The Bank Act is the federal legislation (or law) that governs how banks operate in Canada. First established in 1871, the Bank Act is reviewed periodically to ensure it keeps pace with the rapidly evolving marketplace while continuing to foster stability for the benefit of the Canadian economy.

The full Act can be found on the Department of Justice Canada’s website and there are many regulations detailing the specific requirements under the Bank Act including consumer provisions such as Access to Basic Banking Services Regulations, Access to Funds Regulations, and Complaints Regulations.

The Canadian Bankers Association’s actively participates in the periodic reviews of the Bank Act on behalf of the banking industry and our submission to the review completed in 2019 can be found here. The next review is scheduled for 2023.