Brian Lenahan

New Bank of Canada Policy on RPAA Registration: Refusal, Revocation & Supervision Fees 🔑 Key Highlights of the Policy 1. When Can Registration Be Refused? Not within RPAA scope: If an applicant does not meet PSP criteria under RPAA, the Bank will refuse registration. Other refusal grounds: False/misleading information, lack of responsiveness, or any grounds listed in Annex 1. Ministerial directive: If the Minister of Finance directs refusal (e.g., for national security concerns), the Bank must comply. 2. When Can Registration Be Revoked? Out of RPAA scope: If a PSP no longer falls under RPAA due to operational changes. Other revocation grounds: Violations of RPAA, false information, or other issues listed in Annex 2. Minister-led revocation: The Minister can compel revocation in cases such as national security risks. 3. Communication & Review Process Refusal: Applicants receive a notice of refusal and have 30 days to request a review; the Bank must decide within 90 days. Revocation: The Bank issues a notice of intent to revoke with the same 30-/90-day review window. Minister review: Reviews tied to Ministerial directives are handled by the Ministry. 4. Public Disclosure Once decisions are final, the Bank will publish lists of refused applicants and revoked PSPs, including reasons. 5. Re-Registration Entities that were refused or revoked can reapply once they address the original concerns. 6. Supervision Costs & Fees The Bank confirmed it will begin charging supervision fees to PSPs to recover regulatory costs. These fees will come into effect once the cost-recovery formula and regulations are finalized. 💡 Why This News Matters for Fintech & PSPs Clarity: Clear refusal and revocation grounds increase regulatory transparency. Accountability: Public disclosure and re-registration rules add fairness to the process. Compliance costs: PSPs should plan for supervisory fee obligations once regulations are finalized. National security: Ministerial oversight ensures that critical risks are addressed If your firm is preparing for RPAA registration, this is the time to review compliance readiness—and to start budgeting for supervision fees. Staying proactive will be key to avoiding setbacks under the new framework. make a article image of 16:9 for this article. and i'll be posting it from id so do adjustments if someone else's name is present anywhere'

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Recently, I spoke with CanadianSME about the transformative potential of open banking for Canadian small businesses. In the article, I explore how secure data sharing, personalization, and innovation can unlock new growth opportunities for small businesses across the country. From streamlining operations to enabling smarter lending, open banking is reshaping the financial landscape.    If you’re interested in learning more, you can check out the full article here: https://lnkd.in/gPMnDnen If you're interested in learning more about our recent open banking survey report, you can checkout the full article here: https://lnkd.in/gt4dT5if #EYCanada #ShapeTheFutureWithConfidence

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Conexus Credit Union, Cornerstone Credit Union - Saskatchewan, and Synergy Credit Unions have announced they will officially merge on January 1, 2026, creating a stronger, province-wide credit union for Saskatchewan. The merged credit union will be called Conexus Credit Union, a name selected for its strong recognition and trust across the province. Celina Philpot, current CEO of Conexus, has been appointed CEO of the new credit union. She brings many years of strong leadership experience and a collaborative spirit to the role. Read more here: https://lnkd.in/e4bKK8sj Photo Credit: Conexus Credit Union

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Gen AI is having an increasingly larger impact on many industries versus other historic innovations. The Banking industry in Canada has been slower to adopt and regulators have been cautious about its deployment. It might be a great equalizer for smaller banks, credit unions and fintechs as we compete with the large banks. Deciding which business lines and the depth to deploy will be a key part of strategic planning this year for most institutions. McK has a good article on this topic. Enjoy the read.

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Big news: First Credit Union and Vancity have reached an exciting milestone in our proposed merger. We’ve received regulatory consent from the BC Financial Services Authority (BCFSA) and clearance from the Competition Bureau!   "It validates our shared belief in the future of community banking, and that this new model means we can better serve the people who count on us, support local economies and build a better world." — Wellington Holbrook, CEO of Vancity.   And from Linda Bowyer, CEO of First Credit Union: “This proposed merger offers a made-in-BC solution to the evolving demands of the financial landscape, providing our members with access to Vancity's extensive resources and advanced digital capabilities, while preserving our deep roots and local presence in the communities we serve. We believe this partnership is in the best long-term interest of our members and the cooperative banking system as a whole."   💡 For members and employees, this means enhanced experiences, greater resilience, new opportunities, and a lasting community impact.   The vote for First Credit Union members is expected later this fall. 🍂   Read the full press release here: https://lnkd.in/gPx3s_Q2

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The Bank's AI team – Layer 6 – recently announced a new predictive foundation model. TD AI Prism represents a giant leap forward when it comes to providing AI supports and solutions for banking clients. Traditionally, AI technologies are often designed to perform a single task, such as identifying which customers were most likely to need to open a savings account next. But predictive foundation models, such as TD AI Prism, go to the next level and can predict, for example, which customers may need a range of savings or investment products to help suit their needs. Learn more about how TD AI Prism works and what the model means for TD clients and colleagues: https://go.td.com/4lZOphL

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