TORONTO, Oct. 2, 2017 /CNW/ - Greater collaboration between entrepreneurs and established companies. Accelerated innovation. More transparent regulation. A new strategy for cybersecurity. Protection for consumers and a more level playing field for small and mid-sized banks. These are among the significant advances the Department of Finance is exploring that Canada's banking sector is pleased to endorse in the context of updating the Bank Act.
The Canadian Bankers Association has submitted its response to the Department of Finance's second consultation paper on the review of the federal financial sector framework. The CBA, which represents more than 60 domestic and foreign banks operating in Canada, expressed support for a set of progressive proposals in response to the Department's paper, which would catalyze innovation, foster healthy competition, improve the customer experience and strengthen the robust cybersecurity measures that banks have already put in place.
"Banking is evolving at record pace. It's critical that the legislation governing the industry reflects this reality and facilitates the investments in technology that will keep Canada a leader in financial services innovation," said Neil Parmenter, President and CEO of the Canadian Bankers Association. "The federal government is taking important steps in this consultation to modernize the banking ecosystem that will carry Canada into the future and benefit all stakeholders."
Among the areas addressed in the CBA's response are:
- Clarifying the scope of technology-related activities banks can engage in
- Facilitating collaboration between banks and fintech companies
- Easing the regulatory burden and capital expectations of small and mid-size banks
- Creating a new cybersecurity strategy and making Canada a global leader in the field
- Supporting a dedicated consumer protection framework under the oversight of the Financial Consumer Agency of Canada
The CBA's full response to the consultation paper is available on the association's website at www.cba.ca.
About the Canadian Bankers Association
The Canadian Bankers Association is the voice of more than 60 domestic and foreign banks that help drive Canada's economic growth and prosperity. The CBA advocates for public policies that contribute to a sound, thriving banking system to ensure Canadians can succeed in their financial goals. www.cba.ca.
SOURCE Canadian Bankers Association
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