Susan Truppe

[Financial System Review Act, March 27th, 2012]

Mr. Speaker, I appreciate the opportunity to finish this important speech.

This government has also made improvements to Canada's financial system by introducing effective consumer protection provisions for the consumers of financial products.

Unlike the NDP, this government understands the needs of Canadian consumers and has a proven track record of standing up for them. That is why since 2006 this government has protected consumers with new credit card rules that require consent for credit limit increases; a minimum 21-day grace period on new purchases; full disclosure for consumers and limits on other anti-consumer business practices. It has also introduced a code of conduct for the credit card and debit card industry to help small businesses deal with unfair practices, and has banned negative option billing for financial products.

More recently, as part of budget 2010, the government took action by introducing new measures to empower consumers of financial products. These included implementing a new code of conduct on mortgage prepayment information; beginning to implement the recommendations of the task force on financial literacy, starting with the creation of a financial literacy leader in the government; and banning the distribution of unsolicited credit card cheques. That last initiative has been warmly welcomed by consumer groups.

Indeed, at the finance committee, a consumer group stated:

[The government]...touched on the credit card cheques, and the reduced period of access to your money. That's a very good step forward for Canadian consumers, of course. The amount of money that Canadian consumers can access is also a good step forward.

As a result of these actions, Canadians can be confident that they will be provided with clear and relevant information when faced with important financial decisions that impact not only themselves but also their families.

Bill S-5 builds on the government's proven record of improving consumer protection by making important changes to federal financial institution statutes. In particular, this bill increases the maximum administrative penalty that the Financial Consumer Agency of Canada can levy, from $200,000 to half a million dollars; and it confirms that Canadians, including bank customers, are able to cash government cheques of amounts of less than $1,500 free of charge at any bank in Canada.

Again, this is only a continuation of this government's long and proven record in standing up for Canadian consumers.

We all recognize there is always work to be done to ensure the continuing stability of the Canadian financial system and that ongoing vigilance is vital. Indeed, that is why we are pushing for the timely passage of the financial system review act. The renewal of Canadian financial institution legislation on a regular basis has resulted in a robust and effective financial system that is aligned and more responsive to developments in the financial markets and the broader economy.

Moreover, passage of this legislation would maintain the long-standing practice of ensuring regular reviews of the regulatory framework for the financial institutions, a unique practice that sets Canada apart from almost every other country in the world, and one that is supported by those in the industry.

Commenting on Canada's unique practice of having mandatory reviews, the Canadian Bankers Association stated:

We believe strongly in the importance of ensuring that the legislative and regulatory framework is reviewed regularly and for that reason, we were pleased to see that the Bill proposes retaining the sunset clause for financial services legislation at five years.

The Canadian Life and Health Insurance Association stated:

The industry is very supportive of this Bill and urges that it be passed in a timely manner.

Clearly, today's bill provides a framework that will benefit all participants in the financial services sector, both financial institutions and everyday Canadians. As I noted, renewing Canadian financial institution legislation on a regular basis has resulted in a robust and effective financial system that is aligned with and responsive to developments in financial markets and the broader global economy.

In summary, I would encourage all members to join in our efforts to ensure the strength and stability of Canada's financial system and support the financial system review act.

[Financial System Review Act, March 27th, 2012]

Mr. Speaker, I truly appreciate the opportunity to lend my voice to today's debate in favour of the timely passage of Bill S-5, also known as the financial system review act.

While very technical, this is very important legislation. Today's bill is not only the right thing for Canadians but the right thing for Canada's economy. More broadly, Bill S-5 builds upon and complements a range of initiatives that our Conservative government has introduced.

I will discuss some of those initiatives. The housing sector warrants particular attention in light of its role in the 2008 financial crisis and the ongoing pressures arising from the U.S. housing bubble that are still being felt by the American financial system and which have slowed that country's economic recovery.

In order to protect its housing market from the worst excesses seen abroad, our Conservative government has acted repeatedly and decisively to ensure its stability, especially with regard to the mortgage financing. Mortgage financing plays a key role in providing a reliable source of funds to prospective Canadian homeowners. Prudent mortgage lending standards and mandatory mortgage insurance for high ratio loans allowed Canada to avoid the housing crisis that occurred in other countries, especially in the United States.

Since 2008, our Conservative government has taken prudent and measured steps to ensure that this system remains stable over the long term. while maintaining economic growth. In 2008, 2010 and again in 2011, our government took proactive steps to protect and strengthen the Canadian housing market, which included reducing the maximum amortization period for new government backed insured mortgages to 30 years, requiring a 5% minimum down payment and a 20% down payment on non-owner occupied properties, lowering the maximum amount lenders can provide when refinancing insured mortgages to 85% of the value of the property, requiring buyers to meet a five year fixed rate mortgage standard and withdrawing government insurance backing on home equity lines of credit.

Those measures underline our government's continued action to protect the stability of the economy by ensuring lenders' practices are sustainable and the investments of Canadian families in their homes are secure. This would decrease the interest payments of Canadian families by tens of thousands of dollars over the life of a mortgage, helping to improve the financial well-being of Canadian households.

It is important to note that, because of measures like those, Canadians do not face mass foreclosures on their homes and our banks did not require taxpayer bailouts. That is why it is no surprise that Scotiabank chief economist, Warren Justen, said, “...when you look at what exists in Canada, this is still the best country in the world to be in”.

The measures in today's legislation would ensure that Canada's economy remains strong in this time of global economic uncertainty and would give it the flexibility to adapt quickly and easily.

[Financial System Review Act, March 27th, 2012]

Madam Speaker, I would like to ask my colleague why authority to approve acquisitions by banks is being returned to the minister.

[Habitat for Humanity, March 12th, 2012]

Mr. Speaker, since its inception in 1993, Habitat London has built homes for 34 local families. While the houses are simple, they provide families with a home where they can feel safe and comfortable.

Our Conservative government believes strongly that partnerships with community organizations like Habitat for Humanity play a vital role in creating opportunities for families while building stronger communities. I am pleased to inform this House that our friends at Habitat London are expanding their affiliate to Oxford, Middlesex and Elgin counties. Between 2012 and 2016, Habitat London will build homes and serve 38 families. This is more than the number of homes built in the previous 18 years combined.

I am pleased to support Habitat for Humanity London. I congratulate Habitat London's CEO, Jeff Duncan, and his dedicated team for their commitment to a stronger London and a stronger Canada.

[Habitat for Humanity, March 12th, 2012]

Mr. Speaker, before I begin my statement on Habitat London, I would like to congratulate the Western University Mustangs men's track and field team for winning their first CIS national title this past weekend.

[Status of Women, March 9th, 2012]

Mr. Speaker, Canada's theme for International Women's Day and Week is, “Strong women, Strong Canada”. Women in rural, remote and northern communities are key to Canada's economic prosperity.

Our government is proud to have marked International Women's Week by announcing support for a new project that focuses on community plans in rural and remote communities and small urban centres in Canada. These grassroots projects will improve the lives of women and girls across Canada so they can be safer, more secure and more economically successful.

We believe that women's safety goes hand-in-hand with their economic security. Our Conservative government is focused on what matters: jobs and economic growth.

[Status of Women, March 8th, 2012]

Mr. Speaker, as I said, our government has increased funding for women to its highest level ever. We are always working hard with Canadians across the country to promote greater economic prosperity for women and girls. More groups have applied, as I said, because our practical approach is working.

[Status of Women, March 8th, 2012]

Mr. Speaker, our government has increased funding for women to its highest level ever. Since 2007, we have approved millions of dollars in projects designed to help end violence against women and girls. We are working hard with Canadians across the country to promote greater economic prosperity for women and girls. More groups are applying than ever before because our practical approach is working.

[Status of Women, March 6th, 2012]

Mr. Speaker, the Minister for Status of Women has launched International Women's Week by announcing this year's theme, “Strong Women, Strong Canada – Women in Rural, Remote and Northern Communities: Key to Canada's Economic Prosperity”.

To support this theme, the minister today announced government support for new projects to support women living in communities outside Canada's urban centres. These projects will help reduce violence against women and girls and increase their economic security. We believe women's safety goes hand in hand with their economic security, and the economy remains our government's number one priority.

I encourage all Canadians to play their part so we can deliver on the goal of strong women and a strong Canada.

[Aboriginal Affairs, March 2nd, 2012]

Mr. Speaker, we have taken our responsibility to protect vulnerable women seriously. I am proud that we are the first government to take concrete action to address the issue of missing and murdered aboriginal women.