Consumer-driven banking oversight removed from FCAC's mandate; Senior Deputy Commissioner role abolished

Plain-language summary · AI-assisted

A set of amendments strips out all provisions in the Financial Consumer Agency of Canada Act that related to consumer-driven banking. The Senior Deputy Commissioner for Consumer-Driven Banking position has been repealed, along with the Agency's objects for supervising participating entities and the technical standards body under the Consumer-Driven Banking Act. The Agency's stated purpose is narrowed to overseeing financial institutions, the external complaints body, and payment card network operators. Conflict-of-interest, confidentiality, immunity, and no-liability rules that previously covered the Senior Deputy Commissioner and consumer-driven banking entities have been removed or trimmed accordingly. The Consumer-Driven Banking Act has been removed from the Schedule 1 list of statutes the Agency administers. Organizations that were previously classified as 'participating entities' or 'technical standards body' under that framework are no longer subject to FCAC supervision under this Act.

Who this affects
federally regulated financial institutions · payment card network operators · organizations previously classified as participating entities under the Consumer-Driven Banking Act · FCAC staff and leadership · financial services compliance and legal teams