OFNC Calls for Clear Roadmap in Proposed Consumer-Driven Banking Regulations

The Open Finance Network of Canada (OFNC) has submitted comments to the Department of Finance Canada and the Bank of Canada on proposed Consumer-Driven Banking Act regulations. The submission welcomes the overall direction of the framework, but sets out nine recommendations intended to support its implementation for Canadian consumers and small and medium-sized enterprises (SMEs).

The OFNC recommends that a clear, integrated implementation roadmap be published, setting out target dates and responsibilities for each deliverable. This roadmap should include critical policy and technical dependencies, testing, certification, minimum notice periods, readiness criteria, and contingency arrangements.

The organization also suggests designating the technical standards body and common technical standard before or alongside final publication of the regulations, with balanced governance across financial institutions, fintechs, technology providers, and consumer groups. This will ensure that all stakeholders are aligned and working towards a common goal.