Consumer-driven banking
Oversight to protect Canadian consumers and the financial system
We will administer the Canada’s Consumer-Driven Banking Framework to allow Canadians and businesses to securely share their financial data with approved service providers of their choice and give consumers clearer choices and better tools to manage their finances.
Our responsibilities
Under the Consumer-Driven Banking Act (CDBA), we are responsible for supervising the participation of financial institutions, credit unions, payment service providers, Fintechs and third-party service providers.
To fulfill our obligations under the CDBA, we will develop a framework for the supervision of consumer-driven banking participants that will explain how we will:
- supervise participating entities
- set standards for governance, risk management, and operational resilience
- monitor and evaluate trends and issues
The Department of Finance Canada is leading the development of regulations with support from the Bank.