In February 2021, Fairstone Bank of Canada ("Fairstone"), formerly Duo Bank of Canada, entered into a partnership with First National Financial LP ("First National") for the exclusive issuance of its secured credit card, the First National Home Equity Secured Mastercard.
Fasken advised Fairstone Bank of Canada on all regulatory and commercial considerations, including the negotiation of the commercial transaction with First National in the creation and launch of the First National Home Equity Secured Mastercard. This was a significant matter as it required regulatory analysis of provisions under the Bank Act as well as provincial consumer protection and residential mortgage rules and requirements.
A Fasken team comprised of Kathleen Butterfield and Caitlin Sabetti advised Fairstone in connection with this mandate.
Jurisdiction
- Ontario
