Evidence of meeting #19 for Finance in the 45th Parliament, 1st session. (The original version is on Parliament’s site, as are the minutes.) The winning word was billion.
A video is available from Parliament.
Bloc
Jean-Denis Garon Bloc Mirabel, QC
I want to talk about the stablecoin. I understand that there will be regulations and that the Bank of Canada will get involved to determine whether it is a currency or a security.
I'd like to know whether, in Quebec, the Autorité des marchés financiers, or AMF, has publicly stated its position on this and whether you've had any dealings or conversations with it. The AMF has constitutional and legal jurisdiction over securities in Quebec. Was it consulted? What does it think about this?
Director General, Financial Services Division, Department of Finance
You can ask it what it thinks, but the framework was developed with the input of the provincial finance departments, including Quebec's finance department, as well as the authorities responsible for overseeing securities in each of the provinces, including the Autorité des marchés financiers.
Director General, Financial Services Division, Department of Finance
I think we can say that, in our consultations with them, they said that they were comfortable with the approach taken.
Liberal
The Chair Liberal Karina Gould
Thank you, Ms. Hamel.
Thank you, Mr. Garon.
That concludes this round.
We'll continue with Mr. MacDonald for the final three minutes.
Liberal
Kent MacDonald Liberal Cardigan, PE
Thank you, Madam Chair.
I have a question on division 17, “Supporting Federal Credit Union Growth”. Credit unions are vital to Atlantic Canada. The communities have provincial credit unions.
Can you talk in general terms about how these framework changes in the federal budget are going to help establish federal credit unions at a size at which they'll be competitive?
Barbara Russell Director, Framework Policy, Department of Finance
These amendments support credit union growth in a number of ways.
The first way is through creating a simplified form of amalgamation. When a federal credit union is buying a very small provincial credit union—a credit union with 25% or less of its assets—it's a more simplified and efficient process in which the federal credit union won't have to go through all the steps, including that of seeking membership votes.
Another way is through transitional relief. The framework sets out transitional relief to allow for asset transactions. Right now, transitional relief helps a provincial credit union that's becoming federal so that it does not have to meet all the federal requirements on day one. These changes add those transitional relief aspects for an asset transaction, as opposed to just an amalgamation.
It also clarifies how deposit insurance would apply. This is the CDIC coverage for deposits.
As well, it eases entry for allowing additional market conduct transition. A provincial credit union that's entering into the federal credit union space will have additional time to meet the federal requirements for market conduct.
Liberal
Kent MacDonald Liberal Cardigan, PE
Is it fair to say that it'll give them the ability to compete with the chartered banks?
Director, Framework Policy, Department of Finance
The intention is to make it support the growth of federal credit unions and entry into the federal credit union space. Through that process, they would grow and be allowed to be more competitive.
Liberal
Kent MacDonald Liberal Cardigan, PE
Is there nothing in these changes that's going to make it more cumbersome for those credit unions and small communities that want to stay provincial and work under the regulations they're under now?
Director, Framework Policy, Department of Finance
No, there's nothing in these changes that will do that.
Liberal
Kent MacDonald Liberal Cardigan, PE
I have a quick question on division 37, combatting money laundering, proceeds of crime. We're putting more CBSA officers on the ground. Is that going to help us target crime at the ports?
Liberal
The Chair Liberal Karina Gould
Thank you, Mr. MacDonald. That concludes the round.
I would really like to thank all the officials from the Department of Finance for joining us today. We appreciate your hard work and support. We will follow up on the questions that were not answered for committee members, and we expect a timely response from the department for committee members.
Officials, you may be excused.
I have two little pieces of committee business that I would like to discuss with members. For members, you have all received a budget for the BIA study. I would like to have your support. It was sent to you earlier.
(Motion agreed to [See Minutes of Proceedings])
Thank you.
I just want to conclude with one thing. I know there was a bit of frustration, on the part of members today, with some of the questions. Based on the motion we adopted in December, a number of the topics you raised have been farmed out to other committees, and that's why officials were invited from finance, particularly on the finance aspects of the BIA.
That being said, I want to give members a heads-up that we are confirming, with the ministers who are coming to finance, times for them to come next week and the following week: the Minister of Transport with the CEO of Alto, the Minister of Veterans Affairs, the veterans ombudsperson, the Minister of Finance and the minister of heritage.
This week we are going to receive notification from the other committees as to whether they will be receiving the ministers we asked them to, based on the motion passed on December 10. If they don't go to those committees, then they will come here. As the chair, I will be hearing from them over the next coming days, and we will figure out where we go from there. I just want to give members a heads-up that those times are being finalized, and as soon as we know, we will let members know. We may have to adjust some of the committee sitting times, depending on the availability of the ministers.
With that, do we have consent to adjourn?