GI-2026-26-reg3: Consumer-Driven Banking Regulations

About 680 businesses across the financial sector are expected to be affected, with 578 of them being small businesses averaging $89,133 in annualized compliance costs. Large banks are mandated to participate immediately, while other federally regulated financial institutions, credit unions, payment service providers, and fintechs can opt in — and must pay a $2,500 accreditation fee plus ongoing annual assessment fees ranging from $10,000 to $150,000 depending on asset size. If you run a fintech or payment app, you'll need to demonstrate Canadian presence, carry adequate insurance, implement specific security safeguards verified by an independent third party, ensure 99.5% monthly uptime on your data-sharing systems, provide 24 months of transaction history on request, and submit annual compliance reports to the Bank of Canada. Non-compliance can result in penalties up to $10 million for businesses, with the Bank of Canada empowered to suspend or revoke your accreditation.