Federal budget announces measures for open banking, predatory lending and bank fees
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.
The Canadian Press
News Related-
The best Walmart Cyber Monday deals 2023
-
Jordan Poole took time to showboat and got his shot blocked into the stratosphere
-
The Top Canadian REITs to Buy in November 2023
-
OpenAI’s board might have been dysfunctional–but they made the right choice. Their defeat shows that in the battle between AI profits and ethics, it’s no contest
-
Russia-Ukraine Drone Warfare Rages With Dozens Headed for Moscow, Amid Deadly Winter Storm
-
Trump tells appeals court that threats to judge and clerk in NY civil fraud trial do not justify gag order
-
Can Anyone Take Paxlovid for Covid? Doctors Explain.
-
Google this week will begin deleting inactive accounts. Here's how to save yours.
-
How John Tortorella's Culture Extends from the Philadelphia Flyers to the AHL Phantoms
-
Tri-Cities' hatcheries report best Coho return in years
-
Wild release Dean Evason of head coaching duties
-
Air New Zealand’s Cyber Monday Sale Has the 'Lowest Fares of 2023' to Auckland, Sydney, and More
-
NDP tells Liberals to sweeten the deal if pharmacare legislation is delayed
-
'1,000 contacts with a club': Tiger Woods breaks down his typical tournament prep to college kids in fascinating video