On August 26, CCUA provided the Department of Finance with a submission in response to its draft regulations for the Consumer-Driven Banking Act. 

While supportive of the proposed regulations, we are recommending that the government take a phased and risk-based approach to implementation, provide greater clarity where regulatory requirements could create uncertainty, and ensure that the framework supports meaningful consumer utility. Clear implementation timelines, appropriate transition periods and flexibility for institutions managing legacy systems, mergers or third-party service arrangements will be critical to achieving the policy objectives of consumer-driven banking while maintaining the security and resilience of the financial system.

The Department of Finance intends to finalize the regulations by early 2027. While the Bank of Canada has yet to commit to an implementation timeframe, it has indicated that guidance will be released for consultation soon. CCUA will remain engaged as the framework continues to develop.

If you have any questions, please contact me at ssandhu@ccua.com.