CDIC Deposit Information By‑law Amendments

Summary#

This is a proposed amendment to the Canada Deposit Insurance Corporation Deposit Insurance Information By-law from the Canada Deposit Insurance Corporation (CDIC). It would tighten and modernize how CDIC members tell customers about deposit insurance — for example, by adding staff training, new rules for video ads, updated in-branch and online signage, and clearer disclosures when a bank uses a trade name. The proposal was published on July 4, 2026 and is open for comment for 30 days.

What it does#

• Requires member institutions to set up and maintain a staff training program covering basic deposit insurance facts and how to explain coverage. The training must be completed annually by employees who may talk about CDIC coverage. The training requirement would take effect on July 14, 2028.
• Requires a clear statement or CDIC sign/symbol in any paid video advertising about deposit products (unless the ad was already in production when the rule comes into force).
• Replaces the old printed brochure requirement with a shorter CDIC information sheet that may be shown either digitally or in print. Branches must give a printed copy on request.
• Simplifies signage rules so there are two main forms: the physical CDIC membership sign for branches and a CDIC digital symbol for online platforms. The physical sign may be shown on a rolling digital display, and digital symbols must link to the information sheet.
• Adds a rule for trade names: if a member sells eligible deposits under a trade name, the website must explain the legal relationship to the member and that coverage is aggregated with the member’s deposits (no extra or separate coverage).
• Modernizes some terminology (for example, definitions for “place of business” and “digital platform”) and removes or replaces older options in the By-law.

Note: CDIC’s Regulatory Impact Analysis Statement said most amendments would come into force on December 1, 2026, with the training program delayed until July 14, 2028. The formal draft text also contains coming-into-force language that is slightly different; the proposal is still at the consultation stage.

Who's affected#

• CDIC member institutions — banks, federally regulated trust companies and similar institutions that are CDIC members — will need to update policies, training, branch displays, websites and advertising.
• Client-facing employees (branch staff, call-centre staff, financial advisors and staff working in digital channels) who talk with customers about deposit products will have to complete the new training.
• Marketing teams and advertising agencies that make paid video ads for deposit products will need to include the CDIC statement or symbol.
• Customers and depositors will see clearer, more consistent information about what deposits are covered and how coverage is calculated.
• The proposal says it would not affect small businesses and that implementation costs are expected to be low for most changes.

Why it matters#

• Clearer, consistent information helps people understand whether their money is protected and how much coverage they have. That helps depositors make better choices when opening accounts.
• Better-trained staff reduce the risk that customers get wrong or confusing explanations about deposit insurance.
• Stronger, simpler rules for signage and advertising reduce confusion when a bank uses different trade names or when information is shown digitally in branches or online.
• Improving public confidence in deposit protection can reduce the risk of runs during stress, which supports overall financial stability.
• The changes are largely administrative and informational; they don’t change who is insured or the maximum coverage amount, but they change how that information must be presented.