Finance Committee on Nov. 28th, 2016

[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.

[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.

[Robert-Falcon Ouellette, Liberal, Winnipeg Centre, MB]

But a federal—

[The Chair, Liberal, Wayne Easter]

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

[Robert-Falcon Ouellette, Liberal, Winnipeg Centre, MB]

It's the same—

[The Chair, Liberal, Wayne Easter]

Go ahead.

[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.

[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.

[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.

[The Chair, Liberal, Wayne Easter]

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

[Steven MacKinnon, Liberal, Gatineau, QC]

Of the amendment, or—

[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?

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

Are we going one by one, or—

[The Chair, Liberal, Wayne Easter]

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

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

I request a recorded division.

[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?

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

I request a recorded division.

[The Chair, Liberal, Wayne Easter]

I'm blocking them together.

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

I request a recorded division on all the sections.

[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.

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

Okay.

[Steven MacKinnon, Liberal, Gatineau, QC]

No.

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

They need to be dealt with one by one.

[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.

[Steven MacKinnon, Liberal, Gatineau, QC]

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