May 30th, 2024

Federal budget announces measures for open banking, predatory lending and bank fees

By The Canadian Press on April 17, 2024.

Deputy Prime Minister and Minister of Finance Chrystia Freeland presents the federal budget in the House of Commons in Ottawa on Tuesday, April 16, 2024. Tuesday's federal budget announced several measures affecting the banking sector, including long-promised details about a framework for open banking. THE CANADIAN PRESS/Adrian Wyld

OTTAWA – The federal budget announced several measures affecting the banking sector, including long-promised details about a framework for open banking.

Open banking is a system that would allow consumers to easily access their financial data across multiple institutions, apps and services.

The specifics will come with legislation to be tabled before the end of the year, but the federal budget sets out six core elements for the framework.

It also names the Financial Consumer Agency of Canada to oversee and enforce the system.

The budget earmarks $4.1 million over three years for the Finance Department to complete the policy work necessary to establish and maintain the oversight entity and framework.

Other budget measures involving the financial sector include a crackdown on the interest rates predatory lenders can charge, and actions to lower banking fees.

This report by The Canadian Press was first published April 17, 2024.

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