Evidence of meeting #62 for Finance in the 42nd Parliament, 1st Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was clause.

A recording is available from Parliament.

On the agenda

MPs speaking

Also speaking

Trevor McGowan  Acting Chief, Tax Legislation Division, Tax Policy Branch, Department of Finance
Glenn Campbell  Director, Financial Institutions, Financial Sector Policy Branch, Department of Finance
Jean-François Girard  Senior Project Leader, Financial Sector Policy Branch, Department of Finance
Eleanor Ryan  Senior Chief, Financial Institutions Division, Financial Sector Policy Branch, Department of Finance
Clerk of the Committee  Ms. Suzie Cadieux

6 p.m.

Liberal

Robert-Falcon Ouellette Liberal Winnipeg Centre, MB

In essence then, if the province hasn't really regulated it, and since they don't really have competence in this area in federally regulated banks, they can't really legislate either, so there is an emptiness, in a certain sense, jurisdictionally. You wouldn't expect the province all of a sudden to start regulating federal banks about the conduct that they can and can't do.

November 28th, 2016 / 6:05 p.m.

Director, Financial Institutions, Financial Sector Policy Branch, Department of Finance

Glenn Campbell

Many provinces do regulate their credit unions or caisses populaires or other entities, and some have generic consumer protection that applies to regular corporations, and it really speaks to the intent of a province of whether they want—I'm just speaking generally, hypothetically—to interfere with the provincial ability to regulate banks. Clearly a province may or may not then try to do that. I can say we haven't seen a lot of evidence of that.

6:05 p.m.

Liberal

Robert-Falcon Ouellette Liberal Winnipeg Centre, MB

But a federal—

6:05 p.m.

Liberal

The Chair Liberal Wayne Easter

I think we are starting to stray a little distance from this amendment.

6:05 p.m.

Liberal

Robert-Falcon Ouellette Liberal Winnipeg Centre, MB

It's the same—

6:05 p.m.

Liberal

The Chair Liberal Wayne Easter

Go ahead.

6:05 p.m.

Liberal

Robert-Falcon Ouellette Liberal Winnipeg Centre, MB

It's just the constitutionality. A lot of these examples you gave, the caisses Desjardins or the caisses populaires,

apply to provincially regulated industries. We're therefore talking about provincial jurisdiction. On the other hand, the Bank of Montreal, CIBC or the National Bank are country-wide banks that aren't governed by a single provincial authority, but by a number of authorities. It's not the same thing. The difference is quite significant.

6:05 p.m.

Director, Financial Institutions, Financial Sector Policy Branch, Department of Finance

Glenn Campbell

They may not be the same thing. Let me go back and correct; I may have misspoken earlier. This applies to Caisse populaire acadienne UNI credit. I misspoke earlier and said caisses populaires Desjardins. In fact, it clearly does not apply to Desjardins.

Mr. Girard.

6:05 p.m.

Senior Project Leader, Financial Sector Policy Branch, Department of Finance

Jean-François Girard

Some questions concerned the rules that apply to provincial entities in relation to the rules that apply to banks. As it stands, the bill doesn't change the situation. Currently, some entities are provincially regulated. These include the caisses populaires Desjardins or entities covered by a provincial licence and governed by a certain number of provincial rules. Moreover, certain banks are currently governed by the Bank Act. The rules aren't necessarily identical.

This bill won't change the situation. For example, provincial entities that operate today according to the provincial rules will continue to do so if this bill is adopted. The two types of entities are governed by two types of regulations, and the bill as it stands won't change this situation.

6:05 p.m.

Liberal

The Chair Liberal Wayne Easter

We are voting on the Bloc Québécois amendment BQ-2, which is an amendment to clause 117.

6:05 p.m.

Liberal

Steven MacKinnon Liberal Gatineau, QC

Of the amendment, or—

6:05 p.m.

Liberal

The Chair Liberal Wayne Easter

The BQ-2 amendment. We're dealing with the amendment.

(Amendment negatived [See Minutes of Proceedings])

Shall clause 117 carry?

6:05 p.m.

NDP

Guy Caron NDP Rimouski-Neigette—Témiscouata—Les Basques, QC

Are we going one by one, or—

6:05 p.m.

Liberal

The Chair Liberal Wayne Easter

I'll deal with clause 117 first and then I'll deal with the bunch.

6:05 p.m.

NDP

Guy Caron NDP Rimouski-Neigette—Témiscouata—Les Basques, QC

I request a recorded division.

6:05 p.m.

Liberal

The Chair Liberal Wayne Easter

Okay, we have a request for a recorded division on clause 117.

(Clause 117 agreed to: yeas 5; nays 4)

There are no amendments from clauses 118 to 130. Does anybody have any questions?

6:05 p.m.

NDP

Guy Caron NDP Rimouski-Neigette—Témiscouata—Les Basques, QC

I request a recorded division.

6:05 p.m.

Liberal

The Chair Liberal Wayne Easter

I'm blocking them together.

6:05 p.m.

NDP

Guy Caron NDP Rimouski-Neigette—Témiscouata—Les Basques, QC

I request a recorded division on all the sections.

6:05 p.m.

Liberal

The Chair Liberal Wayne Easter

You want a recorded division. I am told we need unanimous consent to have a recorded vote on a block of clauses together.

6:10 p.m.

NDP

Guy Caron NDP Rimouski-Neigette—Témiscouata—Les Basques, QC

Okay.

6:10 p.m.

Liberal

Steven MacKinnon Liberal Gatineau, QC

No.

6:10 p.m.

NDP

Guy Caron NDP Rimouski-Neigette—Témiscouata—Les Basques, QC

They need to be dealt with one by one.

6:10 p.m.

Liberal

The Chair Liberal Wayne Easter

Okay. If we're going to do a recorded vote, we'll have to go through them one by one.

6:10 p.m.

Liberal

Steven MacKinnon Liberal Gatineau, QC

If you want to be irresponsible, let's go.