Consumer-Driven Banking Act (S.C. 2026, c. 3, s. 224)
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Act current to 2026-04-28
Designation — Provincial Authority
Marginal note:Designation
124 (1) At the request of a provincial minister who has responsibilities that are similar to those of the Minister, the Minister may, by order, designate a department or agency of a province to, in the place of the Bank, supervise a participating entity that is a provincial financial institution or a class of participating entities that are provincial financial institutions for the purposes of any of sections 79 to 93, 95 to 97 and 103 to 112.
Marginal note:Provisions and participating entities
(2) In the order, the Minister must specify the provisions, from among those referred to in subsection (1), to which the designation relates and the participating entity or class of participating entities in respect of which it applies.
Marginal note:Agreement or arrangement
(3) The Minister may only make an order if the Bank has entered into an agreement or arrangement with the department or agency of a province respecting the sharing of information and the supervision of participating entities.
Marginal note:Revocation
(4) The Minister may revoke an order made under subsection (1) and must do so at the request of the provincial minister referred to in that subsection.
Technical Standard
Marginal note:Designation of body
125 (1) The Minister may, by order, designate a body to be the technical standards body that is responsible for establishing the technical standard that is to be used for the sharing of data by participating entities in accordance with this Act.
Marginal note:Factors
(2) In designating the technical standards body, the Minister must take into account the following factors:
(a) the need to ensure the safe, secure and efficient sharing of data among participating entities;
(b) fairness, accessibility, transparency and good governance;
(c) whether the body is incorporated, formed or otherwise organized in Canada;
(d) the independence of the body in exercising its powers and performing its duties and functions;
(e) the body’s ability to exercise its powers and perform its duties and functions in a manner that is consistent with the purposes of this Act;
(f) any other factor that the Minister considers relevant; and
(g) any other factor provided for in the regulations.
Marginal note:Publication in Canada Gazette
(3) The Minister must publish the order in the Canada Gazette.
Marginal note:Review
126 The Minister must review the designation every three years.
Marginal note:Revocation
127 (1) The Minister may, by order, revoke the designation, including in the following circumstances:
(a) the Bank advises the Minister to do so;
(b) the Minister is of the opinion that the designation is no longer consistent with any factor referred to in subsection 125(2);
(c) the Minister is of the opinion that the designation poses a risk to national security; or
(d) the Minister is of the opinion that the designation poses a risk to the integrity or security of the financial system in Canada.
Marginal note:Publication in Canada Gazette
(2) The Minister must publish the order in the Canada Gazette.
Marginal note:Annual report
128 The technical standards body must submit an annual report to the Bank in accordance with the regulations.
Marginal note:Change that has significant impact
129 The technical standards body must notify the Bank of any change that has a significant impact on the technical standards body or the technical standards, including any change to the operation of the technical standard referred to in subsection 125(1) or the governance, composition or decision making of the technical standards body, as soon as feasible but no later than the seventh day after the day on which the change takes effect.
Marginal note:Request for information
130 The technical standards body must, within the time and in the manner specified by the Bank, provide the Bank with any information that the Bank requires for a purpose related to verifying compliance with this Act.
Confidentiality of Information
Marginal note:Information obtained by Bank
131 (1) Subject to subsections (2) and (3), information that is obtained under this Act by the Bank, and any information prepared from that information, is confidential and must be treated accordingly.
Marginal note:Disclosure permitted
(2) The Bank may disclose information that is obtained under this Act if it is required to make the information public under subsection 7(1) or section 44 or if it does so under subsection 7(2) or section 168.
Marginal note:Disclosure permitted — government authority or regulatory body
(3) The Bank may disclose information that is obtained under this Act to the Minister or to any government authority or regulatory body that agrees to treat the information as confidential.
Marginal note:Information obtained by Minister
132 (1) Subject to subsection (2), information that is obtained under this Act by the Minister or by a designated person or government authority, and any information prepared from that information, is confidential and must be treated accordingly.
Marginal note:Disclosure permitted
(2) The Minister or the designated person or government authority may disclose information that is obtained under this Act to a government authority or regulatory body that agrees to treat the information as confidential.
Marginal note:Evidentiary privilege
- The following provision is not in force.
133 (1) Information provided for in the regulations that relates to the supervision of participating entities or accredited third-party service providers under this Act must not be used as evidence in any civil proceedings and is privileged for that purpose.
- The following provision is not in force.
Marginal note:No testimony or production
(2) An individual or entity must not by an order of any court, tribunal or other body be required in any civil proceedings to give oral testimony or to produce any document relating to any information referred to in subsection (1).
- The following provision is not in force.
Marginal note:Exception to subsection (1)
(3) Despite subsection (1), the Minister, the Governor, the Bank or the Attorney General of Canada may, in accordance with the regulations, use information referred to in that subsection as evidence in any proceedings.
- The following provision is not in force.
Marginal note:Exception to subsection (1)
(4) Despite subsection (1), a participating entity or accredited third-party service provider may, in accordance with the regulations, use information referred to in that subsection as evidence in any proceedings in relation to the administration or enforcement of this Act, the Bankruptcy and Insolvency Act or the Companies’ Creditors Arrangement Act that are commenced by the participating entity, the accredited third-party service provider, the Minister, the Governor, the Bank or the Attorney General of Canada.
- The following provision is not in force.
Marginal note:Exceptions to subsections (1) and (2)
(5) Despite subsections (1) and (2), a court, tribunal or other body may, by order, require the Minister, the Governor, the Bank, a participating entity or an accredited third-party service provider to give oral testimony or produce any document relating to any information referred to in subsection (1) in any civil proceedings in relation to the administration or enforcement of this Act that are commenced by the Minister, the Governor, the Bank, the Attorney General of Canada, a participating entity or an accredited third-party service provider.
- The following provision is not in force.
Marginal note:No waiver
(6) The disclosure of any information referred to in subsection (1), other than under subsection (3), (4) or (5), does not constitute a waiver of the privilege referred to in subsection (1).
Advisory and Other Committees
Marginal note:Advisory and other committees
- The following provision is not in force.
134 (1) The Bank may establish advisory and other committees to advise or assist the Bank on matters relating to consumer-driven banking and may provide for their membership, duties, functions and operation.
- The following provision is not in force.
Marginal note:Remuneration and expenses
(2) Members of a committee may be paid for their services the remuneration and expenses that the Bank may determine.
Marginal note:Advisory committee
- The following provision is not in force.
135 (1) There is established an advisory committee to provide advice to the Minister and the Bank on matters relating to consumer-driven banking. The advisory committee consists of
- The following provision is not in force.
(a) one representative appointed by the Minister;
- The following provision is not in force.
(b) one or two representatives designated by each province; and
- The following provision is not in force.
(c) one representative designated by the Bank.
- The following provision is not in force.
Marginal note:Co-chairperson — Minister
(2) The representative appointed by the Minister is a co-chairperson of the advisory committee.
- The following provision is not in force.
Marginal note:Co-chairperson — provincial representative
(3) The other co-chairperson is to be chosen, from among the members who are designated by the provinces, by those members to hold office for a one-year term. That co-chairperson is not authorized to hold that office for consecutive terms.
- The following provision is not in force.
Marginal note:Co-chairperson absent or unable to act
(4) If the co-chairperson chosen under subsection (3) is absent or unable to act, the members who are designated by the provinces may choose another one of those members to act as co-chairperson.
- The following provision is not in force.
Marginal note:Annual report
(5) The advisory committee must report, at least once every calendar year, to the Minister and the relevant provincial ministers who have responsibilities that are similar to those of the Minister.
No Liability
Marginal note:No liability — Bank
136 No action lies against His Majesty, any officer, employee or director of the Bank or any person acting under the direction of the Governor for anything done or omitted to be done in good faith in the administration or discharge of any powers, duties or functions that under this Act are intended or authorized to be exercised or performed.
Marginal note:No liability — Minister
137 No action lies against His Majesty, the Minister, any designated person or government authority or any person acting under the direction of the Minister for anything done or omitted to be done in good faith in the administration or discharge of any powers, duties or functions that under this Act are intended or authorized to be exercised or performed.
Not Compellable
Marginal note:Not compellable — Bank
138 An officer, employee or director of the Bank or any person acting under the instructions of the Governor is not a compellable witness in any civil proceedings in respect of any matter coming to their knowledge as a result of exercising any of their powers or performing any of their duties or functions under this Act.
Marginal note:Not compellable — Minister
139 The Minister, a designated person or government authority or any person acting under the instructions of the Minister or the designated person or government authority is not a compellable witness in any civil proceedings in respect of any matter coming to their knowledge as a result of exercising any of their powers or performing any of their duties or functions under this Act.
Assessment of Fees
Marginal note:Bank to ascertain expenses
- The following provision is not in force.
140 (1) The Bank must, before September 30 of each year, ascertain the total amount of expenses incurred by it during the immediately preceding calendar year for or in connection with the administration of this Act and deduct from that amount any accreditation fees paid to it in that preceding calendar year.
- The following provision is not in force.
Marginal note:Amount conclusive
(2) The amount ascertained is final and conclusive for the purposes of this section.
- The following provision is not in force.
Marginal note:Assessment
(3) As soon as feasible after ascertaining the amount, the Bank must, in the manner and to the extent provided for in the regulations, assess a portion of the total amount of expenses against each participating entity, each accredited third-party service provider and the external complaints body, in accordance with the regulations.
- The following provision is not in force.
Marginal note:Interim assessment
(4) The Bank may, during each calendar year, prepare an interim assessment against any participating entity, any accredited third-party service provider or the external complaints body.
- The following provision is not in force.
Marginal note:Assessment binding
(5) Every assessment and interim assessment is final and conclusive and binding on the participating entity or accredited third-party service provider against which it is made or the external complaints body.
- The following provision is not in force.
Marginal note:Recovery
(6) Every assessment and interim assessment constitutes a debt due to the Bank, is immediately payable and may be recovered as a debt in any court of competent jurisdiction.
- The following provision is not in force.
Marginal note:Interest
(7) Interest may be charged on the unpaid amount of an assessment or interim assessment at a rate equal to the rate prescribed under the Income Tax Act for amounts payable by the Minister of National Revenue as refunds of overpayments of tax under that Act in effect from time to time plus 2%.
Marginal note:Request for information
- The following provision is not in force.
141 (1) The Bank may request in writing that a participating entity, an accredited third-party service provider or the external complaints body provide the Bank, within the period provided for in the regulations, with any information that the Bank considers necessary for the purposes of subsection 140(3) or (4).
- The following provision is not in force.
Marginal note:Compliance with request
(2) The participating entity, accredited third-party service provider or external complaints body must comply with the request.
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