Mr. Speaker, I would like to ask the chairperson of the finance committee a question pertaining to the committee report since it touches on an issue that is very close to the people in my constituency of Winnipeg North Centre. My riding has been hit with 10 bank branch closures since 1995. In fact, a few short weeks ago my constituency received notice from the very last bank in the entire north end of Winnipeg that it was closing its doors on August 22. Needless to say, this has left an entire community high and dry without access to personalized financial banking services. This is an area with a high population of seniors. Many people live on subsistence level wages and in poverty. These people need to be able to walk to a bank or to access public transportation to get to a bank and they need personalized services.
It is absolutely clear that the banks have been busy closing branches as they set the stage for the government to allow for mergers.
This is an issue that is directly related to the finance committee's report and one that demands government response. The new provisions under the Bank Act, which are supposed to protect consumers, are meaningless. They are a toothless wonder. All they do is require banks to give four months notice. There is nothing that compels a bank to consult with the community.
The CIBC, which will be closing the last bank in Winnipeg's north end, did not consult with the community. It did not have the nerve, the gall, the will, the belief to actually pick up the phone, talk to local businesses, local agencies and resident associations to find out what the impact would be. It will simply pick up and leave town, leaving the community high and dry.
Someone has to stand up to this kind of unilateral arbitrary action. I would suggest that it is the Government of Canada that ought to call the banks to account and ought to require some investment in our communities after 100 years of loyalty. The CIBC has been in my community of Winnipeg for 100 years. The people in my community have been loyal customers of that bank. They have helped the bank achieve its level of profitability. What happens at the end of the day when the profits are not big enough for the bank? It simply pulls up, leaves town and forgets the community. That has to stop.
I would ask the member, the chairperson of the finance committee, how her report and her government's actions address that critical situation.