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Ottawa’s Proposed Crackdown on use of the Term “Bank” by Non-Banks has been Suspended

The Canadian government has suspended its proposed crackdown on the use of the terms “bank” and “banking” by non-bank financial service providers such as credit unions, which would have required them to phase out all use of these terms by 2019. In the meantime, the government will be reviewing the matter to determine whether there is room for such businesses to use these terms in appropriate circumstances. As part of this review, it is expected that the government could clarify whether non-bank financial service providers may use the term “bank” or “banking” in trademarks, trade names, logos, slogans, websites, print materials, etc., in view of the federal Bank Act which regulates the use of the word ”bank” by financial institutions. Businesses in the fintech industry which support the services of financial service providers, but which do not provide financial services themselves, are excluded from the crackdown. See full article here.

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