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Public Safety committee  They have more branches on the U.S. side, I think.

February 27th, 2019Committee meeting

Normand Lafrenière

Public Safety committee  The two sections of the act that were approved in last year's budget basically allowed banks or financial institutions to share information with other organizations. They allowed them to sell, transmit or exchange whatever information with fintechs. These are the concerns we exp

February 27th, 2019Committee meeting

Normand Lafrenière

Public Safety committee  No, just property and casualty insurance companies.

February 27th, 2019Committee meeting

Normand Lafrenière

Public Safety committee  We're not necessarily opposed to open banking. We're saying that there should be parameters surrounding that.

February 27th, 2019Committee meeting

Normand Lafrenière

Public Safety committee  On top of that, there is a wall between the banks and the insurance companies. Under the new system, under open banking, we would like that wall to be maintained.

February 27th, 2019Committee meeting

Normand Lafrenière

Public Safety committee  That may be so.

February 27th, 2019Committee meeting

Normand Lafrenière

Public Safety committee  Absolutely.

February 27th, 2019Committee meeting

Normand Lafrenière

Public Safety committee  Most fintechs are provincially incorporated and they're not regulated. It will be a new world in terms of whether they need to be regulated and by whom.

February 27th, 2019Committee meeting

Normand Lafrenière

Public Safety committee  The department has consultations.

February 27th, 2019Committee meeting

Normand Lafrenière

Public Safety committee  It is the department that has asked for the consultations. They have put together a committee that looks—

February 27th, 2019Committee meeting

Normand Lafrenière

Public Safety committee  No, not yet.

February 27th, 2019Committee meeting

Normand Lafrenière

Public Safety committee  Yes. Certainly, the system for fintechs should be very robust. We know that's the case for financial institutions, insurance companies and banks. If fintechs are to be allowed to participate in the system, we think they should have to adopt very stringent data protection standard

February 27th, 2019Committee meeting

Normand Lafrenière

Public Safety committee  “Minimum” is probably a big word, but there is less risk, just because the kind of data we maintain is of less interest—except for the credit card numbers and debit card numbers that insurance companies have in order to take payments. Apart from that.... Again, with the example o

February 27th, 2019Committee meeting

Normand Lafrenière

Public Safety committee  We are less so.

February 27th, 2019Committee meeting

Normand Lafrenière

February 27th, 2019Committee meeting

Normand Lafrenière