Evidence of meeting #68 for Finance in the 39th Parliament, 1st Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was amendment.
A recording is available from Parliament.
Noon
Liberal
Noon
NDP
Judy Wasylycia-Leis NDP Winnipeg North, MB
On a point of privilege dealing with the insinuations of the member, Mr. John McKay, who suggested that we back-doored the—
Noon
NDP
Judy Wasylycia-Leis NDP Winnipeg North, MB
Excuse me, I have the floor on a point of privilege.
He suggested I back-doored the issue of ATM fees by the previous amendment that simply calls for information about ATM fees. So I would suggest that the member apologize and explain to Canadians why he's not interested in even having consumers made aware of what ATM fees are.
Noon
Liberal
The Vice-Chair Liberal Massimo Pacetti
Ms. Wasylycia-Leis, I haven't heard a point of privilege yet.
The question is on NDP-4.
(Amendment negatived)
Noon
Liberal
The Vice-Chair Liberal Massimo Pacetti
Shall amendment G-2 carry as is?
(Amendment agreed to) [See Minutes of Proceedings]
(Clause 31 as amended agreed to)
Noon
Liberal
The Vice-Chair Liberal Massimo Pacetti
I think we're at amendment NDP-5. This is a new clause 31.1. It's referenced as 2711199. It's inadmissible because “...it amends a statute that is not before the committee or section of the parent act unless it is specifically being amended by a clause of the bill”.
Ms. Wasylycia-Leis.
Noon
NDP
Judy Wasylycia-Leis NDP Winnipeg North, MB
Mr. Chairperson, I'm trying to understand the ruling. You're saying that it amends a section that's not part of this bill.
Is there any part of this bill that would allow us to deal with the concerns we heard from numerous groups about the fact that there are no limits on credit card interest rates other than, of course, the Criminal Code's limit on interest of 60%? Is there anything that allows us to deal with the recommendations that have been before Parliament for about two decades now?
I'm going back to 1987 in this committee, when Brian Mulroney was in power. The Conservatives, and I think the Liberals, supported these recommendations on dealing with putting limits on credit card interest rates. All we're suggesting is prime plus 5%, which would be 11% today, instead of the 19% or higher on average.
Noon
Liberal
The Vice-Chair Liberal Massimo Pacetti
If you're asking for my opinion, I think it's easy: it's not just banks that issue credit cards. We're going to rule it inadmissible.
Noon
NDP
Judy Wasylycia-Leis NDP Winnipeg North, MB
For clarification, I think this bill amends more than just the Bank Act, does it not?
Noon
Assistant Deputy Minister, Financial Sector Policy Branch, Department of Finance
It amends other acts—the Companies Act, and so forth—but it does not, of course, purport to reach to cover other sectors that are not regulated by the federal government, such as credit unions.
Noon
Liberal
The Vice-Chair Liberal Massimo Pacetti
Thank you.
We have NDP-6—and we are looking at reference number 2711517—on clause 32.
Ms. Wasylycia-Leis.
(On clause 32)
Noon
NDP
Judy Wasylycia-Leis NDP Winnipeg North, MB
Thank you.
This is a very simple amendment, and I assume it's in order.
Thank heavens; there's one in order—the first one. Hallelujah!
This is basically asking that our government ensure that we live up to the International Organization for Standardization's criteria and standards, which would help in cases of complaints made by persons who are receiving from a bank products made in Canada . It's simply that there's an international standard out there, and we're saying, make sure we put it in law so that it's a guidepost for Canadian banks and financial institutions.
Noon
Conservative
Diane Ablonczy Conservative Calgary Nose Hill, AB
I think it would be helpful if the officials could talk about ISO and what's happening there and what it would mean for Canada to comply with the amendment the NDP is suggesting.
12:05 p.m.
Assistant Deputy Minister, Financial Sector Policy Branch, Department of Finance
Mr. Chair, at this time i'm not able to speak to what the standard is of the International Organization for Standardization. I have never seen that particular standard and therefore do not know how it would apply to the world of banking; I'm therefore reluctant to comment further on what the implications would be.
At this time, the act requires that they have procedures in place; that those procedures be disclosed, as indeed this bill is doing by providing for further disclosure; and that, as the minster indicated last week, essentially a notion of competition play its part in the marketplace.
12:05 p.m.
Liberal
12:05 p.m.
NDP
Judy Wasylycia-Leis NDP Winnipeg North, MB
I want clarification, Mr. Chairperson. This is from the Consumers' Association of Canada. I assume they've done their homework. They reference ISO 1002 as a guidance standard rather than a prescriptive standard and suggest that the financial service providers would have to disclose both where they fail to meet the standard and where they exceed it.
My question is, what does the Consumers Association know that the finance department doesn't? Or is there a miscommunication? Why can't we get some information on this in order to be able to act on it?
12:05 p.m.
Liberal
12:05 p.m.
Liberal
Robert Thibault Liberal West Nova, NS
I understand the subamendments by the member. The concern I have is this. We have an opportunity, and I believe it's working, to have domestically created rules and procedures. Here we may fall into the trap of globalization by going into an international standard or organization. I'd worry about doing that without having fully consulted.