Evidence of meeting #47 for Finance in the 41st Parliament, 1st Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was banks.
A recording is available from Parliament.
5:25 p.m.
Conservative
Shelly Glover Conservative Saint Boniface, MB
Like the payday loan companies.
I would say that this measure will no doubt help the most vulnerable people who cannot, for one reason or another, open up a bank account because they do not have, for instance, any identification cards. As a police officer, I have seen many homeless people who did not have access to the services because they did not have an account with the financial institutions.
Would you agree with me that this measure will help the most vulnerable?
5:25 p.m.
Commissioner, Financial Consumer Agency of Canada
This will help the most vulnerable, but it will not help those people who do not have a bank account. In fact, you must have a bank account to be entitled to this service.
5:25 p.m.
Conservative
Shelly Glover Conservative Saint Boniface, MB
Yes, but knowing that this measure will help people get their money immediately, these individuals will be more motivated to open up a bank account.
5:25 p.m.
Commissioner, Financial Consumer Agency of Canada
That is true, but fortunately, according to the most recent survey that we conducted in 2009, the percentage of adult Canadians who do not have a bank account is less than half a per cent.
5:25 p.m.
Commissioner, Financial Consumer Agency of Canada
That still represents too many people, but it is a problem that is on the decline.
5:30 p.m.
Managing Director, Legislation and Policy Initiatives, Office of the Superintendent of Financial Institutions
First of all, we need to provide a context for this change. It should be said that we will have immunity to testify only in civil trials that do not involve the Office of the Superintendent of Financial Institutions. It would involve litigation between third parties when these third parties may be tempted to call on us to testify because we have expertise or knowledge of the transaction we saw in the course of approval.
In no way does this change take anything away from our accountability obligations. Of course, we will continue to report on legislative procedures involving us and to which we are a party. We will also continue to be accountable to Parliament, the minister, etc. Consequently, this immunity does not take anything away from our obligation to be accountable. It is limited, as I stated, to civil litigation between third parties and goes hand-in-hand with our duty of confidentiality. In fact, we would be granted nothing more than what is already being granted to other organizations like FINTRAC and the CRA under their respective legislation.
5:30 p.m.
Conservative
The Chair Conservative James Rajotte
Thank you, Ms. Glover.
Thank you to all of our witnesses.
I want to thank you all for being with us here today, and for your presentations. If there's anything further you wish the committee to consider in this piece of legislation—I believe Mr. Sarrazin has something—please provide it to the clerk. We will ensure all members get it.
Thank you so much for being with us today.
The meeting is adjourned.