The Canadian Lenders Association (CLA) announced on Tuesday that it’s acquiring the Canadian Regulatory Technology Association (CRTA).
The merger reflects the regulatory environment’s complexity and the need for a unified approach, the CRTA said in a statement.
The CLA represents Canadian banks, fintechs and financial services providers, while the CRTA is a non-profit that’s focused on solving regulatory challenges through collaborative efforts between regulated entities, technology vendors, regulatory bodies, government and professional service providers.
Over the past several years, the CLA has expanded its scope beyond lending to include financial, payments, wealth and insurance technology.
The acquisition will allow CRTA members to benefit from the CLA’s financial and insurance technology infrastructure, while CLA members will receive access to the CRTA’s technical and regulatory knowledge, a release noted.
“Our members are navigating sustained regulatory intensity, escalating fraud sophistication, and rising expectations around data governance and transparency,” Gary Schwartz, president and CEO of the CLA, said in the release. “By integrating CRTA into the CLA, we are embedding technical compliance expertise directly into our ecosystem.”