Canada Gazette, Part I, Volume 160, Number 26: Consumer-Driven Banking Regulations

What it does

The proposal spells out who can join the data-sharing system and how. It sets accreditation rules and fees for fintechs, banks, payment firms and third-party service providers; defines the types of account and transaction data that can be shared (initially read-only); requires security, consent, record-keeping and breach reporting; creates a public registry of participants; and gives the Minister of Finance powers to review applicants for national security risks. It also describes signage and notice rules for participating businesses. The item in the Gazette is a proposed regulation (a plan for rules), not a final law.

Who it affects

Consumers and small businesses that use banking and fintech apps; large banks and other federally regulated financial institutions (some will be required to participate); credit unions and provincially regulated institutions that choose to opt in; fintech companies and payment service providers (PSPs) seeking accreditation; third-party service providers that handle consent or data movement; and provincial governments (because of opt-in and coordination).

Why it matters

If adopted, the rules would make it easier and safer for people to connect their bank data to budgeting apps, lending services and other financial tools without giving away their online banking passwords. That could increase competition and new services for consumers. At the same time, companies will face new compliance costs and security requirements, and the government would have new tools to block actors that pose national security risks. The proposal includes an estimate of $457.7 million in regulatory costs and $13.2 billion in monetized benefits over 10 years, but many benefits are hard to quantify and the estimates are preliminary.

Key dates

Published

June 27, 2026

Comment deadline

Unclear

Effective date

Unclear