Canada Gazette, Part I, Volume 160, Number 26: Consumer-Driven Banking Regulations
REGULATORY IMPACT ANALYSIS STATEMENT
Summary
This Part I notice describes proposed regulations to put the new Consumer-Driven Banking Act into practice. The rules would set up a Bank of Canada‑supervised system that lets people and businesses share their bank data with accredited fintechs and service providers through secure APIs instead of unsafe screen scraping.
What it does
It would create the detailed rules for who can join the data‑sharing system, what types of account data must be shareable (deposit, payment, investment and lending account data), how firms get accredited, security and breach-reporting rules, consent rules, a public registry of participants, and a national security review process led by the Minister of Finance. The first phase would be read‑only data sharing via a single technical standard and would phase out screen scraping later.
Who it affects
Large banks (some would be required to join), other federally and provincially regulated financial institutions that choose to opt in, fintechs and payment service providers (including those already registered under the Retail Payment Activities Act), third‑party service providers that handle consents or data flows, and consumers and small businesses who use or might use data‑sharing services. Provincial governments and supervisors are also involved.
Why it matters
If adopted, consumers and businesses could get new or better finance tools (like budgeting apps, comparison services, or loan offers) that access bank data securely and with consent. It aims to reduce risky practices like screen scraping and to make companies follow security, reporting and liability rules. There are also national security checks that could block or limit some participants. The proposal estimates long‑term economic gains but also lists implementation costs.
Key dates
- Published
- June 27, 2026
- Comment deadline
- Unclear
- Effective date
- Unclear
Source: Canada Gazette