Standing Senate Committee on Banking, Commerce and the Economy (BANC) (May 30, 2014)
ANNEX B: Summary of Budget 2024 initiatives of relevance to Payments Canada

Pre-Budget consultations

As part of pre-Budget consultations, Payments Canada provided submissions requesting that the Budget include changes to the Canadian Payments Act. These changes would expand Payments Canada’s membership eligibility to include local credit unions, payment service providers and financial market infrastructure entities, all of whom are currently regulated through other means.

More on Payments Canada’s pre-Budget submissions and consultation highlights:

• Submission: https://www.payments.ca/legislative-changes-needed-stronger-consumer-protection-and-financial-stability

• Reaction: https://www.payments.ca/fina-pre-budget-consultation-highlights-continued-industry-support-broader-access-canadas-payment

Post-Budget reaction

On April 16, after the Budget, Payments Canada issued a news release highlighting the following measures from Budget 2024:

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