RBC Buys HSBC Canada for $13.5B; New Banking Rules Coming Amid Competition Worries

RBC acquired HSBC Canada for $13.5 billion, consolidating the banking sector and raising competition concerns
The government plans to introduce open banking legislation to make sharing financial data easier
A single banking complaints body, the Ombudsman for Banking Services and Investments, will handle all banking disputes starting November 2024
Faster digital payment clearing through Payment Canada has been delayed again, with an update expected in early 2024
New rules on payday lending took effect, capping rates at $14 per $100, and consultations are underway on further protections