The Bank Act is the primary legislation governing banks and federal credit unions1 in 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.
|Acts||Sections related to consumer provisions|
|Bank Act||Paragraphs 157(2)(e) and (f), section 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 576.2 of the Bank Act together with any regulations made under or for the purposes of those provisions;|
This code outlines the banks' standards for branch employees selling credit, travel and personal accident insurance. It deals with training, disclosure, promotion practices, customer privacy protection and complaints procedures.
This code of conduct is designed to protect Canadian consumers who use debit card services. It outlines industry practices as well as the responsibilities of and consumers and the industry in relation to debit card transactions and liability.
This code applies to debit and credit card networks and their participants. It outlines payment card networks operators' responsibilities for providing information, flexibility and choice to merchants.
The Code of Conduct is designed to ensure that enhanced information is available to assist borrowers in making decisions about mortgage prepayment
The Canadian Bankers Association (CBA) has developed a code of conduct model that states minimum standards for banks dealing with small- and medium-sized enterprises (SMEs). The code outlines the banks' responsibilities when it processes loan or credit applications by small- and medium-sized businesses. Each bank develops and applies its own code to the business activities it conducts with SMEs. However, all bank codes include the key elements of the CBA model.
These principles are intended to guide the actions of businesses, consumers and governments in Canada in developing a consumer protection framework for electronic commerce over open networks, including the Internet. The framework also clarifies the responsibilities associated with the service.
1 Section 2 of the Bank Act states that a “federal credit union” means a bank that, within the meaning of section 12.1, is organized and carries on business on a cooperative basis.