Last week in the House of Commons Bill C-365, an Act respecting the implementation of a consumer-led banking system for Canadians, was passed in its Second Reading. Tabled in November 2023 by Conservative MP Ryan Williams, the Bill would require the Minister of Finance to table legislation on open banking within 30 days of Bill C-365 coming into force. If the Minister does not table legislation, Bill C-365 would also require the Minister of Finance to provide a reason for the delay and provide an expected timeline for the Bill's introduction.  

The open banking bill was passed with support from Conservative, NDP, and Bloc Québécois MPs.  

The Department of Finance has assured CCUA that announcements on the framework can be expected in the Spring Federal Budget (which is to be released on April 16th) and that legislation establishing the framework will be tabled in the 2024 Fall Economic Statement.  This will then be followed up with 12-18 months development phase to create regulations. The Department of Finance says they aim to have the framework live by the end of 2025 or the beginning of 2026. 

If you have any questions, please contact Sabena Sandhu.