Mr. Speaker, I was interested in my hon. colleague's remarks regarding the service that the credit union movement provides to our neighbourhoods and communities, specifically in my riding and the inner city core area of a major city.
The main charter banks have shown the opposite. They have shown a lack of commitment. They have shown a flight from inner cities. In my riding alone, 12 branches of chartered banks have closed in recent years.
Could the hon. member comment on the community reinvestment act which is a popular theme in the American financial sector? It mandates that any financial institution operating within a community show a certain commitment to reinvest in that community, whether it is with venture capital or keeping its branches open. Is the hon. member aware of the community reinvestment act movement? Does he think that charter banks could do a better job in meeting the needs of inner cities?