Canada Gazette, Part I, Volume 160, Number 26: Regulations Amending the Financial Consumer Protection Framework Regulations
REGULATORY IMPACT ANALYSIS STATEMENT
Summary
The government has published proposed regulations that would make banks ask customers for explicit permission before enabling electronic fund transfer features (like Interac e-Transfer, wire transfers and international transfers), let customers turn those features off, and require banks to collect and report detailed fraud data to the Financial Consumer Agency of Canada. These are proposed rules to put into effect Bank Act changes announced in Budget 2025 and are not yet in force.
What it does
This is a proposal to require banks to: obtain a customer's express consent before enabling electronic fund-transfer capabilities on personal deposit accounts (examples: Interac e-Transfers, wire transfers, global money transfers); let customers disable those capabilities; inform customers at account opening that some features need consent and can be disabled; let customers request higher transaction limits that take effect immediately if the bank verifies identity, or the next business day if not verified; keep and annually review policies for investigating suspicious transactions and notifying customers; collect and report specific fraud data (dates, type of scheme, communication method, transaction method, amounts lost and reimbursed, basic victim demographics, etc.) to the Financial Consumer Agency of Canada (FCAC), which will compile a confidential annual report for the Minister of Finance. The proposal would not require consent for some things (for example, ATM withdrawals, card payments, transfers between accounts owned by the same person, pre-authorized debits and direct bill payments). The rules are presented as a regulation proposal to implement recent Bank Act amendments and are not yet legally in force.
Who it affects
Primarily: customers with Canadian personal deposit accounts and banks regulated under the Bank Act (Schedule I and II banks and authorized foreign banks — roughly the 79 institutions the document cites). It could also affect the FCAC, the Department of Finance (who will receive compiled data), and policy makers working on the National Anti-Fraud Strategy. It appears to apply to banks as defined in the Bank Act; the effect on credit unions, fintech firms, or non-bank payment providers is not made clear in this notice.
Why it matters
If adopted, the rules would give consumers more control to turn off high-value online transfer methods that fraudsters use when they gain access to accounts. That should make it harder for fraudsters to move money quickly and could reduce consumer losses. The mandatory data reporting aims to give governments better information about how fraud happens so they can make better policy. At the same time, customers could face added friction or short delays for some legitimate transactions, and banks will need to change systems and processes, which could lead to costs and operational changes.
Key dates
- Published
- June 27, 2026
- Comment deadline
- Unclear
- Effective date
- Unclear
Source: Canada Gazette