Consumer-Driven Banking Act

Canada creates a new consumer-directed financial data-sharing framework

A new federal law establishes a formal system — called consumer-driven banking — that lets consumers (including businesses) instruct their bank or other accredited financial institutions to share their financial data…

Pending amendments expand grounds for suspending or revoking accreditation under the Consumer-Driven Banking Act

A set of amendments—not yet in force—has been appended to the Consumer-Driven Banking Act. The changes broaden the triggers that allow the Bank of Canada to suspend or revoke accreditation for both participating entit…