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ARTICLE · 13 JULY 2026

Canada Advances Consumer-Driven Banking Framework With Proposed Regulations

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Canada's proposed Consumer-Driven Banking Regulations provide the first detailed framework for open banking participation, establishing comprehensive requirements for accreditation, data sharing, security protocols, and ongoing compliance obligations. The regulations introduce four distinct accreditation pathways and set baseline service expectations while creating connections between consumer-driven banking and broader data mobility rights under evolving federal privacy legislation.

CanadaFinance and Banking
Adam Taylor
Adam Taylor
Matthew Flynn
Matthew Flynn
Simon Grant
Simon Grant
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For fintechs, payment service providers and banks, the proposed Consumer-Driven Banking Regulations (the Regulations) released by the Department of Finance under the Consumer-Driven Banking Act (the CDBA) on June 27, 2026 provide the first detailed look at what it will take to participate in Canada's new open banking regime.

As we noted in Fintech in Canada Q1 2026, once enacted in force, together the CDBA and proposed Regulations would establish Canada’s consumer-driven banking framework, to be overseen by the Bank of Canada. Designed to bring financial systems into a consumer-centered future, the proposed regulations aim to empower individuals and businesses by giving them more control over their financial data.

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