Organizations considering participation in Canada’s consumer-driven banking framework now have draft accreditation guidance to examine. The Bank of Canada opened a consultation November 2, asking whether its proposed expectations are clear enough and workable in practice.

The consultation separates application requirements for third-party service providers from those for participating entities. The Bank says its supervisory responsibilities under the Consumer-Driven Banking Act include standards covering governance, risk management and operational resilience. Accreditation is the focus of this first set of proposed guidelines.

Respondents can identify difficult implementation requirements, explain where examples are missing and flag provisions that could deter voluntary participation. Comments should identify the relevant guideline section and the person or organization making the submission. Written responses are due by December 8, 2026.

The drafts are a stage in building the supervisory framework. Further consultations on other guidance are expected. For prospective applicants, the immediate opportunity is to test the proposed entry requirements against their own operating arrangements before the guidance is finalized.