Absolutely. Thank you for the question.
I'm the acting director of the consumer affairs team in the financial sector policy branch at the Department of Finance. This is one of the files we work on.
Budget 2023 announced two things, essentially: first, lowering the criminal rate of interest to 35% and, second, implementing a cap on payday lending at $14 per $100. Upon implementation, the department would expect that Canadians would be able to access lower-cost credit loans as well as lower payday loan costs.