The Bank Act is the primary legislation governing banks and federal credit unions Footnote 1 in Canada. The Financial Consumer Agency of Canada (FCAC) administers sections of the Bank Act that have been designated as consumer provisions. FCAC also monitors compliance with codes of conduct and public commitments.
Footnote 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.
Date modified: 2022-10-07