OPEN BANKING

Senator Deacon is a strong advocate for open banking in Canada. As an avid member of the Standing Senate Committee on Banking, Trade and Commerce, as well as a passionate public supporter pushing for its adoption in Canada; Senator Deacon is set on ensuring that the Canadian financial sector is as safe, secure, and internationally competitive as it can be.

Key Resources

Click below to access key information related to this project.

August 24th, 2021
On June 19th, 2019, the Senate Standing Committee on Banking, Trade and Commerce (Senate Banking Committee) released the report Open Banking: What it Means for You. Following the release of this report, Senators Colin Deacon and Howard Wetston continued to invest a considerable amount of time advancing the issue of open banking. Their ongoing efforts reflect the Senate Banking Committee’s unanimous view that Canada should urgently develop and implement an open banking framework. Click here to read more.
April 21st, 2021
This report by The Advisory Committee on Open Banking outlines recommendations on how to modernize the Canadian financial services sector and implement a secure open banking system for Canadian consumers. The report, which has been welcomed by Finance Minister Chrystia Freeland, is the culmination of work undertaken since 2018, including two phases of consultation with a broad range of stakeholders and engagement with subject matter experts. For more information, click here.
December 10th, 2020
In March 2020, the US government included provisions in the CARES Act that authorized $650 billion in Payment Protection Program (PPP) loans to small businesses in order to help them during the COVID-19 crisis. In this research conducted by the NYU Stern School of Business, the authors explore how PPP lenders differed in the share of their loans that went to minority-owned and especially to Black-owned businesses, amid concerns that such businesses struggled to access PPP loans. Click here to read more about the report's findings.
September 17th, 2020
This review from the Library of Parliament analyses the findings of a working paper published by the Federal Reserve of Philadelphia in 2018. The analysis examines the important role of fintech lending in the context of a global pandemic and federal economic response plans. Click here to read more.
September 10th, 2020
With contributions from Senator Colin Deacon, authors Thorsten V. Koeppl and Jeremy Kronick lay out a framework to guide Canada’s upcoming open banking consultations, and explore the potential benefits and risks to consumers. The authors conclude that Canada will require a fundamental and extensive overhaul of its existing regulatory framework for open banking to become an unequivocal success, Please click here to learn more.
June 19th, 2019
In the 32nd report of The Standing Senate Committee on Banking, Trade and Commerce, Senators emphasize the importance in creating an open banking framework in Canada to ensure the safety and security of Canadian's personal financial data, keep the Canadian financial sector internationally competitive, and provide more choices and improved financial products to Canadian consumers. Click here to read the full report.

OPEN BANKING

Key Resources

LIBRARY OF PARLIAMENT: A COMPARISON OF OPEN BANKING RECOMMENDATIONS

FINAL REPORT: ADVISORY COMMITTEE ON OPEN BANKING

NYU STERN REPORT: WHICH LENDERS HAD THE HIGHEST MINORITY SHARE AMONG THEIR PAYMENT PROTECTION PROGRAM (PPP) LOANS?

LIBRARY OF PARLIAMENT: EVIDENCE FROM THE PHILADELPHIA FEDERAL RESERVE ON FINTECH LENDING IN THE UNITED STATES

C. D. HOWE INSTITUTE: OPEN BANKING IN CANADA – THE PATH TO IMPLEMENTATION

32ND REPORT OF SENATE BANC COMMITTEE: OPEN BANKING: WHAT IT MEANS FOR YOU

Senator Colin Deacon