History and Governance
The CPA was established in 1980 by an Act of Parliament, which was amended and renamed the Canadian Payments Act (CP Act) in 2001. The Association has 135 members including the Bank of Canada, chartered banks, trust and loan companies, credit union centrals, federations of caisses populaires and other financial institutions. The Minister of Finance has oversight responsibilities for the CPA. The Governor of the Bank of Canada has oversight responsibility for the LVTS under the Payment Clearing and Settlement Act. The Minister of Finance makes three appointments to the Board of Directors and the Bank of Canada appoints the chair, while members elect the remaining 12 directors.
A 20-person Stakeholder Advisory Council (SAC) provides advice and input to represent the diverse interests of users of the payments system. The SAC was established by the Canadian Payments Association in 1996 on a voluntary basis and was formalized in the Canadian Payments Act in 2001. The SAC provides advice to the CPA Board of Directors on payment, clearing, and settlement matters, and contributes input on proposed initiatives, including by-laws, policy statements, and rules that affect third parties. It also identifies issues that might concern payment system users and third-party service providers, and suggests how they could be addressed.
The CPA is administered by a full-time staff of approximately 80 and is headquartered in Ottawa.
Read more about this topic: Canadian Payments Association
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