OTTAWA, Aug. 27, 2026 — Fintechs Canada welcomed the publication of the proposed Consumer-Driven Banking (CDB) Regulations as it marked an important milestone for advancing consumer-driven banking in Canada.
In its submission, Fintechs Canada called for targeted changes needed to give Canadians greater control over their financial lives and strengthen competition in financial services.
The association pointed to the federal government’s estimate that the framework could deliver $13 billion in benefits to Canadian consumers and small and medium-sized enterprises as evidence of what is at stake in getting the final rules right and implementing them quickly.
“Millions of Canadians are already sharing their financial data. The Consumer-Driven Banking framework will provide greater certainty and safety, while delivering on the long-awaited benefits of improved competition,” said Adriana Vega, executive director of Fintechs Canada.
“Every day the framework is delayed carries a real cost for consumers, small businesses and the broader economy,” she added. “The final rules must be practical and proportionate so companies of all sizes can compete to give Canadians more choice and access to more affordable and tailored financial services.”
Canada remains behind many of its peers in establishing a trusted framework for financial data sharing, even as Canadians already share their data to access services they rely on.
Consumer-driven banking will close that gap, while expanding access to a wider range of financial services and strengthening much-needed competition.
Budget 2025 set out an ambitious agenda to strengthen competition in Canada’s financial sector, and Consumer-Driven Banking framework is a key component of that effort. Its success will depend on final regulations that enable fintechs of all sizes to participate and give consumers and small businesses the ability to securely share their financial data, compare products, find better rates and access new services.
Making that participation possible requires a proportionate pathway for small and scaling fintechs, which the proposed framework does not currently provide. Fintechs Canada is recommending a sponsorship model that would allow them to operate under the oversight and liability of an accredited sponsor, build compliance maturity and eventually pursue full accreditation without increasing systemic risk.
Its recommendations touch accreditation, data scope, security, consent, liability and implementation.
Key recommendations from Fintechs Canada include:
- Making accreditation requirements proportionate to a participant’s size and risk.
- Introducing a sponsorship accreditation model that allows smaller fintechs and businesses engaged in business-to-business-to-consumer partnerships to participate under the oversight and liability of an accredited sponsor.
- Clearer definitions of data scope for product, account and derived data so participants abide by clear guidelines that enable value creation.
- Establishing a consistent security baseline for all participants, with additional requirements calibrated to risk.
- Providing greater clarity on the rules for implementing the proposed screen-scraping ban, and delaying that ban until the CDB framework has demonstrated at least one year of reliable performance and adoption.
- Publishing firm timelines and implementation guidance so participating entities can prepare for the framework’s rollout
- Accelerating write access so Canadians can act on their data, not just view it, enabling participating entities to create the value-added products and services that will make a real difference in Canada’s financial services.
Fintechs Canada also called on the Department of Finance and the Bank of Canada to coordinate with regulators responsible for payments, privacy and artificial intelligence, so the new framework aligns with Canada’s existing rules rather than creating conflicting requirements.
Consumer-driven banking has long been a defining priority for Fintechs Canada, reflecting the association’s vision of a financial sector that gives Canadians greater control over their data and access to a wider range of secure, competitive services.
The full submission is available here.
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About Fintechs Canada
Fintechs Canada is the collective voice for Canada’s financial technology sector. Its more than 50 members serve millions of Canadians across the country. Learn more at fintechscanada.ca.
For media inquiries, please contact:
Hana Sabah
Director of Communications
Fintechs Canada
hana@fintechscanada.ca
514-834-8841
