![\"Mark](\"https:\/\/www.europesays.com\/canada\/wp-content\/uploads\/2026\/06\/Mark-Sam-1.jpg\")
<\/p>\nThe Canadian Government has published proposed Open Banking regulations, along with a 60-day comment period, to support the implementation of the Consumer-Driven Banking Act.<\/p>\n
The Department of Finance Canada said the regulations will come into force \u201cin a staggered approach beginning with accreditation\u201d.<\/p>\n
The\u00a0Consumer-Driven Banking Act, which received royal assent in March\u00a0this year, has been introduced by the Canadian government to \u201cpromote financial sector competition, establish secure and efficient financial data sharing, and address the risks posed by screen scraping\u201d.<\/p>\n
The Open Banking regulations were released alongside proposed regulations to tackle consumer-targeted fraud, as part of the Canadian government\u2019s broader work to develop a National Anti-Fraud Strategy.<\/p>\n
\u201cWe are taking action to ensure Canadians can feel confident that their financial systems are secure, while at the same time strengthening economic resilience, increasing innovation and competition in the financial sector, as well as fostering new industry partnerships,\u201d said the Honourable Fran\u00e7ois-Philippe Champagne, Minister of Finance and National Revenue.<\/p>\n
What do we know about accreditation?<\/p>\n
The proposed Consumer-Driven Banking regulations, published in the Canada Gazette, set out criteria for four \u201cpathways of accreditation\u201d that are specific to the applicant entity type and that must be demonstrated by submitting requested material to the Bank of Canada.<\/p>\n
Only those entities that meet certain requirements will be able to participate in the framework, while banks mandated to participate will not be subject to the accreditation process.<\/p>\n
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Mark Sam, founder, Major Street Advisory<\/p>\n
Mark Sam, founder and managing director of Major Street Advisory, called the accreditation proposals \u201cbalanced\u201d, citing the \u201cstreamlined path for RPAA [Retail Payment Activities Act] registered entities\u201d.<\/p>\n
His colleague at Major Street Advisory, engagement manager Ivan Koparan, also pointed to the \u201csped up accreditation process for firms already registered with the RPAA\u201d, in a post on LinkedIn.<\/p>\n
He wrote: \u201cThis streamlined process will help with adoption and avoid the situation experienced in countries like Australia where adoption was slow due to the large compliance burden in accreditation processes.\u201d<\/p>\n
Carrie Forbes, founder and chief executive officer of Rockstar Advisory, noted on LinkedIn that credit unions participate on \u201can opt-in basis\u201d.<\/p>\n
\u201cThose that join apply under a lighter accreditation pathway that reflects their existing regulatory standing, meaning a declaration of security compliance rather than starting from scratch,\u201d she said. \u201cFintechs apply through a more comprehensive process that requires proof of Canadian presence, insurance coverage, baseline security controls, and an \u2018integrity and good character\u2019 policy for key personnel.\u201d<\/p>\n
In a post on LinkedIn, Steve Boms, executive director at FDATA, wrote: \u201cThere\u2019s a lot to digest in the proposed regulations, and FDATA will, in particular, review the requirements for accreditation of fintechs as we continue to be focused on ensuring that small fintechs can offer their services, products, and tools to Canadians just as larger fintechs can.<\/p>\n
\u201cA more vibrant, competitive ecosystem benefits everyone, especially the consumers and small businesses who will use the new system.\u201d<\/p>\n
Data scope and liability<\/p>\n
Canada\u2019s Consumer-Driven Banking Act specifies that participating entities will be required to share \u201cboth data provided by a consumer and product data related to deposit accounts (chequing and savings), payment products, investment accounts (registered and non-registered), and lending accounts (secure and unsecured)\u201d when requested by a consumer or business.<\/p>\n
Major Street Advisory\u2019s Sam noted that data will be phased in according to complexity, \u201cbeginning with deposit and payment accounts, then moving to lending accounts, registered accounts, and then non-registered accounts\u201d.<\/p>\n
![\"Carrie](\"https:\/\/www.europesays.com\/canada\/wp-content\/uploads\/2026\/06\/Carrie-Forbes-3.jpg\")
<\/p>\n
Carrie Forbes, founder and chief executive officer, Rockstar Advisory<\/p>\n
When it comes to liability, Forbes explained: \u201cLiability follows the data. The entity requesting data is responsible for obtaining consent and receiving it securely. The entity providing data is responsible for authenticating the consumer and transmitting it securely. That clarity helps to remove one of the biggest friction points in bilateral fintech-credit union arrangements.\u201d<\/p>\n
Koparan pointed to one part of the proposed regulations that could get overlooked and which is \u201cexplicitly excluded from the scope of regulation and therefore not mandated to be free of charge\u201d \u2013 derived data.<\/p>\n
This is defined as \u201cinformation about a consumer, product, or service that has been significantly enhanced by a participating entity to increase its usefulness or commercial value\u201d, Koparan quoted.<\/p>\n
\u201cThis means that data enrichment will be key in monetizing data-out services across financial institutions, and could be a core way where smaller financial institutions (like credit unions and fintechs) recoup the investment costs required to successfully opt in to Open Banking,\u201d he wrote.<\/p>\n
\u201cCanada isn\u2019t the only market where monetization in Open Banking is top of mind. The CFPB in the USA is set to announce \u2018data rationing\u2019 where fintechs may begin paying a metered fee after a certain level of API call usage.\u201d<\/p>\n
Economic benefit<\/p>\n
For Forbes, the proposed regulations \u201care the instrument that actually brings Open Banking into force\u201d, adding that \u201cafter eight years of consultation, working groups, and legislative starts and stops, the framework now has some teeth\u201d.<\/p>\n
Koparan said it means \u201cwe\u2019re beginning the process of operationalizing Open Banking in Canada, which is great news for consumers and fintech innovation broadly\u201d.<\/p>\n
The Government believes that all Canadians will benefit from the increased access to \u201cinnovative financial services and economic growth\u201d driven by the implementation of its Open Banking framework.<\/p>\n
It has estimated that implementing the proposed regulations will cost CAD$457.7 million over a 10-year period, while the estimated monetized benefits over the same period are $13.2 billion.<\/p>\n
\u201cThat\u2019s incredible economic value for consumers, for small businesses, and for the entire Canadian economy,\u201d said FDATA\u2019s Boms.<\/p>\n
\u201cBut the even bigger story is structural: Canada chose a government-led, legislated model in which consumers are at the center of the ecosystem and have full control over their data. This is the approach every successful jurisdiction globally ultimately landed on.\u201d<\/p>\n