Finance committee  We think the reclassification under the Canadian Payments Act is a good thing. The extra powers that credit union centrals might have to market some of their technology services to other, smaller financial institutions is a good thing, and that's in this bill. We think it's a mi

Finance committee  It's important to us because it extends our charter. That's very important. That's why we're supportive of this legislation.

Finance committee  We just want more discussion about Bank Act security.

Finance committee  I'm not familiar with the issue Mr. Legault has raised. I know Mr. Legault well and he hasn't raised it with me, so I'm simply going to have to take this off-line and take a look at that. It looks like a question of statutory interpretation. I hope it's not an issue. I'm not aw

Finance committee  Well, the legislation when it was initially passed would have thrown the federal credit union into the same voting class as the commercial banks in voting for their directors on the CPA. It's a somewhat technical point, but it meant that, because of the way the voting was condu

Finance committee  But I am here to talk about Bill S-5 and I made three points—

Finance committee  I discussed the CPA membership class. I discussed the technology powers. We have qualms about the section 427.... I discussed—

Finance committee  —the extension of the charter, so I spoke directly to Bill S-5.

Finance committee  Personal property security registration is working very well right now. We were informed that this was a technical bill. We respect that, and we understand that this is a technical fix. What I'm trying to draw attention to is that the Bank Act security provisions, which go back t

Finance committee  What's happening is that—

Finance committee  —this produces uncertainty. It produces costs. It's duplicative, because there's a second registration system. It's also unfair, because it gives banks a form of security that other lenders can't have.

Finance committee  Which they do already.

Finance committee  Sure; I mean, they're using the PPSA systems as the main source of registration.

Finance committee  The 427 is just used as a backup if they have a problem with their PPSA. They don't, normally, but if they did, they could fall back on it. Again, it's duplicative and costly. The lenders, the credit unions, have to search the Bank Act registry, and it's $50 at least. Their fee

Finance committee  No, that's the lawyers, I think.