Finance committee  The provision we're talking about really deals with the maximum cheque-hold period. Indeed, in the vast majority of cases--probably 99%--cheques clear basically within 24 hours, instantly. The issue is simply this: what is the maximum hold period? The bill purports to give the

Finance committee  Mr. Chair, at this time i'm not able to speak to what the standard is of the International Organization for Standardization. I have never seen that particular standard and therefore do not know how it would apply to the world of banking; I'm therefore reluctant to comment further

Finance committee  In response to the member's question, I just want to indicate that I'm not questioning at all the legitimacy or the soundness of the proposal. I'm simply saying that I've not been apprised of it. I'm not aware that my colleagues at this table have been apprised of it, so I don't

Finance committee  It amends other acts—the Companies Act, and so forth—but it does not, of course, purport to reach to cover other sectors that are not regulated by the federal government, such as credit unions.

Finance committee  The government amendment that the committee reviewed earlier provides that the requirements for disclosure be set out in the regulations. It's typically a concern in the development of those regulations that all of the relevant information be provided with equal prominence. So

Finance committee  I was going to perhaps address that, Mr. Chairman, because I understand the interest in the ATM fees. The clause, however, deals with disclosure requirements for registered products. These registered products are RRSPs, RRIFs, and RESPs, and for the government to have authority

Finance committee  The words “by another person” indeed raise questions of jurisdiction.

Finance committee  Exactly. We should at least have a definition and only then decide on the sharing of responsibilities in the light of that definition.

Finance committee  I would simply mention, Mr. Chairman, that I fully understand the issue behind the amendment, which is a very serious matter. However, when we incorporate in a piece of legislation, here in the Banking Act, words such as: “... claim any amount from or enforce a security interest

Finance committee  There is currently a requirement for the bank to seek to notify the customers after two and five years of inactivity. This bill proposes to add a further requirement that after nine years they also do that, before such time as the account is moved over to the Bank of Canada. So i

Finance committee  I indicated, Mr. Chairman, that the Canadian Payments Association indicated they will be undertaking a consultation on this. It is certainly fair to say that from the representations we've heard and seen from many members of the committee, it is something the department itself wi

Finance committee  I'd like to add a final comment, if I may. A number of good questions have been asked about electronic payments. They were questions asked by a number of members concerning the time that elapses between the moment payments are withdrawn from an account and when they are deposite

Finance committee  There are a number of issues that we're working on outside the scope of this bill, issues that we'll continue to work on. I mentioned the voluntary code for electronic transactions, which is an important one, we think. The issue was raised of a common securities regulator. We thi

Finance committee  Yes. That consultation will likely include all the stakeholders in the payments system.

Finance committee  I would simply add that the operators of what we call these white label terminals are not regulated by the federal government. Businesses operate these networks and connect to the Interac network, but there isn't any regulation.