Mr. Speaker, there is a great deal the banks could do to appeal to consumers. We have long advocated for a capping of credit card rates. We have pressured for some time to reduce the fees charged to small businesses. That is an important step forward.
However, we really think to counterbalance the growth of payday lenders across the country, that can charge exorbitant interest rates and disproportionately have as customers people who are of low income, a kind of no-frills credit card capped at a 5% interest rate would really be helpful for Canadians.
We have not had any take-up on that from the government, but it really would make a difference. There are times when people just need a little extra money to make ends meet and we allow them no other option than to go to payday lenders where they can be charged absolutely exorbitant rates. We are penalizing them even further. It is like a super tax on the people who can least afford it.
There is a great deal the government could do to make life more affordable for Canadians by working with the banking sector to make their consumer products much more accessible.