CLHIA Comments on Consumer-Driven Banking Regulations (Open Banking)

The federal government published for comment draft regulations to support the Consumer-Driven Banking Framework (Open Banking). The draft regulation sets out criteria for accreditation into the framework. It would allow federal financial institutions not mandated by the Minister (e.g., insurance companies) to seek accreditation into the program. The CLHIA provided comments on the draft regulations, stressing the importance of not creating duplicative expectations and to harmonize with existing federal and provincial frameworks.