Thank you for your question, Mr. Bernier.
I do not have the regulation before me. I'm sure you will be receiving our comments between now and the end of the consultation.
However, it should be pointed out that in Quebec, the Consumer Protection Act which has been in existence for about 30 years, goes very far and provides very good protection for consumers. We would like to see the same kind of legislation and regulations for all Canadian consumers.
We think that the regulation on the 21-day period is very positive. We feel that this is the right step forward. However, we do have some concerns with respect to other regulations.
It is good to provide information to consumers but the information truly has to be tailored, an example being the regulation on minimum payments. I know that the banks told you that it would cost millions of dollars. No, it can't cost millions of dollars. Statements of accounts are tailored to provide individuals with points, to inform them on how many points they have and what they can do with those points. Could they not be informed about the implications of only making minimum payments each month? Honestly! What are we, stupid? I think that it is doable and that it must be done. This kind of information has to be tailored. It cannot only be about general minimum payments. That's one example.