The issue of payday loans is something that's under provincial jurisdiction. We have been working with the consumer measures committee that's headed up by Industry Canada. They have an FPT group, so we've been working with the provinces to see how we can address some of the issues we're seeing.
When we held our consultations with Canadians on financial literacy, what came out was that payday loans do offer a service to members of a certain segment of the population because they do not have access to regular banking services. The FCAC does oversee a specific regulation around bank closures. The commissioner of the FCAC can impose community meetings to have discussions with financial institutions once they advise us that they are closing a branch. That allows us to look at alternatives, so possibly credit unions, if they're still in the community. We have worked with community-based organizations as well, to develop asset-building programs and micro-loan programs, so that Canadians can have access to short-term credit products at an affordable cost. Much more needs to be done in this area.
The FCAC chairs an interdepartmental committee on financial literacy. Industry Canada, ESDC, StatsCan and Aboriginal Affairs are part of this committee. We're trying to look at alternatives to payday loans. We're trying to look at access to banking services.
We have also worked with the private sector. A couple of years ago, we worked with Gay Lea Foods, who financed a project through the Canadian Co-operative Association in the north. We would provide financial literacy training to co-op employees. We know that in the north and remote communities, they do not have access to banking services, and they become, then, the local bank. Their services can be quite costly, so in working with them we are able to negotiate some lower rates for people who are looking to cash cheques or transfer moneys from one community to the other.