Conservative MP Ryan Williams spoke with The Logic last week and conveyed that, while the Conservative Party of Canada (CPC) plans to move quickly to complete the Canadian Consumer-Driven Banking Framework, there are areas of the Framework that they would like to revisit if they become the next government. As the Shadow Minister for International Trade, Pan-Canadian Trade and Competition, MP Williams specifically wants to change the accreditation process for fintechs to avoid potentially significant compliance investments for them to participate in the Framework. This contrasts with the plan of the current Liberal government that would require fintechs to meet specific criteria to become accredited. Provincial and federal financial institutions, on the other hand, would be exempt from the formal accreditation process as the Department of Finance notes that FIs are already well-regulated entities. 

Through his tabling, in June 2023, of a private members bill that would compel the Liberal government to implement the Framework, MP Williams had previously signified the CPC’s support for bringing Consumer-Driven Banking to Canada. The CPC would also like to break up the monopoly that Canada's big banks have over financial services, and the increase in competition and innovation that comes with a Consumer-Driven Banking Framework aligns well with their platform. 

While the government is aiming to finalize the Framework by early 2026, the prorogation of Parliament, and the consequent pause of the Framework's legislative progression, will inevitably create further delays. CCUA will continue to provide updates on the Framework as they arise.

If you have any questions, please contact Sabena Sandhu.