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ARTICLE · 24 APRIL 2024

Federal Government Releases Additional Details On Consumer-Driven Banking (Open Banking) Framework

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The federal government released alongside the 2024 federal budget a paper entitled Budget 2024: Canada's Consumer-Driven Banking Framework (the "Paper"), setting out additional details...

CanadaFinance and Banking
TechLex Blog
TechLex Blog
Ana Badour
Ana Badour
Christine Ing
Christine Ing
Michael Scherman
Michael Scherman
Christopher Yam
Christopher Yam
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The federal government released alongside the 2024 federal budget a paper entitled Budget 2024: Canada's Consumer-Driven Banking Framework (the "Paper"), setting out additional details on the federal government's plan to legislate a Consumer-Driven Banking Framework (the "Framework").

  1. Role of the Financial Consumer Agency of Canada

The federal government announced its plan to expand the mandate of the Financial Consumer Agency of Canada ("FCAC") to include the oversight of consumer-driven banking (also known as open banking). Additionally, it intends to amend the FCAC Act to create a new position, the Senior Deputy Commissioner of Consumer-Driven Banking, who will be responsible for consumer-driven banking.

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