Consumer-Driven Banking Act (S.C. 2026, c. 3, s. 224)

Short Title

Marginal note:Short title

1 This Act may be cited as the Consumer-Driven Banking Act.

Definitions

Marginal note:Definitions

2 The following definitions apply in this Act.

authentication information

authentication information means any password or other information that a consumer creates or adopts to be used to authenticate their identity. (authentifiant)

Bank

Bank means the Bank of Canada. (Banque)

complaint

complaint means an expression of dissatisfaction, whether justified or not, to a participating entity with respect to any activity that it performs under this Act. (plainte)

derived data

derived data means, subject to the regulations, data about a consumer, product or service that has been enhanced by a participating entity to significantly increase its usefulness or commercial value. (données dérivées)

entity

entity means a corporation, trust, partnership, fund, unincorporated association or organization or federal or provincial Crown corporation. (entité)

external complaints body

external complaints body means the corporation designated under subsection 114(1). (organisme externe de traitement des plaintes)

federal financial institution

federal financial institution means

• (a) a bank that is listed in Schedule I or II to the Bank Act;

• (b) an authorized foreign bank as defined in section 2 of the Bank Act;

• (c) a company to which the Trust and Loan Companies Act applies;

• (d) an association to which the Cooperative Credit Associations Act applies; or

• (e) a company, fraternal benefit society or foreign company to which the Insurance Companies Act applies. (institution financière fédérale)

government authority

government authority includes the Royal Canadian Mounted Police, the Communications Security Establishment and the Canadian Security Intelligence Service. (autorité administrative)

Governor

Governor has the same meaning as in section 2 of the Bank of Canada Act. (gouverneur)

Minister

Minister means the Minister of Finance. (ministre)

participating entity

participating entity means

• (a) a bank that is listed in the schedule;

• (b) a federal financial institution or provincial financial institution that is accredited under section 15;

• (c) a registered payment service provider that is accredited under section 17; or

• (d) an entity that is accredited under section 19. (entité participante)

provincial financial institution

provincial financial institution means

• (a) a cooperative credit society, savings and credit union or caisse populaire that is regulated by a provincial Act;

• (b) a provincial Crown corporation that offers deposit-taking services; or

• (c) an insurance company that is regulated by a provincial Act. (institution financière provinciale)

registered payment service provider

registered payment service provider means a payment service provider, as defined in section 2 of the Retail Payment Activities Act, that is registered, as defined in that section. (fournisseur de services de paiement enregistré)

registry

registry means the registry that is maintained under section 44. (registre)

sharing

sharing, in respect of consumer data, means the provision or receipt of that data by participating entities. (partage)

technical standards body

technical standards body means the body designated under subsection 125(1). (organisme de normalisation technique)

third-party service provider

third-party service provider means an individual or entity that is not an employee or an agent or mandatary of a participating entity and that, under a contract, provides the participating entity with a service that is related to the activities that the participating entity performs under this Act. (tiers fournisseur de services)

Purpose

Marginal note:Purpose

3 The purpose of this Act is to establish a framework within which consumers, including businesses, can direct that their data be shared among participating entities of their choice, to ensure that the sharing of data among participating entities is safe and secure and to foster competition in the financial sector.

Objects of the Bank

Marginal note:Objects

4 The Bank’s objects under this Act are to

• (a) supervise participating entities, accredited third-party service providers, the external complaints body and the technical standards body to determine whether they are in compliance with

  • (i) the provisions of this Act and the regulations that are applicable to them, and

  • (ii) orders made, undertakings required, compliance agreements entered into and directions made under this Act;

• (b) monitor and evaluate trends and emerging issues that may have an impact on consumers of consumer-driven banking, including trends and issues in respect of products, services and market developments, and make information on those trends and issues public;

• (c) foster participation in consumer-driven banking in cooperation with any department, agency or agent corporation of the Government of Canada or any department, agency or agent or mandatary corporation of the government of a province, financial institutions and consumer and other organizations; and

• (d) foster competition in the financial sector in the interests of consumers.

Marginal note:Agreements or arrangements

5 The Bank may, for the purpose of exercising its powers or performing its duties and functions under this Act, enter into an agreement or arrangement with any government authority or regulatory body.

Marginal note:Guidelines — Bank

• 6 (1) Subject to subsection (2), the Bank may issue guidelines respecting the manner in which this Act is to be applied.

• Marginal note:Guidelines — Minister

  (2) The Minister may issue guidelines respecting the manner in which any provision of this Act that confers powers, duties or functions on the Minister is to be applied.

Marginal note:Publication of information — regulations

• 7 (1) The Bank must publish, within the time and in the manner provided for in the regulations, the information that is provided for in the regulations respecting consumer-driven banking.

• Marginal note:Publication of information as appropriate

  (2) The Bank may publish any information with respect to consumer-driven banking that the Bank considers appropriate.

Marginal note:Personal information

8 The Bank may collect any personal information that the Bank considers necessary for carrying out its objects under this Act.

Marginal note:Delegation of Governor’s powers, duties and functions

9 The Governor may delegate to an officer of the Bank any of the Governor’s powers, duties or functions under this Act.

Application

Participating Entities

Banks Listed in Schedule

Marginal note:Adding to schedule

• 13 (1) The Minister may, by order, amend the schedule by adding the name of a bank that is listed in Schedule I to the Bank Act.

• Marginal note:Amendment

  (2) The Minister may, by order, amend the schedule by amending the name of a bank.

• Marginal note:Deletion

  (3) The Minister may, by order, amend the schedule by deleting the name of a bank if the bank is dissolved or if it is continued, or amalgamated and continued, as a corporation to which another Act of Parliament applies.

• Marginal note:Order to be published

  (4) An order made under this section must be published in the Canada Gazette.

Marginal note:Notice to Bank

• 14 (1) The Minister must, as soon as feasible, notify the Bank of any amendment that is made to the schedule.

• Marginal note:Registry

  (2) As soon as feasible after being notified of an amendment to the schedule, the Bank must

  • (a) add to the registry the name of any bank whose name was added to the schedule, the date on which it was added to the schedule and any other relevant information;

  • (b) amend in the registry the name of any bank whose name was amended in the schedule; or

  • (c) delete from the registry the name of any bank whose name was deleted from the schedule and all other information about the bank.

• Marginal note:Notice to bank

  (3) As soon as feasible after amending the registry under this section, the Bank must notify the bank to which the amendment relates.

Federal Financial Institutions and Provincial Financial Institutions

Registered Payment Service Providers