Bill C-419, an act to amend the Bank Act, the Trust and Loan Companies Act, the Insurance Companies Act and the Cooperative Credit Associations Act with regard to credit cards would make a series of amendments to those acts around credit cards. It would, for example, regulate how banks allocate payments across different credit accounts with different interest rates, require that a credit card provider seek express consent before increasing a credit limit, and require that the credit card advertisements include information on fees and rates.
I have noted the bill in my analysis because of some overlap in substance with Bill C-86, a second act to implement certain provisions of the budget tabled in Parliament on February 27, 2018 and other measures. Division 10 of that bill, which is entitled “Financial Consumer Protection Framework”, would make a series of amendments to the Bank Act, some of which touch on credit cards as well. It would, for example, amend the Bank Act to add proposed section 627.35, which would regulate the allocation of payments across credit accounts with different interest rates, just like Bill C-419. It would also include a requirement that bank advertising be “accurate, clear and not misleading”, and would require that express consent before providing any product or service.
To summarize, both bills would regulate, among other things, the ways in which banks administer, offer and advertise credit card accounts. However, while Bill C-419 extends to cover credit card providers that are regulated under four acts—the Bank Act, the Trust and Loan Companies Act, the Insurance Companies Act and the Cooperative Credit Associations Act, Bill C-86 only amends the Bank Act.
One condition that this committee considers in assessing the votability of private members' items is that an item—this is the quote—“must not concern questions that are currently on the Order Paper or Notice Paper as items of government business”. In this case we have a situation of some degree of overlap between Bill C-419 and Bill C-86, which is on the Order Paper and is a piece of government business, but there are differences in scope. Bill C-419 has a broader statutory ambit. It would extend its provision to three other acts and to the institutions that would ultimately be covered under those acts.