Do stakeholders have to raise something for you to look at an issue? I mean, the issue here is that if you're being charged $1.50 on each end of the transaction—that's three dollars—and Royal Bank and TD are paying six cents. That's a monstrous amount of profit. Has the department not looked into that?
I also take it that the department hasn't looked into the return on equity percentages on credit card business. I worked at a bank. I know that at the bank where I worked, the return on equity was 52% on the credit card business. Their defence of this industry is BS in terms of the fact that generally the return for the entire bank is 10% to 12% to 13% in terms of their target.
Does the department not look into any of these issues? Does it not put forward policy to try to correct when you have usury returns on credit cards or you have usury returns by two of the key banks, if not four, on Interac charges? Do you not look at those issues at all?