Banks and federal credit unions

From: Financial Consumer Agency of Canada

The Bank Act is the primary legislation governing banks and federal credit unions Footnote 1  in Canada. The Financial Consumer Agency of Canada (FCAC) is responsible for administering sections of the Act designated as consumer provisions, in addition to monitoring the financial institutions’ compliance with voluntary codes of conduct and public commitments.

The complete text of the Act can be found on the Department of Justice Canada’s website. For your convenience, we have also extracted the specific sections related to consumer provisions.

Bank Act

Sections related to consumer provisions:

  • (a) Paragraphs 157(2)(e) and (f), sections 273.1 and 413.1, subsection 418.1(3), sections 439.1 to 459.5, subsections 540(2) and (3) and 545(4) and (5), paragraphs 545(6)(b) and (c), subsection 552(3) and sections 559 to 576.3 of the Bank Act together with any regulations made under or for the purposes of those provisions;
  • (a.1) sections 992 to 1003 of the Bank Act as those sections apply to any notice, document or other information that is required under the provisions referred to in paragraph (a).

Bank Act Regulations

Voluntary codes of conduct

Public commitments

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