Canada's Open Banking Framework Is Here. Credit Unions, This One's for You.
Are credit unions mandated to participate in Canada’s consumer-driven banking framework?
No. Under the proposed framework, participation is mandatory for designated large banks, but credit unions can choose to opt in. To participate, they must become accredited and comply with the framework’s technical, security and governance requirements.
You can't close the gap in a race if you're standing still.
Some Canadian credit unions want to wait on open banking until absolute regulatory clarity. Is this necessary?