Thank you, Mr. Chair.
Welcome to the witnesses.
As members from Quebec, we're in a unique situation when it comes to fintech. The federal government is proposing a framework, but in Quebec, the largest financial institution—Desjardins—is a credit union. It's also the largest employer in Quebec.
My understanding of the market in which you operate is this. Slowly, as fintech develops, you're going to offer a lot of customer services and analytical tools to consumers. Banks and financial institutions, such as Desjardins, will in a way become manufacturers of financial products, which could be marketed by the members of your association, among others. I think that's a good way to summarize the situation.
It seems to me that, in the framework it's proposing for open banking, the federal government is giving the Mouvement Desjardins in Quebec the following choice: either it enters into the federal framework, or it will be left out, which, on the one hand, would have harmful effects for Quebec consumers and, on the other, would be completely out of step with respect to Quebec's jurisdictions.
I would like to know how your members are doing in this regard. What can we do to ensure that Quebeckers are entitled to the same services as other Canadians without constantly encroaching, directly or indirectly, on Quebec's jurisdiction over the management of credit unions and credit contracts?