Finance committee  I can tell you that in our meetings with Visa, that's what was expressed to us. We've not had a similar discussion with MasterCard, although I've heard something very similar to that in these proceedings.

Finance committee  I think there are two points to that question. The first is with respect to processing the payments. At the Canadian Payments Association, all of the clearing and settlement is done within the borders of Canada. Even our backup contingency, and our second backup, and our third backup remain within the borders of this country.

Finance committee  I've not opined on that question, but I can tell you that it raises significant public policy concerns.

Finance committee  Well, we're not directly involved with the United States, although in my capacity at the CPA I do have occasion to meet with my colleagues both south of the border and overseas. I can tell you that particularly in the United States their current preoccupation is with regard to risk, I guess, both liquidity risk and safety risk, but it is, as it is in Canada, a very dynamic industry.

Industry committee  I can tell you that in our meetings with Visa, that's what was expressed to us. We've not had a similar discussion with MasterCard, although I've heard something very similar to that in these proceedings.

Industry committee  I think there are two points to that question. The first is with respect to processing the payments. At the Canadian Payments Association, all of the clearing and settlement is done within the borders of Canada. Even our backup contingency, and our second backup, and our third backup remain within the borders of this country.

Industry committee  I've not opined on that question, but I can tell you that it raises significant public policy concerns.

Industry committee  Well, we're not directly involved with the United States, although in my capacity at the CPA I do have occasion to meet with my colleagues both south of the border and overseas. I can tell you that particularly in the United States their current preoccupation is with regard to risk, I guess, both liquidity risk and safety risk, but it is, as it is in Canada, a very dynamic industry.

Finance committee  Under our legislation, we are to provide the framework for rules and standards with regard to the clearing and settlement of payment items. It does not, at this point, extend to the creation or maintenance of any fees. That is a proprietary matter between the financial institutions and the payment schemes like Interac and Visa, in which they participate.

Industry committee  Under our legislation, we are to provide the framework for rules and standards with regard to the clearing and settlement of payment items. It does not, at this point, extend to the creation or maintenance of any fees. That is a proprietary matter between the financial institutions and the payment schemes like Interac and Visa, in which they participate.

Finance committee  First, the Canadian Payments Association does not have a mandate to regulate any fees whatsoever.

Finance committee  Our board of directors is broadly composed of our member financial institutions. Our composition is 16. The chair is a representative from the Bank of Canada. Six members of our board are from banks. Six are from the non-bank constituent members. There are three ministerial appointees from the Minister of Finance for independent purposes.

Industry committee  Our board of directors is broadly composed of our member financial institutions. Our composition is 16. The chair is a representative from the Bank of Canada. Six members of our board are from banks. Six are from the non-bank constituent members. There are three ministerial appointees from the Minister of Finance for independent purposes.

Industry committee  First, the Canadian Payments Association does not have a mandate to regulate any fees whatsoever.

Finance committee  I didn't bring the list with me, but I'll go through it. We have representation from the federal government with PWGSC. The provincial governments of Ontario and Quebec are represented; Ontario is the identified representative for the rest of English-speaking Canada. TMAC, which is the Treasury Management Association of Canada, has three representatives on our stakeholder council, which represent the interests of the utilities and the petroleum industries.