moved for leave to introduce Bill C-501, an act to amend the Bank Act (branch closures).
Mr. Speaker, I am pleased to introduce a bill dealing with the Bank Act and branch closures.
The bill addresses the failure of the Bank Act to provide consumers with meaningful input into decisions by banks to cut off essential financial services by compelling those banks to conduct public consultations before such decisions are made.
This is a national issue that touches communities right across Canada, like my own in north Winnipeg, where Canadians may be left without essential banking services and vulnerable to high interest, unregulated, fringe banking alternatives.
The bill recognizes that banking is an essential service for the day to day functioning of a community and that, as such, decisions to deny access to banking services should include a mechanism for community input.
(Motions deemed adopted, bill read the first time and printed)