Compliance and regulatory changes
CAMLA believes that Alternative Mortgage Lenders need to take an active role with regulators and industry at large. CAMLA encourages regulators to strive for clarity, stability and certainty when crafting legislation and regulations. A clear and stable regulatory environment supports the long-term viability of our members and the Canadians that they serve and employ.
- Liaison with both federal and provincial regulators
- Offer opinions on proposed legislation, rules or policies which require insight as to their impact and relevance to our industry
- Educate industry members compliance and best practices
- Coordinate with industry members and provincial mortgage lender associations to ensure that collaboration on communications and industry initiatives
- Liaison with related industry associations.
Industry performance and trends
CAMLA encourages regulators to strive for clarity, stability and certainty when crafting consumer protection legislation and regulations. A clear and stable regulatory environment supports the long-term viability of our members and the Canadians that they serve and employ.
- Work with industry to ensure that relevant and well defined data is being collected and interpreted properly
- Perform industry wide surveys and analysis to provide insight to the industry
- Collect and share relevant industry and consumer data with industry members
Where possible, CAMLA supports the pursuit of regulatory consistency amongst the various Canadian Provinces that offer similar regulations so that our members who operate across multiple Provinces can do so as efficiently as possible. We believe that to the extent that regulators can pursue consistency across the provinces, the results will drive costs down for lenders, thus supporting long-term innovation, while ultimately leading to healthy growth, viability and competition in the industry. This ultimate array of innovation and competition in the industry is critical to providing necessary, and viable, credit options for consumers in Canada.
CAMLA, on behalf of its members will:
- Educate consumers on the value of alternative mortgage lending products
- Work with consumer advocacy groups to ensure that our industry is appropriately addressing consumer concerns
- Assisting Ombudsman to understand our industry and act as an advisor in addressing industry related issues
CAMLA will meet as regularly as possible with industry stakeholders to ensure that the alternative mortgage lender voice is heard and well represented.
Society needs to reinforce responsible borrowing practices and emphasize accountability in personal decision-making.