Federal Framework Update
Since last meeting in October, the Department of Finance reconvened the Open Banking Federal Working Groups (WGs) on Accreditation (met on May 1st), Privacy (April 17th), Liability (April 14th), and Security (April 18th) for a final time.
The Department of Finance will now move inwards to develop recommendations to the government on the framework. If additional feedback is required, Finance will only engage industry organizations bilaterally.
While the mandate of Canada’s Open Banking Lead, Abraham Tachjian, is due to end in September, late 2023 remains to be the timeline for the framework to be finalized.
However, instead of a hard launch date, as initially recommended in the 2021 Advisory Report, there will be a soft and iterative launch for federally regulated financial institutions (FRFIs) to participate. While it has not yet been determined when exactly FRFIs will be required to participate, it is our understanding that the biggest FRFIs will first have a window for participation, followed by smaller FRFIs.
CCUA's Open Banking Collaboration Committee
As the federal WGs have now concluded, CCUA is currently developing a summary submission that outlines key credit union policy positions that will be submitted to Finance.
CCUA’s Open Banking Collaboration Committee (OBCC) also met on April 28th to develop positions on the sixth set of federal WG meetings. The OBCC’s meeting outcomes for the Accreditation, Privacy, and Liability WGs can be found here.
As we move into a new phase of Canada’s Open Banking journey, CCUA will continue to advocate to the government and regulators on credit union priorities and prepare credit unions for the launch of the framework.
