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Canadian Imperial Bank of Commerce (CIBC)
Symbol CM
Shares Issued 904,884,760
Close 2022-10-03 C$ 61.56
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FP says CIBC, rivals hear open banking marching forward

2022-10-04 08:43 ET - In the News

Also In the News (C-BMO) Bank of Montreal
Also In the News (C-BNS) Bank of Nova Scotia
Also In the News (C-NA) National Bank of Canada
Also In the News (C-RY) Royal Bank of Canada
Also In the News (C-TD) Toronto-Dominion Bank

The Financial Post reports in its Tuesday, Oct. 4, edition that open banking continues its slow march forward. The Post's guest columnists Vass Bednar and Robert Fay write that following the federal advisory committee's final report last year, Randy Boissonnault, the junior finance minister, appointed Abraham Tachjian to oversee the transition to an open banking regime, which would give Canadians greater control of their financial data. Working group discussions are happening now. The government's objective is important: to make it easier for companies to enter the market, stir competition in the financial system, boost innovation, increase consumer choice and lower costs. Open banking can achieve these things by allowing consumers to share their financial data with service providers of their choice, which would level a playing field that is tilted in favour of the biggest banks. The competition should encourage more innovation in the financial industry through the creation of more personalized products and advisory services. Ironically, the focus on consumers appears to have been lost in the broader public policy development process, as there seems to be an absence of consumer perspectives.

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