Canadian Credit Union Association

Open Banking

A made-for-Canada Open Banking framework is currently being developed by the federal Department of Finance. This comes four years after the initial announcement of the Advisory Committee on Open Banking (OB) in the 2018 federal budget.  

CCUA will continue to advocate for credit unions as the federal government develops an inclusive Open Banking framework that meets the needs of the credit union sector.

Last updated: November 25th, 2022.

If you have any questions, please contact Sabena Sandhu, Manager, Policy.

Canada’s Progress to Develop an Open Banking Framework

After gathering input from two consultations in 2019 and 2020, a study by the Senate, and other industry engagements (including with CCUA and credit unions), the Advisory Committee released a report in April 2021, recommending how to implement a secure open banking system in Canada by January 2023.  

The 34 recommendations from the Advisory Report all reflect the credit union system’s policy positions, including:

  • The ability for credit unions to participate in the OB system on a voluntary basis;
  • Policymakers and regulators at the provincial level are welcomed to participate in the development process for the rules of the OB system, to ensure alignment from a regulatory perspective;
  • Governance bodies are to have balanced representation from the various industry participants (credit unions, banks, fintechs, consumer groups, etc);
  • Reciprocity of data-sharing, with exemptions for propriety and value-added data; and
  • Accreditation, liability, and redress procedures to protect the interests of members and consumers.

In March 2022, the government appointed Abraham Tachijan as Canada’s OB Lead and has a mandate to develop a ‘made-in-Canada’ regime based on the recommendations in the Advisory Committee’s report. Tachijan’s work will be supported through industry working works that are composed of credit unions, banks, and fintechs.

The four working groups (WGs) are:

  • Accreditation: the group will focus on the criteria, which organizations must follow in order to participate in open banking, and the process for proving adherence to these criteria.
  • Liability: the group will focus on who is responsible for what when something goes wrong and how consumers access redress.
  • Privacy: the group will focus on key elements of consumer experience, including how consumers provide and revoke consent to share their data, and how consumer data can be used pursuant to the consent provided.
  • Security: the group will focus on the baseline security requirements that participants must adhere to in order to participate in the OB system.

For a complete list of organizations, including credit unions, participating in the federal WGs, please click here.

The Department of Finance has created an Open Banking implementation webpage that it will be regularly updating to include meeting materials, topics of discussion, and outcomes.

After beginning the working group meetings in July, the Department of Finance will soon start to wrap up the consultation phase of the framework. Finance will be providing an update to the Steering Committee (includes credit union representation) in December and will reconvene the Privacy and Accreditation meetings in the New Year for what likely will be the final meetings.

A tentative deadline for the framework to go live is late 2023.

We will continue to provide updates on timelines as we know more.

CCUA Communications on Federal WG Progress

November 1

September 28

August 19

August 18

July 19

July 18

July 27

June 21

CCUA Open Banking Committees

To ensure credit union views are represented to the federal government, provincial governments, and regulators, CCUA has created a number of committees to navigate how best to implement open banking for federally regulated and provincially regulated credit unions.


CCUA has created the National Credit Union System Open Banking Collaboration Committee (OBCC). The OBCC will provide a forum for the exchange of system concerns and coordination of messaging across the credit union system and provinces to ensure alignment with the federal framework. The committee will be composed of CU system partners. The terms of reference for the committee can be found here.

OBCC meeting package and outcomes can be found below:


In jurisdictions where CCUA has Government Relations functions, CCUA has either established or is in the process of establishing open banking working groups that will identify potential barriers to provincial credit union participation in the federal framework.

Additional information on each of the province’s working groups can be found below:

British Columbia




Please note: Alberta Central and Manitoba Central handle GR work on behalf of their respective credit unions.



‘Open Banking in Practice’ Webinar (October 2022).

‘Open Banking 101 Webinar’ (October 2022).

Open Banking Advisory Committee Report – CCUA Summary & Analysis (August 2021): Summary and analysis of the Advisory Committee’s report on how to implement an open banking framework in Canada. Analysis includes how credit unions will be implicated.

Open Banking Webinar: A Global Perspective (February 2021)

Open Banking Webinar: Use Cases (February 2021).

Open Banking: Designing the Future of Finance (February 2021): System brief educating decision-makers on the state of open banking within Canada, where it’s going next, and how CCUA and credit unions are working to help shape the Framework to encourage participation and an equal share of benefits/outcomes of the open banking model.

Synopsis: ‘Merits of Open Banking’ Findings and Announcement of Second Round of Consultations (February 2020): Summary of Department of Finance’s Findings from Consultation 1.

Open Banking System Brief: Environmental Scan for Credit Unions (Fall 2019):  System brief to give decision-makers a better idea of what Open Banking could look like in Canada.

Synopsis: Senate Report on Open Banking (August 2019): Synopsis of the Senate Committee on Banking, Trade and Commerce’s report that acknowledges the credit union system and discusses pivotal issues for credit unions.

The Merits of Open Banking – CCUA Response to Phase I Consultation (February 2019): Sector views on the potential implementation of an Open Banking model in Canada.

“Open Banking: What is it and what does it mean for your credit union?” (December 2017): System brief on what open banking could look like in Canada.


Final Report – Advisory Committee on Open Banking (April 2021): This report includes 34 recommends from the Advisory Committee on how the federal framework on Open Banking can be implemented.