Canada Gazette, Part I, Volume 160, Number 27: By-law Amending the Canada Deposit Insurance Corporation Deposit Insurance Information By-law

July 4, 2026

Statutory authority
Canada Deposit Insurance Corporation Act

Sponsoring agency
Canada Deposit Insurance Corporation

REGULATORY IMPACT ANALYSIS STATEMENT

(This statement is not part of the By-law.)

Background

CDIC provides deposit insurance, resolves its member institutions in the event they fail, and promotes and contributes to financial stability. The Canada Deposit Insurance Corporation Deposit Insurance Information By-law (By-law) sets out member requirements related to disclosure of CDIC membership and deposit insurance coverage and helps promote depositor awareness.

Deposit insurance is most effective when depositors know and understand how it applies to their financial situation. Greater awareness and understanding allow depositors to make informed financial decisions and enhance confidence in the deposit insurance framework and trust in the financial system. Depositors who are confident their money is protected are less likely to run in times of stress, making awareness a key contributor to financial stability.

The By-law is one part of a multi-pronged approach CDIC takes to increase awareness about CDIC and the deposit insurance system. It also governs what CDIC member institutions and non-members can say about membership status and deposit insurance protection provided by CDIC. In this way, the By-law empowers depositors by ensuring they receive timely, accurate and easily accessible information about their coverage, regardless of how they interact with their financial institution.

CDIC performs periodic reviews of the By-law to ensure it remains responsive to developments in the evolving financial services landscape and remains fit for purpose. CDIC’s recent review and resulting proposed amendments were informed by several sources, including focus groups to better understand depositor expectations, mystery shop exercises to understand the information being provided to depositors by their financial institutions, compliance work and research into the evolving banking experience for depositors.

Issues

CDIC’s most recent review of the By-law in 2025-26 identified several issues, including a lack of clarity regarding certain requirements, a need to further enhance awareness of CDIC and a need to improve the accuracy and effectiveness of discussions about CDIC and the deposit insurance framework between member staff and depositors. CDIC’s Board of Directors concluded that amendments to the By-law are required to address these issues and modernize the provision of deposit insurance information to depositors. The proposed amendments would

Objective

The proposed amendments to the By-law are expected to materially improve depositor awareness and member-to-depositor disclosure about CDIC and the deposit insurance framework.

Description

The proposed amendments to the By-law relate to training, the disclosure of CDIC member status in advertising, the display of CDIC information and the use of trade names. Related amendments are made throughout the By-law to modernize terminology.

Training program

The proposed amendments introduce a new requirement for member institutions to establish, implement, and keep up to date, a training program for employees on basic information about their institution’s status as a CDIC member and key features of the deposit insurance framework. Research shows that depositors look to their financial institutions and advisors first as a trusted source of information on their deposit protection. This training is intended to improve member staff’s ability to provide depositors with relevant and accurate information about CDIC coverage.

The training would need to be completed annually by all member institution staff that may make a representation about CDIC coverage to a depositor. This could include client-facing staff in branches (e.g. customer service representatives, financial advisors, etc.), call centres or digital channels.

CDIC would make available a training module, which members could use to fulfill the proposed By-law requirements. Alternatively, the proposed By-law lays out the information that member institutions would be required to cover in the training, should they choose to develop their own.

The proposed training program requirement would come into force on July 14, 2028. At that point, all client-facing staff would need to have completed the training.

Representations in video advertising

To improve deposit insurance awareness, amendments are proposed to section 4 of the By-law to require the display of CDIC signage or a representation about membership status in video advertising.

Members would be required to display either the CDIC membership sign, digital symbol or a statement about their membership status (e.g. “Member of CDIC”) in any paid advertising using a media outlet, including those operating through digital or social media or a television or streaming service other than video advertising already in production or running prior to the coming into force of the provision.

In-branch display of CDIC information

To ensure depositors have up-to-date access to detailed information about CDIC deposit insurance, the current By-law requires member institutions to prominently display the CDIC brochure (which contains information about CDIC and the deposit insurance framework) at each of its places of business. However, member institution branches have been increasingly leveraging technology to display information digitally in-branch.

To align with modern technology and facilitate the provision of CDIC information to depositors, the proposed By-law amendments would provide the option to prominently display a CDIC information sheet in digital or physical form in each place of business. The CDIC information sheet would replace the brochure and be in a printable format so that members can provide a physical copy to any person that requests it.

Simplification of CDIC signage requirements

In order to provide depositors confidence that their financial institution is a CDIC member, the By-law sets out requirements for members to display CDIC signage both in physical places of business and on digital platforms. The current By-law has multiple options for this signage, which are applicable in different contexts. Proposed amendments aim to simplify these requirements such that there are two acceptable forms of CDIC signage 1) the CDIC membership sign (for physical places of business); and 2) the CDIC digital symbol (for digital platforms).

Proposed amendments would add greater flexibility with respect to the CDIC membership sign requirements by allowing the membership sign to be on a rolling digital display.

Proposed amendments would also simplify digital signage requirements by replacing the “CDIC Badge” with a “CDIC Symbol.”

Trade names

Several CDIC members sell products eligible for CDIC coverage under their corporate name and different trade name(s), which can create confusion for depositors with respect to the amount of coverage. Proposed amendments would address this potential confusion by requiring language explaining the relationship between the trade name and the member, as well as coverage implications, to be displayed on websites where members sell eligible products under a trade name.

Regulatory development

Consultation

In July 2025, CDIC held a 60-day public consultation where member institutions and other stakeholders were asked to provide comments on proposed changes to the By-law. Comments were reviewed and some adjustments made to initial consultation proposals in response to feedback. As part of the consultation process, CDIC met and discussed the proposed changes with key stakeholders.

Instrument choice

There are no available alternative instruments. By-law amendments are required to meet the objective.

Regulatory analysis

Benefits and costs

Proposed amendments are expected to improve depositor awareness of the deposit insurance framework, thereby contributing to financial stability. Costs of implementation for stakeholders of some amendments are expected to be low. Other amendments provide greater flexibility to member institutions and are therefore expected to have no cost.

Small business lens

Analysis under the small business lens concluded that the proposal would not impact small businesses in Canada.

One-for-one rule

The one-for-one rule does not apply to the proposed By-law.

Regulatory cooperation and alignment

The proposed By-law amendments are not related to a work plan or commitment under a formal regulatory cooperation forum.

Effects on the environment

No effects based on the environment have been identified for this proposal.

Gender-based analysis plus

No impacts based on gender and no other identity factors have been identified for this proposal.

Rationale

The proposed By-law would achieve the stated objective and address the issues identified above.

Implementation, compliance and enforcement, and service standards

Proposed By-law amendments would come into force on December 1, 2026. However, section 3.1, related to the training program, would come into force on July 14, 2028. There are no compliance or enforcement issues.

Contact

Ran Yang
Senior Legal Counsel, Legal Services Canada Deposit Insurance Corporation
Email: ryang@cdic.ca

PROPOSED REGULATORY TEXT

Notice is given that the Board of Directors of the Canada Deposit Insurance Corporation proposes to make the annexed By-law Amending the Canada Deposit Insurance Corporation Deposit Insurance Information By-law under paragraph 11(2)(f)footnote a of the Canada Deposit Insurance Corporation Act footnote b.

Interested persons may make representations concerning the proposed By-law within 30 days after the date of publication of this notice. They are strongly encouraged to use the online commenting feature that is available on the Canada Gazette website. However if they use email, mail or any other means, the representations should cite the Canada Gazette, Part I, and the date of publication of this notice, and be sent to Ran Yang, Senior Legal Counsel, Canada Deposit Insurance Corporation (email: ryang@cdic.ca).

Please note that as part of the publication process, all representations, including attachments, will be published on the Canada Gazette website, subject to its terms of use relating to the provision of comments.

Ottawa, June 15, 2026

Gina Byrne
President and Chief Executive Officer
Canada Deposit Insurance Corporation

By-law Amending the Canada Deposit Insurance Corporation Deposit Insurance Information By-law

Amendments

1 (1) The definitions CDIC and electronic business site in section 1 of the Canada Deposit Insurance Corporation Deposit Insurance Information By-law footnote 1 are repealed.

(2) The definitions place of business and Return of Insured Deposits in section 1 of the By-law are replaced by the following:

place of business
means a physical location in Canada where a member institution carries on business, where a person may make a deposit or commence a transaction to open a deposit account with the assistance of a representative of the member institution and where the majority of the deposit-taking activities relate to deposits eligible to be insured by the Corporation. (lieu d’affaires)
Return of Insured Deposits
means the return of insured deposits in the form required by the Corporation under subsection 22(1) of the Act. (Déclaration des dépôts assurés)

(3) Section 1 of the By-law is amended by adding the following in alphabetical order:

digital platform
means any software, website or other electronic interface that is used by a member institution to carry on business and with which a person may make a deposit or commence a transaction to open a deposit account. (plateforme numérique)

2 Section 3 of the By-law is replaced by the following:

3 (1) A member institution whose policy of deposit insurance is terminated or cancelled shall immediately remove from each of its places of business and digital platforms and references to its status as a member institution and to the deposit insurance provided by the Corporation, including displays of the membership sign referred to in subsection 5(1), the information sheet referred to in subsection 6(1) and the symbol referred to in subsection 7(1).

(2) When a member institution ceases to use a location as a place of business, it shall remove from the location all references to its status as a member institution and to the deposit insurance provided by the Corporation, including displays of the membership sign referred to in subsection 5(1), the information sheet referred to in subsection 6(1) and the symbol referred to in subsection 7(1).

(3) When a member institution displays the membership sign referred to in subsection 5(1) in digital form or displays the symbol referred to in subsection 7(1), changes may be made to the overall size of the sign or symbol, but only if the proportions are maintained and the content is clearly visible and legible.

3 The By-law is amended by adding the following after section 3:

Training Program

3.1 (1) A member institution shall establish, implement and maintain a training program for its employees regarding representations about matters referred to in any of paragraphs 2(a) to (c).

(2) The training program shall cover the following topics:

(3) A member institution shall ensure that each employee who makes representations about matters referred to in any of paragraphs 2(a) to (c) has completed the training program and completes it again annually.

4 (1) The portion of subsection 4(1) of the By-law before paragraph (a) is replaced by the following:

4 (1) If a member institution makes a representation about its status as a member institution in its advertising other than by displaying the membership sign referred to in subsection 5(1) or the symbol referred to in subsection 7(1), it shall do so using one of the following representations, or a representation in substantially the same words as any of the following representations:

(2) Section 4 of the By-law is amended by adding the following after subsection (1):

(1.1) A member institution shall make one of the representations referred to in subsection (1) about its status as a member institution in any paid video advertisement that is broadcast using a media outlet — including any media outlet operating through digital or social media or a television or streaming service — and that relates to matters referred to in any of paragraphs 2(a) to (c), unless the advertisement is already in production or running prior to the day on which this subsection comes into force.

(3) Subsection 4(1.1) of the By-law is replaced by the following:

(1.1) A member institution must make one of the representations referred to in subsection (1) in any paid video advertisement that is broadcast using a media outlet — including any media outlet operating through digital or social media or a television or streaming service — and that relates to matters referred to in any of paragraphs 2(a) to (c).

5 (1) Subsection 5(1) of the By-law is amended by striking out “and” at the end of paragraph (a) and by replacing paragraph (b) with the following:

(2) Subsection 5(2) of the By-law is repealed.

6 The heading “Display and Provision of Brochure” before section 6 of the By-law is replaced by the following:

Display and Provision of Information Sheet

7 (1) Subsection 6(1) of the By-law is replaced by the following:

6 (1) A member institution shall prominently display at each of its places of business

(1.1) A member institution shall provide a printed copy of the information sheet to any person who requests one at any of its places of business.

(2) The portion of subsection 6(2) of the French version of the By-law before paragraph (a) is replaced by the following:

(2) Lors des dĂ©marches entreprises par le dĂ©posant en vue d’ouvrir un compte de dĂ©pĂ´ts assurables par la SociĂ©tĂ©, l’institution membre remet Ă  celui-ci :

(3) Paragraphs 6(2)(a) to (c) of the By-law are replaced by the following:

(4) Subsections 6(3) and (4) of the By-law are replaced by the following:

(4) For greater certainty, a member institution, or any other person, may make representations about the subject matter of the information sheet if the representations are not false, misleading or deceptive.

(5) The portion of subsection 6(5) of the By-law before paragraph (a) is replaced by the following:

(5) A member institution shall ensure that the location at which and the manner in which the information sheet is displayed does not give the impression that

8 The heading before section 7 of the By-law is replaced by the following:

Display of Symbol

9 (1) The portion of subsection 7(1) of the By-law before paragraph (a) is replaced by the following:

7 (1) Subject to subsections (3) and (5), a member institution shall prominently display, at each of the following locations on its digital platforms, the symbol made available by the Corporation on its website for that purpose:

(2) Subsection 7(1) of the By-law is amended by adding “and” at the end of paragraph (b), by striking out “and” at the end of paragraph (c) and by repealing paragraph (d).

(3) Subsections 7(2) to (4) of the By-law are replaced by the following:

(3) A member institution that shares the home page for a digital platform with a person other than a member institution shall not display the symbol on the home page.

(4) The symbol shall contain a hyperlink to a page on the Corporation’s website where the content of the information sheet referred to in section 6 is available.

(4) The portion of subsection 7(5) of the By-law before paragraph (a) is replaced by the following:

(5) A member institution shall ensure that the location at which and the manner in which the symbol is displayed does not give the impression that

10 The By-law is amended by adding the following after section 7:

Trade Names

7.1 If a member institution uses a trade name at one of the locations referred to in subsection 7(1), it shall prominently display at that location the following representation, or a representation in substantially the same words as the following representation:

“(Trade name) is a trade name of (name(s) of the member institution(s)). (Name(s) of the member institution(s)) are members of CDIC (or is a member of CDIC). Deposits made with (trade name) do not benefit from additional or separate CDIC deposit insurance coverage from (name(s) of the member institution(s)). Eligible deposits made with (trade name) are aggregately protected with eligible deposits held at (name(s) of the member institution(s)) up to the maximum amount of deposit insurance coverage provided by the CDIC.”

Coming into Force

11 (1) Subject to subsections (2) and (3), this By-law comes into force on the day on which it is published in the Canada Gazette, Part II.

(2) Section 3 comes into force on July 14, 2028.

(3) Subsection 4(3) comes into force on the first anniversary of the day on which this By-law is published in the Canada Gazette, Part II.

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