Mr. Speaker, I strongly disagree with my colleague from Gatineau, who said that consumers will not lose out.
Bill C-29 and clause 131 set out a federal consumer protection regime for bank customers that will take precedence over Quebec's Consumer Protection Act, which is much stronger and goes much farther. That act will no longer apply.
Ultimately, Bill C-29 will exempt banks from Quebec's 112-page Consumer Protection Act and 400 pages of regulations, all of which are rock-solid parts of the civil code that has been in place for 400 years. Even the federal government is subject to it in Quebec. This bill exempts banks from that legislation in exchange for 16 paragraphs written in the conditional tense, all of which are toothless and offer no protection whatsoever to consumers. This is a major step backward. To suggest otherwise is a monumental mistake.
The government needs to reconsider Bill C-29 and accept our amendments to ensure that the Consumer Protection Act will apply in its entirety to Quebec's banking sector.