Consumer-Driven Banking Act (S.C. 2026, c. 3, s. 224)

Administration and Enforcement

Bank’s Powers

Marginal note:Examination and inquiry

• 143 (1) The Bank must, from time to time, make or cause to be made any examination and inquiry that the Bank considers necessary for the purposes of satisfying the Bank that participating entities, accredited third-party service providers, the external complaints body and the technical standards body are complying with this Act and, after the conclusion of each examination and inquiry, must report on it to the Minister.

• Marginal note:Access to records

  (2) For the purposes of this section, the Bank

  • (a) has a right of access to any records of a participating entity, an accredited third-party service provider, the external complaints body or the technical standards body; and

  • (b) may require the directors or officers of a participating entity, an accredited third-party service provider, the external complaints body or the technical standards body to provide information and explanations, to the extent that they are reasonably able to do so, in respect of any matter subject to examination or inquiry under this section.

• Marginal note:Special audit

  (3) The Bank may direct that a special audit of a participating entity, an accredited third-party service provider, the external complaints body or the technical standards body be conducted, in accordance with any conditions that the Bank considers appropriate, if the Bank is of the opinion that the special audit is necessary for a purpose related to verifying compliance with this Act. The Bank may appoint an individual or entity to conduct the special audit.

• Marginal note:Duty to assist

  (4) The participating entity, accredited third-party service provider, external complaints body or technical standards body must give all assistance that is reasonably required to enable the appointed individual or entity to conduct the special audit and must provide any documents or information, and access to any data, that are specified by the individual or entity.

• Marginal note:Report to Bank

  (5) If a participating entity, an accredited third-party service provider, the external complaints body or the technical standards body is the subject of a special audit, it must provide the Bank with the results of the audit.

• Marginal note:Expenses payable

  (6) The expenses incurred in respect of any special audit are payable by the participating entity, accredited third-party service provider, external complaints body or technical standards body that is the subject of the audit.

• Marginal note:Notice to appropriate provincial authority

  (7) If the Bank makes or causes to be made any examination, inquiry or audit in respect of a participating entity that is a provincial financial institution, the Bank must, as soon as feasible, notify the appropriate provincial authority that regulates or supervises the provincial financial institution.

Marginal note:Compliance agreement

147 The Bank may enter into a compliance agreement with a participating entity, an accredited third-party service provider, the external complaints body or the technical standards body for the purpose of implementing any measure that is designed to further its compliance with this Act.

Marginal note:Directions — participating entity

• 148 (1) If, in the Bank’s opinion, a participating entity, or another entity or individual in conducting the business or affairs of the participating entity, fails to comply — or there are reasonable grounds to believe that the participating entity or the entity or individual will fail to comply — with a compliance agreement, the Bank may direct the participating entity or the entity or individual to comply with the compliance agreement and to take any measures that in the Bank’s opinion are necessary to do so.

• Marginal note:Directions — policies and procedures

  (2) If, in the Bank’s opinion, a participating entity does not have adequate policies and procedures to protect itself against threats to its integrity or security or a participating entity is not adhering to its policies and procedures in that matter, the Bank may direct the participating entity to take any measures that in the Bank’s opinion are necessary to remedy the situation.

• Marginal note:Directions — accredited third-party service provider

  (3) If, in the Bank’s opinion, an accredited third-party service provider, or another entity or individual in conducting the business or affairs of the accredited third-party service provider, fails to comply — or there are reasonable grounds to believe that the accredited third-party service provider or the entity or individual will fail to comply — with a compliance agreement, the Bank may direct the accredited third-party service provider or the entity or individual to comply with the compliance agreement and to take any measures that in the Bank’s opinion are necessary to do so.

• Marginal note:Directions — external complaints body

  (4) If, in the Bank’s opinion, the external complaints body fails, or there are reasonable grounds to believe that it will fail, to comply with a compliance agreement or any of paragraphs 115(b) to (u) or to perform its functions and activities in a manner that is consistent with the purpose set out in section 113, the Bank may direct the external complaints body to comply, to so perform its functions and activities and to take any measures that in the Bank’s opinion are necessary to do so.

• Marginal note:Directions — technical standards body

  (5) If, in the Bank’s opinion, the technical standards body fails to comply, or there are reasonable grounds to believe that it will fail to comply, with a compliance agreement, the Bank may direct the technical standards body to comply and to take any measures that in the Bank’s opinion are necessary to do so.

• Marginal note:Representations

  (6) Subject to subsection (7), the Bank must not make a direction under any of subsections (1) to (5) unless the participating entity, accredited third-party service provider, entity or individual in question or the external complaints body or technical standards body is provided with an opportunity to make representations in respect of the matter.

• Marginal note:Temporary direction

  (7) If, in the Bank’s opinion, the length of time required for representations might be prejudicial to the public interest, the Bank may make a temporary direction with respect to the matters referred to in any of subsections (1) to (5) that has effect for a period of not more than 15 days.

• Marginal note:Continued effect

  (8) A temporary direction continues to have effect after the end of the 15-day period if no representations are made to the Bank within that period or, if representations have been made, the Bank notifies the participating entity, accredited third-party service provider, entity or individual, external complaints body or technical standards body that the Bank is not satisfied that there are sufficient grounds for revoking the direction.

Marginal note:Court enforcement — participating entity

• 149 (1) If a participating entity, or another entity or individual in conducting the business or affairs of the participating entity, fails to comply with a compliance agreement or a direction made under section 148, contravenes a provision of this Act or the regulations or omits to do any thing that is required to be done under this Act, the Bank may, in addition to any other action that may be taken under this Act, apply to a court for an order requiring the participating entity, entity or individual to comply with the compliance agreement or the direction, cease the contravention or do any thing that is required to be done. The court may make the order and any other order that it thinks fit.

• Marginal note:Court enforcement — accredited third-party service provider

  (2) If an accredited third-party service provider, or another entity or individual in conducting the business or affairs of the accredited third-party service provider, fails to comply with a compliance agreement or a direction made under section 148, contravenes a provision of this Act or the regulations or omits to do any thing that is required to be done under this Act, the Bank may, in addition to any other action that may be taken under this Act, apply to a court for an order requiring the accredited third-party service provider, entity or individual to comply with the compliance agreement or the direction, cease the contravention or do any thing that is required to be done. The court may make the order and any other order that it thinks fit.

• Marginal note:Court enforcement — external complaints body

  (3) If the external complaints body fails to comply with a compliance agreement, any of paragraphs 115(b) to (u) or a direction made under section 148, the Bank may, in addition to any other action that may be taken under this Act, apply to a court for an order requiring the external complaints body to comply with the compliance agreement, the paragraph or the direction. The court may make the order and any other order that it thinks fit.

• Marginal note:Court enforcement — technical standards body

  (4) If the technical standards body fails to comply with a compliance agreement or a direction made under section 148, the Bank may, in addition to any other action that may be taken under this Act, apply to a court for an order requiring the technical standards body to comply with the compliance agreement or the direction. The court may make the order and any other order that it thinks fit.

• Marginal note:Appeal

  (5) An appeal from a decision of a court under this section lies in the same manner and to the same court as an appeal from any other order of the court.

Minister’s Powers