Thanks, Mr. Chair, and thanks to our witnesses for coming. We certainly hope that you and your families are safe and healthy.
My questions will be to Mr. Parmenter and Mr. Hannah. Thank you for being here today.
The banking sector has received over $46 billion in profits, so Canada has been very good to the nation's banks, but we are in a crisis now. Millions of Canadians are without work. Often they are struggling to keep food on the table and a roof over their heads, and they are dependent on lines of credit or credit cards in order to make ends meet and feed their families. Many of these people are front-line workers who are going to dangerous situations every day and struggling to keep a roof over their heads and food on the table.
We are seeing financial institutions in the credit union sector stepping up. Vancity, the largest credit union in the country, has moved to 0% interest on its credit cards. It is waiving penalties and waiving fees, and many other credit unions have done the same thing, so I have three questions for you, Mr. Parmenter.
First off, will your members agree to go to 0% , as we've seen with Vancity, and waive penalties, fees and interest fees for the next 60 days as Canadians struggle to cope with this crisis?
Second, has finance Minister Morneau asked members of the Canadian Bankers Association to do that—to waive interest, waive penalties and waive fees?
My third question you probably will find easier to answer. I and Brian Masse, who is our industry critic and the member for Windsor West, have pressed the government to take action, to use the tools the federal government has in terms of banking and the banking sector. If the government required members of the Canadian Bankers Association to waive interest, waive penalties and waive fees, do you believe members of the Canadian Bankers Association would respect those requirements from the government?
Thank you for answering these questions.