This Bloomberg story is based on the CBA’s submission to Finance Canada in response to the second consultation paper on the review of the federal financial sector framework.
This story focuses on one aspect of the CBA’s submission - open banking. Other areas addressed in the CBA’s response are:
- Clarifying the scope of technology-related activities banks can engage in
- Facilitating collaboration between banks and fintech companies
- Easing the regulatory burden and capital expectations of small and mid-size banks
- Creating a new cybersecurity strategy and making Canada a global leader in the field
- Supporting a dedicated consumer protection framework under the oversight of the Financial Consumer Agency of Canada.