Contact: Rebecca Mulholland, (703) 340-7215, rmulholland@allonadvocacy.com
Washington, DC, November 6, 2026 – The Financial Data and Technology Association (FDATA), a trade association representing 25 financial technology companies and consumer-permissioned data access platforms, praised the Canadian government today for using its 2026 budget to enable innovation and expand consumer choice by reaffirming its commitment to consumer-driven banking and extending data portability beyond financial services.
The budget builds on progress made through the consumer-driven banking framework, and expands that data portability model to other sectors, with telecom and transportation named as initial priority areas. This comes as part of the budget’s broader goal to enable easier switching between providers, driving competition and innovation.
“Consumers should control their own data and be able to decide how to leverage it,” says FDATA Executive Director Steve Boms. “The government of Canada has now acknowledged this principle — so essential to open finance — not just for financial services, but for other sectors as well. The 2026 budget is a huge step forward and we are eager to see this principle deployed in practice.”
Throughout the budget, the government also references Canada’s proposed consumer-driven banking framework as a key piece of the government’s plan to enhance competition in the financial services sector. FDATA appreciates this continued commitment, and urges the government to maintain its momentum in moving consumer-driven banking forward.
“Consumer-driven banking will bring Canada in line with other major economies,” says FDATA Executive Director Steve Boms. “Open finance will strengthen Canada’s economy by improving outcomes for consumers and small and medium enterprises by spurring new investment and innovation in the tools these Canadians need to budget, save, invest, and make sound financial decisions. The finalization of a consumer-driven banking framework must be a top priority for Canadian policymakers.”
About FDATA
FDATA represents more than 30 financial technology companies and consumer-permissioned data access platforms across the United States and Canada. FDATA advocates for policies that empower consumers and small businesses to securely access and share their financial data in order to improve financial outcomes and drive innovation.
