News and Information

Government publishes new regulations on credit card business practices and amendments to the Cost of Borrowing Regulations

In Budget 2009, the Government of Canada stated it would take steps to help consumers of financial products, as part of initiatives to improve access to financing and strengthen Canada’s financial system.

As part of this initiative, the government has introduced two sets of regulations designed to promote consumers’ access to credit on fair and transparent terms. The Credit Business Practices Regulations limit certain financial institution credit card business practices that are not beneficial to consumers; and the amendments to the Cost of Borrowing Regulations continue to improve disclosure and transparency for consumers of lending products.

Links to:

• release from Department of Finance Canada
• Canada Gazette Part II