Learn about the Consumer-Driven Banking Advisory Committee mandate, its membership and proceedings.
Mandate
The Consumer-Driven Banking Advisory Committee (the Committee) is established as a forum to provide advice and industry expertise to the Bank of Canada and the Department of Finance as the Bank of Canada designs and operationalizes the Consumer-Driven Banking Framework. In particular, the Committee would provide advice and expertise to support the Bank of Canada and the Department of Finance on the following topics:
- Implementation & Industry Readiness: including discussing the approach to implementation and understanding the work industry will need to undertake to be ready to become participating entities in Consumer-Driven Banking.
- Supervisory Framework: including facilitating the Bank of Canada’s understanding of various aspects of Consumer-Driven Banking from the industry’s perspective; informing considerations for the Bank’s guidance to support the Consumer-Driven Banking Framework; and informing the Bank of Canada’s approach to risk assessment, ongoing monitoring of compliance, and enforcement procedures.
Chairs
The Committee is chaired by a representative of the Bank of Canada and a representative from the Department of Finance (Canada).
Expectations of the Co-Chairs
The Co-Chairs are responsible for selecting members of CDBAC. In addition, the Co-Chairs are responsible for tabling open issues for discussion in relation to the Consumer-Driven Banking Framework.
Secretariat
The Committee is supported by a Secretariat comprising representatives of the Bank of Canada.
Expectations of the Secretariat
The Secretariat will organize and host CDBAC meetings and share with CDBAC members documents necessary to facilitate discussions.
Membership
Membership selection
Membership of the Committee is determined by the Co-Chairs. The Chair will consider size, maturity, and type of services provided in order to select members that are broadly representative of potential participating entities in the Consumer-Driven Banking Framework. Members are invited based on a wide range of considerations, including the ability to engage effectively on a broad range of complex policy and technical issues, as well as general issues relevant to Consumer-Driven Banking.
Membership is extended by the Co-Chairs to an organization. The organization is responsible for selecting an appropriate representative to sit on the Committee. Representatives are expected to be familiar with and provide advice on risk mitigation and regulatory compliance options. In some cases, the Co-Chairs may request specific individuals from organizations given their background and expertise.
Expectations of members
The initial term of the Committee is one year, after which its mandate and membership will be re-evaluated. Members are expected to sit on the Committee for the full term.
Members represent their firms and should be able to speak on behalf of their organization and have knowledge with respect to a range of topics in their organization related to requirements under the Consumer-Driven Banking Framework, including accreditation, security safeguards, technical standards, and compliance. Members should actively discuss policy issues, share best practices, share organizational concerns, and provide potential solutions.
Members are expected to dedicate the time and resources to the work of the Committee and any applicable sub-committees. Members are also expected to attend all regularly scheduled meetings in person or via video conference.
Members are expected to be aware of their obligations under the Competition Act and avoid the disclosure of any competitively sensitive information. Members should inform the Co-Chairs of any Competition Act concerns of which they become aware and which arise from the Committee’s discussions.
Depending on the topic(s), members may bring additional experts from their organization to participate in meetings with the permission of the Co-Chairs.
The Co-Chairs of the Committee may invite regulatory agencies to attend relevant meetings. The Committee may also draw from time to time on experts from the industry to inform the dialogue on select issues.
Frequency of meetings
The Committee is expected to meet six times during its initial term.
The Committee may convene ad-hoc sub-committees to focus on specific issues. Sub-committee composition can be broader or narrower than the existing CDBAC members and will consider the relevant required expertise. Sub-committees will report their progress and/or recommendations to the Committee on a regular basis for discussion.
Proceedings and documents
The Bank of Canada and Department of Finance are present at all Committee meetings and any sub-group meetings.
High-level summaries of meetings are taken on a non-attribution basis and made available to all members. The summary will be made public on the Bank of Canada’s website after members have had an opportunity to review and provide feedback.
Members are invited to provide input (submissions, comments, etc.) to the Bank of Canada as Secretariat at any time on issues related to Consumer-Driven Banking. The Bank of Canada will maintain the confidentiality of all information it receives from all members, except to the extent that the information may be public knowledge or in the event that the Bank of Canada is required by law (including the Access to Information Act) to release the information. The Access to Information Act outlines the grounds upon which the Bank of Canada can refuse to disclose third-party information. In the event that the Bank of Canada receives a request for information supplied by a member, the Bank of Canada will consult the third party to ensure that the Bank of Canada has a full understanding of the sensitivity of the information, and the member will be provided the opportunity to explain why the information requested is confidential.
Information shared with the Committee will be treated as confidential unless there is consent to share outside the Committee. Members have the right to submit, verbally or in writing, sensitive information to the Co-Chairs without the information being made available to the rest of the members.