Targeted fast-track approvals framework for new entrants
OSFI is modernizing its approach to how specific entities enter the federally regulated financial system through a targeted fast-track approvals framework for new entrants. As new business models and technologies emerge, we’re streamlining and making the path to a federal license quicker, clearer, and more predictable, all while maintaining strong prudential oversight and public confidence in the financial system.
This work supports a more modern, calibrated approach to reviewing new entrant applications. It aligns with broader federal policy direction, including Budget 2025 measures to facilitate federal entry for credit unions, and reflects the evolving nature of Canada’s financial sector.
Overview
OSFI’s targeted fast‑track approvals framework will launch in June 2026 for eligible applicants. The fast-track approach is intended to create efficiencies, not shift effort away from other applicants.
Who is included in the framework
This is a targeted, eligibility-based pathway currently offered only to the following entities:
- Provincial credit unions that are seeking continuance as a federal credit union.
- Entities with technologically innovative or emerging banking models – for example, fintechs or crypto-asset custodians – seeking to incorporate as a bank or as a federally regulated trust and loan company.
Entities outside of the scope of this framework must continue to follow the existing guides and processes.
We will use insights gained through this targeted approach to refine our processes and inform a broader rollout in the future.
What eligible applicants can expect
- A scope that keeps pace with innovation and new business models.
- Right‑sized, risk-based prudential reviews that provide a more predictable and faster path into the federally regulated financial system.
- Clear guidance on requirements, timelines, and review steps.
- Greater transparency, including service standards and a planned dashboard to help applicants track their progress through the process.
- Continued strong prudential oversight. OSFI will uphold the standards that protect the stability, soundness, integrity, and security of Canada’s financial system
- No changes to application fees. Fees will not be refunded if timelines are not met.
Get started
The details of the framework are currently being developed. Once the framework launches in June 2026, prospective applicants within the initial scope will be able to contact OSFI to begin the process. Additional guidance and next steps will be available on this page in June. Contact FastTrackApprovals-Approbationsaccelerees@osfi-bsif.gc.ca for any questions.