C-365

Details

Full Title

An Act respecting the implementation of a consumer-led banking system for Canadians

First Reading

November 9, 2023, Parliament 44, Session 1

Type

Private Member’s Bill

Full Content

https://www.parl.ca/legisinfo/en/bill/44-1/c-365

Summary

Bill C-365, also known as the Consumer-led Banking Act, focuses on implementing open banking in Canada. The bill requires the Minister of Finance to take specific actions to advance this initiative. Open banking aims to give Canadians more control over their financial data, allowing them to securely share it between financial institutions and other approved service providers.

The bill mandates that the Minister of Finance present a detailed plan for implementing open banking in Canada to both the House of Commons and the Senate. This plan must be submitted within 30 days of the Act coming into effect, or within the first 10 days the House is sitting if it is not in session at the time.

Furthermore, if a bill to implement open banking in Canada is not introduced in either the House of Commons or the Senate within six months of this Act taking effect, the Minister of Finance must provide a report to both houses of Parliament. This report must explain the reasons for the delay and give an expected timeline for when the bill will be introduced.

In summary, this bill is about ensuring the government follows through on its commitment to implement open banking by requiring specific actions and reports from the Minister of Finance, with the goal of improving financial outcomes for Canadians and businesses.

Issues

Economy

• Inflation and Cost of Living

  The bill aims to address the rising cost of living by potentially increasing competition among banks and lowering fees and interest rates for consumers and small businesses through open banking.

• Jobs

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• Taxation

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• Spending

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Social Services

• Healthcare

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• Childcare

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• Seniors and Pensions

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Environment

• Climate

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• Environmental Protection

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• Energy

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Social Justice

• Reconciliation

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• Immigration and Integration

  The bill mentions that open banking could give newcomers to Canada, who might have a limited credit history, access to credit based on their financial transaction history.

• Income Inequality and Poverty

  The bill states open banking could provide Canadians with limited finances access to low-cost, automated support to help them manage their finances.

• Reproductive Rights

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• Gender and Sexuality

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• Racism

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Security and Defense

• Crime

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• Gun Control

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• Defense

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• Foreign Aid

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