Madam Speaker, my hon. colleague and I have a lot of fun in the industry committee together, and I enjoy serving with him.
Open banking is supposed to be giving less regulation and more competition to the banking sector. The federal government should only be introducing regulations that bring an API, or application programming interface, that forces the banks, on consumer consent, to give up their information. It should not be telling any company what to do, except for enforcing these regulations, which force the banks, on one's consent, to give one's banking information back.
The open banking industry fintechs have been fighting to get through this. They are doing it all illegally right now on the backs of only the provinces. The federal government needs to get out of the way.