moved for leave to introduce Bill C-471, An Act to establish the position and Office of the Credit Ombudsman, who shall be an advocate of the interests of consumers and small businesses in credit matters and who shall investigate and report on the provision, by financial institutions, of consumer and small-business credit on a community basis and on an industry basis, in order to ensure equity in the distribution of credit resources.
Mr. Speaker, I am very pleased to introduce this bill to create the office of a credit ombudsman.
Canadians need an advocate in credit matters. Banks have turned their backs on many neighbourhoods and communities. Fringe bankers and payday lenders are robbing Canadians blind with predatory lending practices and exorbitant and illegal interest rates.
The ombudsman would have a mandate to investigate and report on the provision of consumer and small business credit on a community basis by region, by sector, and by gender of the applicant, to make sure that there is equity in access and distribution of credit resources.
(Motions deemed adopted, bill read the first time and printed)