâs Office in a folder titled, âMoney Laundering,â which contains âattorney research and handwritten notes,â according to a partial list of the governmentâs evidence that was filed in a related court proceeding.
That list also mentions folders containing subpoenas, correspondence and responsive documents for JPMorgan Chase & Co. as well as for Bear Stearns and Washington Mutual. (In 2008, JPMorgan acquired Bear and took over the banking operations of WaMu.) A spokesperson for the bank said itâs âunable to find any such subpoena in the Epstein matter.â The JPMorgan spokesperson added that it âcannot identify anythingâ on Washington Mutual but confirmed that Bear Stearns responded to a subpoena. Two people familiar with the investigation told Bloomberg that JPMorgan received a subpoena in 2007 in connection with the money laundering probe.
Epsteinâs case has garnered enormous interest since President Donald Trump took office this year after promising to release the so-called Epstein files, which the government has said encompass more than 300 gigabytes of investigative material. However, in July, the Trump administration backtracked, saying that âno further disclosure would be appropriate or warranted.â
Since then, lawmakers on two congressional committees have intensified their scrutiny over a notorious case that has only become more controversial in the six years since Epstein was found dead in his New York City jail cell. Among the unanswered questions are how a college dropout-turned-financial adviser amassed his fortune and how he grew to hold such influence among the worldâs elite, including politicians, celebrities and bankers.
In July, Democratic Senator Ron Wyden, the ranking member of the Senate Finance Committee, said the panel reviewed records compiled by the Treasury Departmentâs Financial Crimes Enforcement Network, or FinCEN, that revealed major banks facilitated more than $1.5 billion in payments that Epstein used to traffic women or âengage in dubious transactions indicative of money laundering.â This month, House Democrats on the Judiciary Committee sent letters to four major banks requesting records related to Epstein: JPMorgan, Deutsche Bank, Bank of America, and Bank of New York Mellon.
Wyden said in a statement to Bloomberg that âmoney laundering charges surely would have been a centerpiece of any serious prosecution aimed at bringing [Epstein] down for good.â He added that the decision to drop the federal money laundering case as part of the governmentâs non-prosecution agreement was a âstaggering miscarriage of justice.â
âThese new details only raise additional questions about Acostaâs truthfulness,â Wyden said. âThe best-case scenario according to his story is that it was by incompetence rather than by choice that he allowed Epstein to go on trafficking women and girls for another decade.â
Democratic Representative Robert Garcia, the ranking member on the House Oversight Committee, said in an interview that he was appalled that heâs only now learning of a money laundering investigation. âThis information makes it incredibly clear that there is a massive cover-up happening right now,â he said. âIt appears that DOJ is likely sitting on evidence that Epsteinâs crimes were perhaps even bigger than have been publicly reported. I think this calls into question Acostaâs entire testimony.â
An attorney for Acosta, Jeffrey Neiman, told Bloomberg that the existence of a financial probe would not be âinconsistentâ with Acostaâs statements to the committee. âBack in 2006, the Southern District employed over two hundred attorneys and, at any given moment, conducted countless investigations. Although Mr. Acosta approved the terms of the Epstein matter, he did not direct that investigationâor any investigation, for that matter,â he said. âIf evidence of financial wrongdoing existed, no agreement prevented the Department of Justice from pursuing it in the many years following Epsteinâs sex-crimes prosecution.â
Large amounts of cash
Federal prosecutors began investigating Epstein in 2006, about a year after the Palm Beach Police Department opened a criminal investigation into a local man that teenage girls referred to simply as Jeff.
In November of that year, prosecutors issued a subpoena for Epsteinâs personal income-tax returns for the previous two years, documents in Epsteinâs inbox show. Then, in February 2007, the money-laundering probe was opened, according to the former law enforcement official. At around the same time, prosecutors focused on a pattern of transactions in which Epstein directed some of his employees to withdraw large amounts of cash to disburse to women around the world he was suspected of having victimizedâthe basis for a potential charge of operating an unlicensed money-transmitting business, according to the former law enforcement official.
Three months later, in May 2007, Villafaña drafted a 53-page indictment and an 82-page prosecution memo, according to a 2020 Justice Department report that examined the integrity of the federal investigation. That report described Villafaña urging her superiors to move swiftly because she believed Epstein was continuing to sexually abuse girls. Instead, the report concluded, she was stonewalled by senior officials at the office who saw her as too aggressive. (The 2020 report does not mention any financial-crime element of the probe.)
The evidence Villafaña collected was serious enough that she wrote in the prosecution memo that Epstein should be charged with money-laundering and operating an unlicensed money transmitting business, according to the former law enforcement official. The indictment, a copy of which hasnât been publicly released, was never filed and remains shrouded in secrecy.
Instead, in July 2007, Villafaña and her colleague Jeffrey Sloman, the second in command at the US Attorneyâs office, were directed to enter into negotiations with Epsteinâs legal team on a non-prosecution agreement. Sloman didnât respond to requests for comment.
Initially, the emails and documents show, Epstein rejected prosecutorsâ proposals that he plead guilty to sex crimes with a minor, register as a sex offender, pay damages to an undisclosed list of victims and spend two years in prison. A month in, the negotiations stalled.
Then on Aug. 16, 2007, Villafaña requested that a grand jury issue subpoenas for Epsteinâs financial records dating back to 2003. On the same day, Villafaña also sent a letter informing Epsteinâs defense attorneys that she would continue investigating his finances as long as the NPA remained unsigned. That letter was detailed in a 22-page document prepared by Epstein and his lawyers that was titled âIn re: Grand Jury Investigation of Jeffrey Epstein.â (Track changes in a draft of the document show Epstein made numerous edits under the initials âJEE.â)
(âIn other words, if the sex offense case is resolved, the Office would close its investigation into other areas as well. The matter has not been, and it does not appear that it will be, resolved so the money laundering investigation continues, and Request Number 6 [seeking records of every financial transaction conducted by Epstein and his six businesses from âJanuary 1, 2003 to the presentâ] will not be withdrawn.â)
Attachment: Sloman Misconduct jeffrey.doc
Two weeks later, Epstein continued to reject the governmentâs offer and sought a meeting with Acosta, according to the documents in Epsteinâs inbox. Villafaña then issued target letters to three of Epsteinâs assistants informing them that their boss was now under investigation for money laundering and other financial crimes. She also dispatched agents from the Federal Bureau of Investigation to the homes of two of his secretaries.
Finally, on Sept. 24, 2007, one day before Villafaña said she was prepared to indict him, Epstein signed the non-prosecution agreement.
âthis is how crazyâ
The federal investigation and the money laundering probe didnât end there. Villafaña kept both open as she worked with Epsteinâs attorneys to reach an agreement on certain terms of the plea deal.
Epstein was incensed. He and his attorneys took steps to back out of the agreement heâd signed. On Oct. 15, 2007, Epstein sent himself an email and attached a word document he wrote titled, âDid you know that.â
The document contained 29 complaints about the federal investigation. It portrayed his victims as unreliable witnesses and drug abusers vying for his money. It cast the investigators and prosecutors as biased, inept and unethical.
âShe does not follow procedure to get the necessary approvals. Before subpoenaing a lawyer,â he wrote about Villafaña. He also argued that he was being unfairly targeted by the financial investigation:
20. She begins a money laundering investigation, without the necessary requirement of specified illegal funds,
21 She says she is contemplating charging a violation of a money transmitting statute, though Epstein has no such business,
Attachment: did you know that 2.docx
And he took note of one particular move Villafaña made: âShe calls Les Wexner to inform him of the investigation.â
The former law enforcement official said Villafaña contacted Wexner in an effort to get him to cooperate and provide information about Epstein, his business, his travels and his enterprise.
Shortly after that conversation, Wexner took steps to end Epsteinâs role as his wealth manager, the emails show. The first signs of a break-up appeared in the emails in October 2007. Thatâs when Epsteinâs lawyer, Darren Indyke, sent him a message discussing the transfer of interests in Wexnerâs Aspen ranch from one of Epsteinâs entities to another controlled by Abigail Wexner, Wexnerâs wife.
Page from a 2003 book celebrating Epsteinâs 50th birthday, released by the House Oversight Committee. It shows Les Wexner, center, with his arm around Epstein, left, and a person whose face has been redacted.
Source: House Oversight Committee
Over the following months, a flurry of emails shows the steps the Wexners took to reassert control over tens of millions of dollars of their assets. (In 2019, after federal prosecutors in New York charged Epstein with sex trafficking, Wexner sent a letter to his charitable foundation stating that heâd largely cut ties with Epstein around 2007 and âdiscovered that he had misappropriated vast sums of money from me and my family.â)
As Epstein reflected on his case, his emails about it became more frantic. On Nov. 16, 2007, he sent one to Jimmy Cayne, the former chief executive of Bear Stearns, and his friend the psychiatrist Henry Jarecki to run an âinitial pitchâ past them that he planned to send to his attorneys. Under the subject line, âthis is how crazy,â it contained a litany of grievances toward the prosecutors.
From: jeffrey epstein
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Stablecoin companies and advocates are hailing Ottawaâs new federal framework for the digital currency as a milestone in legitimizing the asset and the start of âthe digital dollar eraâ in Canada. The
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G&M - Stefanie Marotta (2025-11-06)
The federal government is tackling Canadaâs concentrated banking industry with measures in the federal budget to boost competition by making it easier to switch lenders, regulating stablecoin, lowering fees and reducing hurdles for smaller lenders. Calls
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ELON MUSK COULD BECOME WORLD’S FIRST TRILLIONAIRE AS TESLA SHAREHOLDERS APPROVE NEW PAY PACKAGE
The world’s richest man was just handed a chance to become history’s first trillionaire. Elon Musk won a shareholder vote on Thursday that would give the Tesla TSLA-Q CEO stock worth US$1-trillion if he hits certain performance targets over the next decade. The vote followed weeks of debate over his management record at the electric car maker and whether anyone deserved such unprecedented pay, drawing heated commentary from small investors to giant pension funds and even the pope. In the end, more than 75 per cent of voters approved the plan as shareholders gathered in Austin, Texas, for their annual meeting. “Fantastic group of shareholders,” Musk said after the final vote was tallied, adding “Hang on to your Tesla stock.” U.S. Democrats release schedules showing Epstein planned to meet Musk, Thiel Tesla to award Elon Musk $1-trillion if company achieves some lofty targets The vote is a resounding victory for Musk showing investors still have faith in him as Tesla struggles with plunging sales, market share and profits in no small part due to Musk himself. Car buyers fled the company this year as he has ventured into politics both in the U.S. and Europe, and trafficked in conspiracy theories. The vote came just three days after a report from Europe showing Tesla car sales plunged again last month, including a 50 per cent collapse in Germany. Still, many Tesla investors consider Musk as a sort of miracle man capable of stunning business feats, such as when he pulled Tesla from the brink of bankruptcy a half-dozen years ago to turn it into one of the world’s most valuable companies. The vote clears a path for Musk to become a trillionaire by granting him new shares, but it won’t be easy. The board of directors that designed the pay package require him to hit several ambitious financial and operational targets, including increasing the value of the company on the stock market nearly six times its current level. Musk also has to deliver 20 million Tesla electric vehicles to the market over 10 years amid new, stiff competition, more than double the number since the founding of the company. He also has to deploy 1 million of his human-like robots that he has promised will transform work and home – he calls it a “robot army” – from zero today. Musk could add billions to his wealth in a few years by partly delivering these goals, according to various intermediate steps that will hand him newly created stock in the company as he nears the ultimate targets. That could help him eventually top what is now considered America’s all-time richest man, John D. Rockefeller. The railroad titan is estimated by Guinness World Records to have been worth US$630-billion, in current dollars, at his peak wealth more than 110 years ago. Musk is worth US$493-billion, as estimated by Forbes magazine. Musk’s win came despite opposition from several large funds, including CalPERS, the biggest U.S. public pension, and Norway’s sovereign wealth fund. Two corporate watchdogs, Institutional Shareholder Services and Glass Lewis, also blasted the package, which so angered Musk he took to calling them “corporate terrorists” at a recent investor meeting. Critics argued that the board of directors was too beholden to Musk, his behaviour too reckless lately and the riches offered too much. “He has hundreds of billions of dollars already in the company and to say that he won’t stay without a trillion is ridiculous,” said Sam Abuelsamid, an analyst at research firm Telemetry who has been covering Tesla for nearly two decades. “It’s absurd that shareholders think he is worth this much.” Supporters said that Musk needed to be incentivized to focus on the company as he works to transform it into an AI powerhouse using software to operate hundreds of thousands of self-driving Tesla cars – many without steering wheels – and Tesla robots deployed in offices, factories and homes doing many tasks now handled by humans. “This AI chapter needs one person to lead it and that’s Musk,” said financial analyst Dan Ives of Wedbush Securities. “It’s a huge win for shareholders.” Investors voting for the pay had to consider not only this Musk promise of a bold, new tomorrow, but whether he could ruin things today: He had threatened to walk away from the company, which investors feared would tank the stock. Tesla shares, already up 80 per cent in the past year, rose on news of the vote in after-hours trading but then flattened basically unchanged to US$445.44. For his part, Musk says the vote wasn’t really about the money but getting a higher Tesla stake – it will double to nearly 30 per cent – so he could have more power over the company. He said that was a pressing concern given Tesla’s future “robot army” that he suggested he didn’t trust anyone else to
THE GOOD AND BAD NEWS WITH OTTAWA’S RISING DEBT CHARGE BURDEN
For those who worry about the sustainability of Canada’s debt load, there was a blip of good news in the budget released Tuesday: relative to the size of the economy, federal interest payments this past fiscal year were actually slightly lower than what had been forecast in last December’s fall economic statement. Going forward, it’s a different story. Public debt charges – the costs of servicing the federal debt – are forecast to climb steadily over the next five years, jumping 42.5 per cent to $76-billion in 2029-30. As it is, the government paid more to service its debt last fiscal year ($53.4-billion) than it sent to the provinces for health transfers ($52.1-billion). Five years from now debt charges are forecast to be equal to 90 per cent of all the money Ottawa sends to the provinces in health and social transfers combined. The reason for the rise is a combination of steeper interest rates and increased spending – the budget showed a deficit of $78.3-billion, an 86-per-cent jump from the most recent projection. Returning to good news, the projected debt cost burden five years from now of 2.1 per cent of GDP is still below the nearly 60-year average of 3.1 per cent, and far shy of the 6.5-per-cent peak reached in 1991. But the budget projections also depend on economic growth meeting estimates, there being no new increases in deficit spending, and for long-term interest rates to remain stable. With three more years left in Donald Trump’s presidency, and the North American trade deal under threat as talks kick off next year, one or all of those factors could still be put to the test.
FEDERAL BUDGET 2025: OTTAWA TAKES AIM AT BANKING SECTOR WITH MEASURES TO BOOST COMPETITION
The federal government is tackling Canada’s concentrated banking industry with measures in the federal budget to boost competition by making it easier to switch lenders, regulating stablecoin, lowering fees and reducing hurdles for smaller lenders. Calls to improve competition in Canada’s financial-services sector have been mounting amid concerns over the sluggish economy and the blow from U.S. tariffs. As part of his budget, Prime Minister Mark Carney is taking a swing at cracking open the banking market. In a bid to reduce barriers to switching banks, Ottawa has set a timeline to introduce open banking legislation next year. By mid-2027, the federal government said it will allow consumers to authorize third parties to switch accounts, pay bills and take other actions on their behalf. A new set of open-banking rules would enable financial institutions to exchange information more efficiently and securely. This would provide consumers with more control over how they share their financial data with other institutions, making it easier for them to switch banks. The regime has faced several delays since development began in 2018, and Canada has fallen far behind its peers. Britain introduced open banking in 2017 and Australia followed in 2019. Last year, the U.S. introduced its own proposed rules. This budget is a Trump survival plan. Here are the highlights Providing fintech companies with the ability to not only view a customer’s data but to take action on transactions is a significant update. Initially, it was believed that the rollout of open banking would launch with read-only access to data, allowing fintech companies to view customer information but not act on it. Instead, the government said it will roll out the regime by allowing new entrants to initiate transactions on behalf of customers. “Data is just the first step, but to be able to actually do something with that data, that’s where it moves the dial,” said Abraham Tachjian, Brim Financial Inc.’s chief regulatory affairs officer and Canada’s former open banking lead. “Whether it’s moving money from one account to another, or a variety of other applications that come with the ability to access a person’s account, analyze information, and then do something with that information and move money to their benefit.” The budget also revealed that Ottawa has transferred responsibility for the open banking regime to the Bank of Canada. In April, 2024, Ottawa tapped the Financial Consumer Agency of Canada (FCAC) to administer and enforce open banking legislation. Ottawa targets non-compete agreements at banks, telcos and other federally regulated companies Concerns mounted among many fintech companies that implementation would face further barriers because the FCAC has a mandate to focus on consumer protection rather than innovation. In recent years, the Bank of Canada has gradually assumed more responsibility for regulation of new financial services systems, including a new regime for payments technology companies and real-time rail infrastructure. “They have a deep bench of talent at the Bank of Canada and they have a good track record of implementation,” said Fintechs Canada executive director Adriana Vega. “For us, it’s a welcome change.” In October, Bank of Canada senior deputy governor Carolyn Rogers referred to the banking sector as an oligopoly. Canada’s big six banks – Royal Bank of Canada RY-T, Toronto-Dominion Bank TD-T, Bank of Nova Scotia BNS-T, Bank of Montreal BMO-T, Canadian Imperial Bank of Commerce CM-T and National Bank of Canada NA-T – collectively hold more than 90 per cent of all banking assets. Peter Routledge, who heads the Office of the Superintendent of Financial Institutions, has also endorsed the need to support innovation and loosen the barriers to entry. “I’ve never seen this level of chattiness” on competition, Ms. Vega said. “They’re all singing from the same songbook on competition, and you see that in the budget. It’s a very clear signal.” The budget also proposes lowering banking fees and reducing barriers for smaller banks and credit unions. Federal budget 2025: Plan for stablecoin rules to usher in Canada’s ‘digital dollar era,’ advocates say Ottawa committed to banning or increasing transparency on certain fees, including costs tied to transferring investment accounts from one institution to another. It said the FCAC will prepare a report on fees charged by banks. To spur growth among small financial institutions and boost access to capital, Ottawa proposed raising the public holding requirement threshold to allow smaller banks to grow more before having to amend their ownership structure. Ottawa is also introducing measures for the regulation and enforcement of stablecoin, a type of digital token pegged to a fiat currency used to send payments more quickly and with fewer fees. The proposal follows moves by the U.S. Congress, which passed a bill dubbed the Genius Act in July to create a regulatory framework for stablecoins. “The launch of the Genius Act means that the U.S. has very actively taken a position and is moving aggressively forward in terms of setting up that regulatory framework,” said Sonia Baxendale, chief executive officer of the Global Risk Institute. The budget also proposes enabling the regulation of payment service providers that use stablecoin. Currently, they are regulated as securities, which require restrictive rules that make it difficult to use the cryptocurrency for daily transactions. In June, Shopify Inc. launched a stablecoin payment option for merchants using USDC, which is backed by U.S.-dollar reserves. “The concern is the convenience of stablecoins could outweigh the inconvenience of operating in U.S. dollars,” said Timothy Lane, Global Risk Institute executive in residence and former Bank of Canada deputy governor. “If that happens, then we could end up seeing a lot of transactions in Canada taking place using a form of money that is U.S.-dollar denominated.”