Mr. Speaker, I am glad that the Conservative members are paying attention to my speech.
I was talking about the credit card transaction fees, the banking fees and the Interac charges that we all endure every single day. One of the things that budget 2024 aimed to do was cut down on those junk fees, like insufficient funds charges that are sometimes $35 or $50, which is just too much.
Recently announced measures to ensure that Canadians are treated fairly by their banks are all part of budget 2024. These measures include protecting Canadians from rising mortgage payments, and recent changes to our mortgage rules have allowed Canadians to extend the amortization on their mortgage as well as ensure that they get the most competitive interest rates. We have also enhanced banking options, lowering non-sufficient fund fees, and we have also ensured that Canadians have an impartial advocate when they have complaints about their bank. For a lot of Canadians, when they call the bank to challenge a fee or some cost that they have absorbed, it is hard to have that conversation with somebody who actually works at the bank.
These newest measures to keep banking more affordable will continue to make sure that the government's action to bring down inflation and stabilize prices for Canadians has that impact.
We are also protecting Canadians from rising mortgage payments. The Deputy Prime Minister recently met with CEOs from all of Canada's largest banks and outlined her expectations that they abide by the government's new mortgage guidelines and by the Financial Consumer Agency of Canada's regulations. That is having a positive impact for Canadians.
The Deputy Prime Minister has also directed banks to proactively work with mortgage holders at risk of default on their principal residences to provide tailored mortgage relief. The Deputy Prime Minister emphasized to the bank CEOs that she will be closely monitoring that compliance, and she has been. We have also made banking more affordable for Canadians. The Deputy Prime Minister announced that the government is taking action to secure enhanced low-cost and no-cost options at Canadian banks.
Next, we are also making progress in cracking down on those junk fees. We have started with the NSF charges that are applied by banks. Sometimes they are in excess of $35 and even $50, which is really challenging. If somebody is experiencing that time when they are getting an NSF charge, it means they need a little help, not another charge. We know that those are disproportionately impacting the financial well-being of Canadians who may be living paycheque to paycheque, so we are cracking down on that.
Fourth, we are also supporting Canadians who believe they have been treated unfairly by their bank. When it comes to eliminating the transaction fees, reducing them by 27% and making sure that Canadians have options at their banks, the Liberal Party has their back.