What we did learn from the last fall economic statement is that the federal government wants to put a cap of $14 per $100 on the fee for payday loans. Obviously, that's a positive move, but it's still high. Obviously, $15 per $100 is equivalent to 400% or 500% APR. That's still a very high amount of interest that payday lenders will continue to charge.
A long-term solution would be to bring payday loans back into the ambit of the Criminal Code of Canada, which also regulates instalment loans, because right now there's an exemption. That would be a long-term solution. The federal government would again have the power to regulate payday loans as well.