• Boxed In: Canada Federal Regulations to Prompt Changes for Credit Card Issuers and Other Creditors
  • October 9, 2009 | Authors: Stephen J. Redican; Rebecca C.W. Chan
  • Law Firm: Borden Ladner Gervais LLP - Toronto Office
  • On Thursday May 21, 2009, Canadian Finance Minister Jim Flaherty announced new draft federal regulations that will change disclosure requirements and set new rules for federally regulated financial institutions that extend credit to consumers. These new rules are set out in the draft Credit Business Practices Regulations and Amending Disclosure Regulations. Meanwhile, the Senate and House of Commons committees continue their respective studies on Canada's credit and debit payment systems, the results of which are not expected to be received until later in June at the earliest.