Canadian federal budget introduces open banking, targets predatory lending, and bank fees.
The Canadian federal budget introduces measures for open banking, predatory lending, and bank fees. The open banking system, overseen by the Financial Consumer Agency of Canada, will allow consumers to access their financial data across multiple institutions, apps, and services. The budget allocates $4.1 million over three years to complete policy work and establish the oversight entity and framework. Additional initiatives target predatory lending interest rates and aim to reduce banking fees.
April 16, 2024
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