[News](https://www.payments.ca/insights/news-research?field_article_type=24) # Payments Canada continues to advocate for modern payment legislation March 29, 2023 The 2023 federal budget, [*Budget 2023 A Made-in-Canada Plan: Strong Middle Class, Affordable Economy, Healthy Future*](https://www.budget.canada.ca/2023/pdf/budget-2023-en.pdf), sets out the Government of Canada’s spending and policy priorities for this year. Payments Canada supports the government’s plan for a strong middle-class and affordable economy, which aligns with our statutory mandate. However, we are disappointed that amendments to the *Canadian Payments Act* (CP Act) to expand Payments Canada’s membership were omitted. We are confident that the Government of Canada appreciates the importance of modern payment legislation reflective of today’s digital economy and ask that they: 1. **Conduct a public consultation on CP Act changes:** Consultation will provide valuable insight into how membership can be expanded in a way that meets the high standards for safety and security, supervision and governance that Canadians have come to expect within our national financial system. 2. **Implement changes to the CP Act to expand Payments Canada’s membership eligibility in 2023:** Membership would be expanded to include *Retail Payments Activities Act* (RPAA)-registered payment service providers, credit union locals, and operators of financial market infrastructures designated by the Bank of Canada. To gain membership, these entities would need to meet regulatory requirements set by Parliament in legislation, as well as oversight requirements set by government regulation. There is [broad-based payment ecosystem support](https://www.payments.ca/joint-letter-minister-finance-changes-canadian-payments-act) for modifying the CP Act to expand Payments Canada’s membership. Expanded membership is critical to broaden access to Canada’s national payment infrastructure, which will help to ensure that the future of digital payments, which Canadians are increasingly turning to, happens within — and not outside — the regulatory system. This will help encourage financial stability and protect consumers. Payments Canada will continue to engage with the Department of Finance to support its efforts to prioritize modern payments. We will also continue to support our members and the payment ecosystem in our shared objective of a modern payment regulatory framework that benefits Canadian businesses and consumers. Other financial sector highlights that were included in the budget include: - **Lowering credit card transaction fees for small businesses** - The government announced secured commitments from Visa and Mastercard to lower fees for small businesses. Other credit card companies are also expected to take similar actions to lower fees for small businesses. The government expects that the commitments by credit card networks for small businesses will not adversely impact interchange fees paid by other businesses, and payment processors will pass these reductions through to small businesses. - **Fairer external complaints handling system for banking:** - The government proposes a single, not-for-profit body to handle external complaints for banks. The selection process would be led by the Financial Consumer Agency of Canada. - **Protecting Canadians from the risks of crypto-assets:** - The government acknowledges the need for different orders in government to take an active role in protecting consumers from risks associated with crypto-assets and any related risks they may present to our financial system. - Budget 2023 announces that the Office of the Superintendent of Financial Institutions (OSFI) will consult federally regulated financial institutions and pension funds on guidelines for publicly disclosing their exposure to crypto-assets. - Additional proposals to protect Canadians from the risks of crypto-assets will be included in the 2023 fall economic and fiscal update. - **Strengthening Canada’s anti-money laundering and anti-terrorist financing regime:** - Budget 2023 announces legislative amendments to the Criminal Code and the *Proceeds of Crime (Money Laundering) and Terrorist Financing Act* (PCMLTFA) to strengthen the investigative, enforcement, and information-sharing tools of Canada’s anti-money laundering and anti-terrorist regime. - The federal government will launch a parliamentary review of the *Proceeds of Crime (Money Laundering) and* *Terrorist Financing Act* (PCMLTFA) this year. The review will include a public consultation. - Public Safety Canada is collaborating with federal, provincial and territorial partners, as well as external experts and stakeholders, on the development of the Canada Financial Cris Agency (CFCA). The structure and mandate of the CFCA will be provided by the 2023 fall economic and fiscal update. - **Modernizing financial sector oversight to address emerging risks:** - Budget 2023 announces the government’s intention to amend the *Bank Act*, the *Insurance Companies Act*, the *Trust and Loan Companies Act*, the *Office of the Superintendent of Financial Institutions Act*, and the P*roceeds of Crime (Money Laundering) and Terrorist Financing Act* (PCMLTFA) to modernize the federal financial framework to address emerging risks to Canada’s financial sector. - The mandate and the authority of the Office of the Superintendent of Financial Institutions (OSFI) will be expanded. - The government will also review the mandate of FINTRAC to determine if it should be expanded in the 2023 fall economic and fiscal update. To read the full budget, visit: [budget.canada.ca](https://www.budget.canada.ca/2023/home-accueil-en.html) [Return to newsroom](https://www.payments.ca/insights/news-research) ## Keep reading [ ![placeholder.png](/sites/default/files/styles/article/public/placeholder.png?h=5dafd208&itok=qKDbzxAp) News October 1, 2026 ### Payments Canada welcomes six new members as expanded membership... Twenty-two new members have joined since 2025 regulatory changes — a necessary step for those seeking access to critical national payment infrastructure, including the forthcoming Real-Time Rail... ](https://www.payments.ca/payments-canada-welcomes-six-new-members-expanded-membership-eligibility-reaches-one-year-milestone)[Learn more](https://www.payments.ca/payments-canada-welcomes-six-new-members-expanded-membership-eligibility-reaches-one-year-milestone) [ ![placeholder.png](/sites/default/files/styles/article/public/placeholder.png?h=5dafd208&itok=qKDbzxAp) News September 25, 2026 ### Payments Canada names Stephan Orzechowski as Vice President... Payments Canada is pleased to announce the appointment of Stephan Orzechowski as Vice President, Strategic Partnerships and Business Transformation. Stephan will lead strategic vendor partnerships... ](https://www.payments.ca/payments-canada-names-stephan-orzechowski-vice-president-strategic-partnerships-and-business)[Learn more](https://www.payments.ca/payments-canada-names-stephan-orzechowski-vice-president-strategic-partnerships-and-business) [ ![placeholder.png](/sites/default/files/styles/article/public/placeholder.png?h=5dafd208&itok=qKDbzxAp) News July 27, 2026 ### ACSS rule changes enhance payment system processes Updates provide expanded definitions and process efficiency Payments Canada has implemented a series of administrative and operational amendments to the Automated Clearing Settlement System (ACSS)... ](https://www.payments.ca/acss-rule-changes-enhance-payment-system-processes)[Learn more](https://www.payments.ca/acss-rule-changes-enhance-payment-system-processes)