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ARTICLE · 28 NOVEMBER 2023

Key Updates: Open Banking And Canadian Mortgage Charter In Fall Economic Statement

Blake, Cassels & Graydon LLP
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Blake, Cassels & Graydon LLP

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On November 21, 2023, the federal government released the 2023 Fall Economic Statement (FES), outlining its economic plan and next legislative steps.

CanadaFinance and Banking
Mena Bellofiore
Mena Bellofiore
Tracy Molino
Tracy Molino
Vladimir Shatiryan
Vladimir Shatiryan
Jacqueline Shinfield
Jacqueline Shinfield
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On November 21, 2023, the federal government released the 2023 Fall Economic Statement (FES), outlining its economic plan and next legislative steps. The FES sets out several key legislative and regulatory initiatives impacting the financial services sector, including on open banking, payments modernization, a new mortgage charter, anti-money laundering legislation, and low-cost banking and fees.

Open Banking

In August 2021, the Advisory Committee on Open Banking released its Final Report, proposing January 2023 as a potential (but ambitious) launch date for operationalizing an open banking system. However, since the release of the Final Report, there had been little apparent movement on open banking, save for the appointment of Canada's first Open Banking Lead in March 2022. While the 2023 federal budget did not provide an update, the FES commits the government to adopting legislation through the upcoming 2024 federal budget (Budget 2024), and fully

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