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Finance committee  Perhaps I have just one clarifying point, which is that, as you may know, for the most part credit unions are incorporated under provincial jurisdiction. The provincial credit unions do have an option, if they want, to expand business beyond their provincial borders to opt to bec

May 1st, 2019Committee meeting

Eleanor Ryan

Finance committee  I was just conferring with my colleagues and I think we did ask for that information. This is a ballpark number, but the number of complaints that an internal process deals with— we're looking at the large banks—are probably in the tens of thousands every year. The number of comp

November 5th, 2018Committee meeting

Eleanor Ryan

Finance committee  There is no limit. If consumers are dissatisfied from five years ago or 10 years ago, they can still bring it.

November 5th, 2018Committee meeting

Eleanor Ryan

Finance committee  We're just going to confer.

November 5th, 2018Committee meeting

Eleanor Ryan

Finance committee  There are two external complaint bodies that have been approved by the minister for the banks to be members of, and each of them has been reviewed by the commissioner and the Financial Consumer Agency of Canada. They have to meet standards set out in the legislation and the regul

November 5th, 2018Committee meeting

Eleanor Ryan

Finance committee  They could be a business corporation, and I believe one of them is. There are different models, but they all have to meet the same standards.

November 5th, 2018Committee meeting

Eleanor Ryan

Finance committee  Yes, I'm agreeing with you.

November 5th, 2018Committee meeting

Eleanor Ryan

Finance committee  No, I'm sorry. Each bank may be a member of only one external complaints body, and then the consumer uses that external complaints body. To confirm, it is correct, as you indicate, that the consumer does not choose which body to use.

November 5th, 2018Committee meeting

Eleanor Ryan

Finance committee  This is simply to provide the customer with certainty that when they have signed a mortgage arrangement and there is a period of time where they plan to do a renewal, the bank cannot unilaterally change any of the conditions until the consumer has renewed it and agreed to that re

November 5th, 2018Committee meeting

Eleanor Ryan

Finance committee  It's in the current legislation.

November 5th, 2018Committee meeting

Eleanor Ryan

Finance committee  What normally happens is the customer complains directly to the bank. It could be to a staff member. It could be to a manager. We call that the first level of the complaint. I think the goal is for the bank to resolve those complaints with a customer at that first instance. If

November 5th, 2018Committee meeting

Eleanor Ryan

Finance committee  Right. If I may, it is indeed the customer who chooses whether to take the complaint to the external complaints body. If I could clarify one aspect though, each bank must be a member of one external complaints body, so the customer goes to the external complaints body that the ba

November 5th, 2018Committee meeting

Eleanor Ryan

Finance committee  Yes. The current legislation provides the commissioner with discretion to name. This proposed legislation would require the naming if there is a violation and a penalty.

November 5th, 2018Committee meeting

Eleanor Ryan

Finance committee  Under the rights of the consumer, the consumer would be able to cancel the agreement. We set out two circumstances in which that could occur. If the agreement is done over the phone or by mail, the consumer would have 14 days to cancel. If the contract was signed in person, the c

November 5th, 2018Committee meeting

Eleanor Ryan

Finance committee  Yes, it is.

November 5th, 2018Committee meeting

Eleanor Ryan