On June 19, 2019, the Standing Senate Committee on Banking,
Trade and Commerce released the report Open Banking: What it Means for You (the
Report). The Report examines the potential regulatory
role of the federal government in respect of open banking, as well
as the benefits and challenges of open banking in a Canadian
context. The Report recommends, among other things, swift
government actions to place the Financial Consumer Agency of Canada
(FCAC) in an interim oversight role for screen scraping and open
banking activities and provide immediate funding publicizing
research on the benefits and risks of open banking.
The Report also contains a number of longer term
recommendations. The authors recommend the government
"swiftly enact changes to modernize the Personal
Information Protection and Electronic Documents Act (PIPEDA)
and align it with global privacy standards". The report
further recommends the development of a principles-based open
banking framework
