Absolutely.
Evidence of meeting #7 for Finance in the 41st Parliament, 2nd Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was federal.
A video is available from Parliament.
Evidence of meeting #7 for Finance in the 41st Parliament, 2nd Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was federal.
A video is available from Parliament.
2 p.m.
Conservative
2 p.m.
Conservative
David Wilks Conservative Kootenay—Columbia, BC
Thanks, Chair.
Mr. Phillips, you can answer later or maybe make a submission in response.
I have a question about the regulations that are having a disproportionate impact on financial businesses with less than 100 employees and for which the regulator should be required to consider alternative approaches to.
What are some of these regulations and can you explain some of the alternative approaches you might want to put forward?
2 p.m.
President and Chief Executive Officer, Credit Union Central of Canada
I'll respond to you more fully, but certainly money laundering is a huge burden on credit union organizations. Obviously, we're not in favour of money laundering, but the compliance, especially in the area of records maintenance and tracking, is a real burden for small institutions and an inordinate percentage of staff time goes into this kind of compliance work.
Another burgeoning area has us concerned, and that's the anti-spam legislation. We're awaiting the final regulations, but we see that as another source of administrative burden that probably is more than it needs to be. We haven't seen the final version, so we're hopeful that we'll see something lighter than what was originally there.
Those are two examples.
2 p.m.
Conservative
The Chair Conservative James Rajotte
Thank you.
Thank you, colleagues.
On behalf of all the members of the committee, I want to thank our witnesses, both here and in Calgary, for joining us here today for our pre-budget consultations.
Thank you everyone.
The meeting is adjourned.