Mr. Chair, I would be interested if the hon. member could demonstrate any credit card issued by a bank that charges a 60% interest rate. That would be an interesting analysis in and of itself.
What the member may be referring to are institutions such as payday companies, which I think basically bet that a person is going to get paid that month and will then lend money based upon the anticipated cheque to be received. There he may be right that the rates are in fact fairly significant.
However, first, this is not an area within the federal jurisdiction, and I know my hon. colleague from the Bloc Québécois loves to jealously guard any intrusions, real or imagined, by the federal government into those kinds of areas of “provincial jurisdiction”. Also, having said that, that area is not credit cards. Those are other forms of lending and presumably other forms of lending that are usurious can in fact be pursued pursuant to the Criminal Code.