GI-2026-26-reg2: Regulations Amending the Financial Consumer Protection Framework Regulations

All 79 federally regulated banks and authorized foreign banks in Canada are affected, including 35 Schedule I banks, 15 Schedule II banks, and 29 authorized foreign banks. Each bank faces an estimated one-time implementation cost of roughly $35,000–$40,000 in IT and policy update work (500 hours of IT specialist time at $46.15/hr plus 200 hours of senior analyst time at $59.48/hr), plus ongoing annual costs of about $320,000+ per institution to review policies, collect fraud incident data (estimated at 5,381 staff hours per bank per year), and prepare the required FCAC report. Banks must update their IT systems to allow customers to enable or disable wire transfers, global money transfers, and Interac e-Transfers; obtain separate express consent for each feature before activating it; delay transaction limit increases by one business day unless the customer's identity has been verified; and submit a detailed annual fraud report to FCAC within 135 days of each calendar year-end. The government estimates total industry compliance costs of $230 million (present value over 10 years), offset by $2.9 billion in consumer fraud loss reductions.