Skip to main content

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


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.




opinion Don Martin: How a beer break may have doomed the carbon tax hike

When the Liberal government chopped a planned beer excise tax hike to two per cent from 4.5 per cent and froze future increases until after the next election, says political columnist Don Martin, it almost guaranteed a similar carbon tax move in the offing. Top Stories


BREAKING Indigo Books & Music shareholders vote to approve privatization sale

Indigo Books & Music Inc. shareholders have voted to approve a deal that will see the retailer become a private company. Shareholders voted Monday in favour of a $2.50 per share offer from Trilogy Retail Holdings Inc. and Trilogy Investments L.P., which have a 56 per cent stake in Indigo and are owned by Gerald Schwartz, the spouse of Indigo chief executive Heather Reisman.

Local Spotlight

Stay Connected