Finance committee  —because you're increasing taxes on issuers. You're increasing taxes on acquirers. Ultimately, it's going to affect the cost of card acceptance by merchants.

Finance committee  Thank you.

Finance committee  I wouldn't say there were proactive comments. At the end of the day, to Ms. Mason's point a moment ago, we didn't really see a material change. If people had concerns, each bank would respond to them, but that would be on a customer-by-customer basis.

Finance committee  The main thing I would say is that pricing decisions are done on an individual institutional basis. Borrowing remains very competitive. Canadians remain a very good credit risk. By and large, that's really about all I need to say.

Finance committee  I don't have an answer to that specific question, but what I can say is the biggest piece of household debt is typically a household mortgage. OSFI has put in place a stress test—borrowers have to pass a stress test to qualify for a mortgage—to deal with exactly that issue, to en

Finance committee  Arrears rates remain very low. They are historically low, far lower than you see in the U.S. Canadians are historically very creditworthy borrowers, and they remain so.

Finance committee  I can't speak to the degree to which fintechs are looking at cryptocurrencies. They're not members of the CBA, but clearly it's an emerging issue. Increasingly, you're seeing some usage around the world. It's an emerging area, though. There's no regulatory space around it right n

Finance committee  I'm really glad you've raised this, because there is a lot of misunderstanding around this issue. I'll let my colleague, Ms. Stephens, speak on it here for a moment, because I think it really needs clarification.

Finance committee  Put another way, if you are in a regulated institution doing a regulated activity, the regulator is going to regulate you, and one vowel isn't going to change that.

Finance committee  It speaks to the industry.

Finance committee  As I just said, in this case, candidly, it's a distinction without a difference from a regulatory point of view. At the end of the day, you should certainly expect, as a customer, that when you go in, the financial advice you're getting, irrespective of the title, is appropriate

Finance committee  Sandy, do you want to walk through the employee recourse system?

Finance committee  Everyone is taking these allegations seriously. There is no doubt about that. Everyone is concerned about them. But it's also true that institutions are certainly looking within their own practices to make sure and to satisfy themselves that their systems are robust and that they

Finance committee  It ties in with something I said earlier. The intent is always to set the incentives in a multi-dimensional way so that they ultimately incent you to move toward the culture that the organization is trying to create. It is exactly along the lines you just described. You want to m

Finance committee  I'm sorry. That's something you'd have to ask each of the institutions, but clearly it's going to be incredibly serious.