Mr. Speaker, I am proud to rise in the House today to introduce a bill to amend the Bank Act, the Cooperative Credit Associations Act and the Trust and Loan Companies Act. More specifically, we want to reduce bank charges, which we consider to be excessive.
First, banks will have to be more transparent. Every bank will have to provide an annual report that shows all fees charged to clients and the real costs of those services.
The banks will also have to communicate more with clients by establishing a set period of time before fees can be charged for transactions with insufficient funds. Our goal is to regulate the banks in order to stop them from charging excessive fees to everyone who is having difficulty making ends meet. We must do better for our families.
I hope that this initiative will garner the enthusiastic support of our colleagues.
(Motions deemed adopted, bill read the first time and printed)