On June 26, 2026, the Department of Finance released the proposed regulations for the Consumer-Driven Banking Act for a 60-day consultation period.   The consultation's deadline is August 26, 2026.

The proposed regulations set out requirements related to accreditation, security, national security, authentication and consent, reporting, record-keeping, framework transparency, technical standards, assessments, and enforcement. They also establish the timelines and information requirements to support the national security review process under the Minister of Finance's authorities in the Consumer-Driven Banking Act.

CCUA will participate in a stakeholder engagement session in Ottawa at the end of July to continue representing the credit union sector as the consumer-driven banking framework evolves. CCUA will also be submitting a response to the consultation. To help inform our submission, we will engage our provincial consumer-driven banking committees to gather sector feedback and ensure our response reflects the perspectives of credit unions across Canada.

While the government will not meet its recent target of finalizing the framework by mid-summer 2026, the Department of Finance says its goal is to finalize the regulations in early 2027. In the meantime, the Bank of Canada has begun implementation planning, including the establishment of an advisory committee composed of representatives from credit unions, banks, and fintechs. CCUA continues to engage with the Bank of Canada to help ensure the credit union sector's perspectives are reflected as implementation work progresses.

Stay tuned for further updates from CCUA as this work progresses. If you have any questions or comments, please don't hesitate to contact Sabena Sandhu.