On October 25, 2016, Bill C-29, Budget Implementation Act,
2016, No. 2 (the Bill) received first reading in the House of
Commons. The Bill proposes amendments to the Bank Act
(Canada) (the Amendments) creating a new Part XII.2, Dealings with
Customers and Public, which consolidates the existing consumer
protection provisions, streamlines provisions that apply to banks
or authorized foreign banks in relation to consumer protection, and
introduce some new measures. Given the expansion of consumer
protection measures over the past several years, consolidating the
provisions in the new part is a welcome improvement to the Bank
Act.
A Response to Marcotte
The Amendments also respond to the landmark Supreme Court of
Canada decision in Bank of Montreal v. Marcotte (and the
two companion cases), by incorporating language into the Act to
strengthen the argument in favour of the exclusive federal
jurisdiction over products and services offered by banks. The
amendments now
