CDIC is asking banks, fintechs, depositors, and other stakeholders to weigh in on a plan to modernize how institutions communicate deposit insurance.
The consultation centers on proposed changes to the Deposit Insurance Information By-law, the rule set that governs what member institutions must say about CDIC membership and coverage, and how they say it.
Comments were requested by September 26, the agency says the refresh follows its last full review in 2016–17 and reflects how Canadians now bank.
CDIC points to the rise of mobile and online channels and the growth of third parties that help offer deposit-like products.
In research cited by the corporation, 87 percent of Canadians used online banking and 70 percent used mobile apps in 2024, up sharply from 2016.
One strand of the proposal would tighten member-to-depositor disclosure. CDIC wants client-facing staff to complete annual “CDIC 101” training so frontline teams can answer basic questions about membership status and coverage accurately.
The move follows a mystery-shop review that found material gaps in how staff respond in branches and through digital channels.
Another change would require institutions to clearly indicate which products are eligible for CDIC protection in online and mobile banking and on statements.
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Today, members display a digital badge on pages that show eligible deposits, but they are not required to say which products qualify. CDIC’s proposal would make that labeling explicit and easier to find.
The paper also notes the Department of Finance is considering a complementary step that would push banks to give customers tailored information on the amount of insured deposits they hold.
Advertising is in scope as well, CDIC proposes that members disclose their status as a CDIC member in all advertising that promotes deposit or general banking products, with limited exceptions to be defined through the consultation.
The agency cites research suggesting that awareness of CDIC protection meaningfully influences purchasing decisions.
The consultation also acknowledges new tools and channels. CDIC proposes clarifying that the by-law’s prohibition on false or misleading statements applies to nonhuman interfaces such as AI chatbots.
The aim is to ensure customers receive accurate information regardless of whether the answer comes from a branch employee, a website, or an automated assistant.
A second strand focuses on simplifying requirements, the corporation would allow digital brochures in branches and streamline online signage so members rely on a single “digital symbol” rather than multiple badges.
CDIC’s mystery shop found room to improve in-branch visibility of materials, including the brochure and interior signage, which the changes are designed to address.
To reduce confusion around branding, CDIC proposes stronger disclosure on websites that use trade names.
Many members market under multiple business names, but coverage is aggregated at the member-institution level. The consultation would require prominent explanations of that relationship and the implications for coverage.
CDIC has observed fintech marketing that references deposit insurance in ways it considers misleading.
It proposes publishing a dedicated information bulletin for fintechs that sets out plain-language do’s and don’ts and adds guidance for banks on overseeing partners’ disclosures.
A companion fintech bulletin has been posted for comment alongside the consultation materials. The outcome could be clearer answers to a familiar question for depositors: what is protected and where.
Eligible deposits at CDIC member institutions are generally insured up to 100,000 Canadian dollars per category per institution, a limit that would not change under the proposals but would be highlighted more consistently across channels.
The proposals signal new training, labeling, and governance expectations that could require system and process updates for banks and fintechs. CDIC plans to summarize feedback after the comment period and consider next steps.
