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ARTICLE · 23 DECEMBER 2024

Open Banking: New Developments From The 2024 Fall Economic Statement

McCarthy Tétrault
McCarthy Tétrault
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Largely overshadowed by all the excitement that was tied up with the government's 2024 Fall Economic Statement released on December 16, 2024 were new details about the government's...

CanadaFinance and Banking
TechLex Blog
TechLex Blog
Michael Scherman
Michael Scherman
Christine Ing
Christine Ing
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Largely overshadowed by all the excitement that was tied up with the government's 2024 Fall Economic Statement released on December 16, 2024 were new details about the government's plans for open banking in Canada

As we'd previously written about (see here and here), in April 2024 the federal government released its initial framework for open banking (aka consumer-driven banking) in Canada alongside the 2024 federal budget. Shortly after that, part 1 of the Consumer Driven Banking Act was enacted as part of the Budget Act, 2024.

The 2024 Fall Economic Statement was accompanied an updated framework for consumer-driven banking which contained new details about the government's plan for open banking. This December 2024 framework is largely a copy of the prior April 2024 framework, with a handful of updates.

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