The idea behind the amendments to the Bank Act and the Financial Consumer Agency of Canada Act is to advance consumers' rights and interests when dealing with their banks. In that vein, there are a number of very specific amendments to make sure the banks take greater responsibility for their interactions with consumers.
It advances a naming and shaming concept, where you amend the act to require that names be made public. This was not the case in the past, over many years. It has substantially increased the fine levels, from up to $500,000 to up to $10 million.
When banks are closed in small areas, there is a detailed notification procedure that must be followed, including six months' notice where there are no other branches within 10 kilometres, and notice to various parties.
There is also the important concept of whistle-blower protection. We have to report to proper authorities, who must keep employees' identities confidential, and there must be systems put in place at the banks to take care of this.
Then, of course, there is dealing with sales tactics. The bank must implement a policy and procedures to ensure that the products and services it sells are appropriate for the consumers it is serving. The employee compensation at the bank should also be set so that it does not interfere with such an approach. One other thing is that the bank can't provide products or services without the consent of the customers. They can't just impose.
Those are a number of the amendments that are being made.