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November 17th, 2022Committee meeting

Michael Hatch

November 17th, 2022Committee meeting

Michael Hatch

Declaration of Emergency committee  It was very similar to what my colleague at CBA just described. We shared the list provided to us by the RCMP through a secure channel that only members of our organization were able to access. They then had a legal obligation under the emergency order to check against that list to see if indeed any of those individuals held accounts at their respective credit unions, in which case they were obligated to freeze those accounts.

November 17th, 2022Committee meeting

Michael Hatch

November 17th, 2022Committee meeting

Michael Hatch

Declaration of Emergency committee  No. If I understand your question correctly, if it was found that one of the individuals on the list was a member of credit union X, that credit union was legally obligated to freeze that account. There was no discretion.

November 17th, 2022Committee meeting

Michael Hatch

Declaration of Emergency committee  Yes, that's right.

November 17th, 2022Committee meeting

Michael Hatch

Declaration of Emergency committee  No, I don't have access to that information.

November 17th, 2022Committee meeting

Michael Hatch

Declaration of Emergency committee  That would have to come from the individual institutions that froze the accounts.

November 17th, 2022Committee meeting

Michael Hatch

Declaration of Emergency committee  I would have to get back to the committee on that question. I'd be happy to, but I'd have to go back and follow up to see whether or not that would be possible. We surveyed our members to get an indication of how many accounts were frozen across the sector nationwide. The number that came back, as I mentioned earlier, was 10 accounts.

November 17th, 2022Committee meeting

Michael Hatch

Declaration of Emergency committee  I would say that in the heat of the crisis, it was not our role to determine the legality of the government's invocation of the act, which, in our view at the time, was a sound legal application of an existing statute. It wasn't our role to question whether that was right or wrong.

November 17th, 2022Committee meeting

Michael Hatch

Declaration of Emergency committee  Likewise, I was not.

November 17th, 2022Committee meeting

Michael Hatch

Declaration of Emergency committee  That's a more complicated question. Within my opening remarks, I mentioned that one of the many difficulties we experienced in this process was that the government did grant financial institutions significant leeway and discretion in terms of which accounts to freeze. That's one side of the coin.

November 17th, 2022Committee meeting

Michael Hatch

November 17th, 2022Committee meeting

Michael Hatch

Declaration of Emergency committee  That is a question that would be better directed to the RCMP, Mr. Chair.

November 17th, 2022Committee meeting

Michael Hatch

Declaration of Emergency committee  They did not, to my knowledge. They provided a list that was, it bears repeating, very targeted and short. Beyond the list, latitude was granted to financial institutions to freeze further accounts if they so chose.

November 17th, 2022Committee meeting

Michael Hatch