Keith Briscoe

Mark your calendars for May 16th and join us for a compelling panel discussion at our annual summit, "Achieving Regulatory Agility – Innovating Canada’s Future." Explore the dynamic convergence of technology and regulatory oversight in financial markets.   In today's regulatory landscape, culture and conduct take precedence, shaping organizational integrity and security. Regulators like OSFI emphasize aligning culture with values to manage risks effectively.   Our panelists will delve into pivotal topics: - Defining a culture of integrity and security - Responding to OSFI's Integrity and Security Guidelines - The role of ethics in shaping organizational culture - Strategies for implementing and measuring integrity culture   Featuring: - Rohin Bansal, Director of Data Governance & Enablement, TELUS - Adeline Cheng (She / Her), Partner, Non-Financial Risk Canada, EY Young (EY) - Ula Ubani Chief Ethics Officer and Head, Customer Complaint and Appeals, BMO   Don't miss this opportunity to gain insights from industry leaders! Register today: https://lnkd.in/gqMD6DDf #RegulatoryOversight #FinancialMarkets #RegTech #CRTASummit #culture #integrity #riskmanagement   Paul Childerhose Adeline Cheng (She / Her) Parham Nasseri, CFA Loren Schwartz Eleanor Morrison, PhD., Tina Mithra MBA, CFA, CPA, CMA, GCB.D, CCB.D

33

1 Comment

📢 Budget 2024: Canada’s Consumer-Driven Banking Framework Symcor is encouraged to see the federal government’s latest efforts to advance Consumer-Driven Banking in Canada. #Budget2024 announced that the government will table legislation this spring to establish the foundational framework elements that will regulate access to financial data, providing Canadians and small businesses with safe and secure innovative tools to manage and improve their financial well-being. Here’s a recap of the key highlights from #Budget2024: 🏢 The Financial Consumer Agency of Canada | Agence de la consommation en matière financière du Canada has been designated to oversee, administer and enforce the framework. 📜 The government will mandate the use of a single technical standard to support functionality and interoperability. ⌛ Soon to arrive legislation will address key elements such as governance, scope, criteria and process for the technical standard. Remaining elements of the framework will be legislated in fall 2024. 🎯 The implementation of the framework will protect Canadians and the financial system from screen-scraping, which has serious security, liability, and privacy risks. Currently, an estimated 9 million Canadians share their financial data through screen-scraping. 📝 Federally regulated banks and credit unions, as well as provincially regulated credit unions are exempt from accreditation requirements. All other entities seeking to participate in the framework will be required to meet the accreditation criteria. 💳 The scope of data that participants will be required to share at the request of a consumer will initially include data related to chequing and savings accounts operations, investment products available through their online portals, and lending products, such as credit cards, lines of credit, and mortgages. To read what's in the budget, visit: https://lnkd.in/gQi9xyT5 For a deep dive into Canada's Consumer-Driven Banking Framework, go here 👉 https://lnkd.in/g9T25RnW To learn how Symcor's COR.CONNECT platform enables secure exchanges of data, visit: https://lnkd.in/ggi7w5wG #OpenBanking #ConsumerDrivenBanking

42

Banks in Canada want to better protect Canadians from financial scams and enhance customer protection together with peers across sectors among public and private entities. By convening an anti-scam alliance to create a made-in-Canada anti-scam action plan, the stronger collaboration will help address these ever-evolving and accelerating threats and reduce the occurrence of fraud. See Naim Karim's latest piece on the Financial Post below.

13

1 Comment

What key trends should risk and compliance leaders be aware of? What is the role of technology in shaping regulatory reporting? In a recent webinar, CIBC's Loren Schwartz, Banaja Panda and our own Linda Middleditch discussed the complex realm of compliance practices and unveiled adaptive strategies to tackle the evolving trends and risks of capital markets regulation 💡 Watch the webinar on-demand ⬇️ https://hubs.la/Q02t6-Hr0

17

Today marks an important milestone for Canada. With the release of the 2024 federal budget, we now have further details on the implementation framework that lays the foundation for consumer-driven banking. Undertaking an iterative approach, the framework will evolve to adapt to future regulatory shifts and market demands in order to maximize innovation and enable competition. Open Banking opens a world of possibilities for Canadians to explore new and innovative products and services that will help to enhance their economic outcomes. Symcor looks forward to continued collaboration with ecosystem participants and the newly appointed governing body, Financial Consumer Agency of Canada (FCAC), to support a secure and dynamic financial ecosystem. In this rapidly changing landscape, staying competitive is crucial. Don't get left behind. Accelerate your Open Banking readiness with Canada's trusted data network - COR.CONNECT. Learn how Symcor can help facilitate seamless data exchange among market participants: https://lnkd.in/ggi7w5wG #OpenBanking #ConsumerDrivenBanking

107

2 Comments

Fraudsters targeted fewer Canadian consumers in 2024, while increasing their profits. To learn more about these higher-value fraud cases in the country, check out BioCatch's 2024 Digital Banking Fraud Trends in Canada report: https://okt.to/r6PJ2u #FinancialCrime #FraudPrevention #BankingIndustry

7

Thoughts from the CSCA conference last week which was bathed in sunshine in Niagara. I have broken this down into 3 areas of risk, Tech and Regulation Equifax's presentation highlighted the rise in consumer Credit cards being used for everyday items and the bigger concern of the impending mortgage renewals. Will it force people to sell their homes? What will this do to the rental market? Do we really know the 'true' affordability position of people and their ability to manage (or repay) debt? Will more people choose the consumer proposal route as a perceived easier way out? and what is the impact of this for creditors and collection agencies...? Are Agents working from home a concern for regulators and compliance managers? CollaborationRoom.ai presented a solution that may overcome many concerns of WFH with their virtual contact room technology. #AI is everyone's buzzword and there a solutions popping up daily! but with only a few early adopters in both the US (11% of agencies) and Canada (less than 1%). Is it too soon to understand the benefits case and best practice model of how to use AI? Or yet a bigger concern... do we have the expertise in our organizations to nurture, manage and optimize the LLM and Gen AI models? On a lighter note...Will our AI agents become too cynical like many agents do in Collections? will it learn to not trust consumers and therefore form a bias? just envision a Darth Vadar type response, "I find your lack of funds disturbing..." (that was my shout out and tribute to the wonderful James Earl Jones RIP..) Could WhatsApp be the new channel of choice, as seen in the UK and EMEA, but yet to be tested in North America? Will Open banking be the key for agencies and lenders in collection to understand affordability and how to manage consumers who need repayment plans? Will it be endorsed by the CDSSA under their fair treatment of consumer's act? Is the CDSSA clear on the use of AI in collections? It not black and white and there is much room for a healthy discussion to ensure the 'use case' and both agencies and the IT providers are adhering to the guidelines and expectations of the CDSSA. Rogue collection agencies are on the rise! Posing a big concern for consumers and the CDSSA. How is your agency ensuring its seen as a credible and legitimate business to avoid being perceived as a spammer/fraudster? A big thank you to the CSCA team for organizing a great day and night and reaching a milestone of 60 years. If you are not a member join up at wwww.thecsca.com #collections #receiveables #openbanking #Ai #Digitaltransformation #affordability #risk #credit #regualtion

15

What key trends should risk and compliance leaders be aware of? What is the role of technology in shaping regulatory reporting? CIBC's Loren Schwartz, Banaja Panda and our own Linda Middleditch discussed the complex realm of compliance practices and unveiled adaptive strategies to tackle the evolving trends and risks of capital markets regulation in a recent webinar. ▶️ Watch the webinar on-demand here: https://hubs.la/Q02yd1DJ0 #regreporting

23

Regulators announce coordinated review into bank branch sales practices: https://ow.ly/PXp450UfVQp The OSC and CIRO / OCRI announced a coordinated review into the sales practices within Canadian bank branches. The review follows a public report of potential investor harm due to alleged high-pressure sales practices for mutual funds at some Canadian banks. 

26

Curious about what Canada's new open banking framework means for you? Take a look at this segment from Anne Gaviola on Global News, featuring our CEO, Andrew Moor.   https://lnkd.in/gPYsbdCP #OpenBanking #ConsumerDirectedFinance #DigitalBanking #OpenFinance

45

The federal government has introduced the long-awaited consumer-driven banking framework, also known as open banking. The new proposed legislation includes the draft Consumer-Driven Banking Act (CDBA), as well as draft amendments to the Financial Consumer Agency of Canada Act (FCAC Act). The CDBA provisions reflect the government’s approach to implementing open banking framework. The draft provisions address elements of governance, scope and process, but do not introduce comprehensive consumer-driven banking legislation, and offer little in terms of new information. This includes the lack of details around items such as the definition of what constitutes a “small business” and clarity around data enhancements between consumers (including small businesses) and participating entities in the framework.   The Senior Deputy Commissioner of the FCAC will be responsible for the supervision and enforcement of the framework. The legislation establishes a “new regulator” for open banking, and the proposed amendments with respect to enforcement are very much aligned with, if not identical to, the existing enforcement and proceeding provisions of the FCAC Act. The draft legislation must still pass through the legislative process before it becomes law, and although it is rare that provisions set out in budget implementation bills are amended, the CDBA provisions introduced in the framework could still potentially change. We expect that the most critical and challenging issues related to open banking will be dealt with in the next Budget Implementation Act, which is expected to be tabled this fall. Read the full details in our bulletin: https://bit.ly/3y5UgP0 #financialservices #fintech #ECVC #banking #capitalmarkets #investments #regulatory #openbanking #contracting Brigitte Goulard | Eli Monas | Marissa Daniels | Molly Reynolds

16

The Canadian financial technology companies’ industry association, Fintechs Canada, has appointed a new set of seven directors to its Board. The organization is a not-for-profit entity to collectively represent interests of the fintech players in the country. Accordingly, all the seven directors are senior leaders from the Canadian fintech industry. The new Directors of the Board will assume their roles with immediate effect for the 2024-25 period. The seven board members are: Andrew Graham, Co-Founder and CEO of Borrowell; Laurence Cooke, Founder and CEO of nanopay; Anne Butler, Chief Legal Officer at Peoples Group; Jessica Oliver, Head of Government and Regulatory Relations at Wealthsimple; Ben Harrison, Partner, Head of Partnerships and Policy at Sagard; Dominique Samson, Vice President of Corporate Affairs at Flinks; and Peter Aceto, Chief Banking Officer of Koho. While it’s not been explicitly mentioned, it seems that Graham, Cooke and Harrison were also part of the preceding board. That Board of Directors was announced in November 2022 along with the rebrand to Fintechs Canada. Further, Graham takes over as the new Chair of the Board. Appointed in February 2021, Alex Vronces serves as the association’s Executive Director. Among its achievements, the association lists the implementation of a federal open banking framework, changes to legislation to increase access to payment systems, and reaffirmed commitments to launch Payments Canada’s real-time rail. Moreover, Fintechs Canada is is now looking forward to create a forward-thinking fintech policy agenda to help spur ongoing innovation and growth in the industry as the federal election year draws near. #canada #fintech #board

5

1 Comment

Starting in August, we're streamlining how and when we communicate with stakeholders and Canadians on key OSFI priorities. By consolidating our main activities into quarterly announcements, we will improve predictability for financial institutions, and enhance OSFI's transparency. This session will be followed by a virtual industry day two weeks later for questions on those initiatives. By communicating our initiatives in a single event, we will provide predictability to financial institutions and enhance transparency. 📅 Save the Date: August 22nd – 11 AM media event 1 PM stakeholder briefing (All welcome) To find out about the agenda and to register: https://lnkd.in/eWBdPN4e If you can't attend, a bulletin should summarize our announcements and provide insights on future events. https://lnkd.in/e-EMJ__W #FinancialRegulation #CDNfinance #OSFI

41

The Canadian banking landscape is dynamic, and it's key to stay ahead of the curve in media strategies. This FREE report from Semantrum delivers an in-depth analysis of how major Canadian banks leverage media from January to April 2024. Here's what you'll gain: - Evolving trends: Discover the latest communication tactics employed by Canadian banks. - Content focus: Understand the key topics banks use to connect with audiences. ️ - Media effectiveness: Analyze the success of different media channels for brand building and engagement. Don't miss out! Download your copy of the report today and gain valuable insights into the media landscape of Canadian banking. https://lnkd.in/dauZjWbJ #CanadianBanks #MediaStrategy #mediamonitoring #pr

2

Latest in Means & Ways Canada's financial regulator said Friday it will delay imposing stricter capital requirements on commercial banks for a year as part of a planned phase-in of Basel IV reforms. The Office of the Superintendent of Financial Institutions was scheduled to implement the higher capital requirements well ahead of peer countries, however the one-year delay will give the regulator time to consider the implementation timeline in other jurisdictions, according to a statement released on Friday. Scotiabank estimated the new capital rules could have forced banks to shed as much as $260 billion in assets by 2026. One-year won't be enough, and OSFI appears to be buying some time. But it’s nice to see that Canadian regulators occasionally recognize macroeconomic context and competitive landscapes. Here is link to statement: https://lnkd.in/eBN_2PV8 Here is Scotiabank report flagging concerns: https://lnkd.in/esegHYzj

5

Open finance has the potential to transform the Canadian financial sector by allowing financial institutions like credit unions, in collaboration with payments services providers, to offer members access to financial products, efficient management, and secure real-time data. Collaborative research like that conducted by the Open Finance Network of Canada provides valuable insights into Canada's approach to open finance. Read the white paper: https://lnkd.in/eEQqUBZT #OpenFinance #CreditUnions #SmallBusiness #ModernPayments

10

Ontario is doing away with Notices of Security Interest (NOSIs) for consumer goods on the land registry system. ❓Don’t know what an NOSI is? It’s essentially a lien on personal property. A business can register a NOSI on the property title of a client renting, leasing, or financing a consumer good on their property. For example, an HVAC system. NOSIs prevent consumers from selling or refinancing their homes until the contract is paid out. 🚩The problem? While many legitimate businesses in Ontario rely on NOSIs to protect themselves and offer financing options to higher-risk clients, scammers and organized crime have infiltrated the system and Ontarians are paying the price. 💡The solution? Eliminate NOSIs on land titles for consumer goods and retroactively remove all NOSIs currently placed on land titles for consumer goods. 🚩🚩The new problem? Without NOSI security and no alternative framework for home equipment financing, businesses will likely tighten their credit requirements and increase prices to protect themselves. This will particularly affect subprime consumers due to their limited access to credit. Read more: https://lnkd.in/et9vnac2

4

Do you wonder about your credit health? Discover how to check your credit report for FREE in Canada! Learn the simple steps to access your report from Equifax and TransUnion, spot potential errors, and protect yourself from fraud today! Read the full blog post here: https://lnkd.in/ef4Dh6Pa

4