Purpose and Objectives

The Canadian Community Reinvestment Coalition (CCRC), a non-partisan coalition based in Ottawa, was formed in December 1996 by organizations from several sectors of society which are working together on their concerns about financial institutions, with a focus on the issues of access to capital for community reinvestment and access to other basic financial services.

The CCRC addresses the following issues, among others:

• reinvestment by banks in communities and job-creating initiatives;
• provision of bank services fairly and equitably to all people;
• the creation of a truly independent and effective Banking Ombudsman office;
• the creation of a financial consumer organization;
• banks' cash reserves with the Bank of Canada; and
• disclosure of banks' costs/revenues for services and credit card operations.

The CCRC also develops, and raises public awareness and support for, proposals for governments to require and/or encourage banks to participate in community reinvestment initiatives and provide their services fairly and equitably to all Canadians. Specifically, the CCRC responded to the federal government's 1996 policy paper on reforming the federal Bank Act, and worked to ensure that its proposals were included in the amendments to the Bank Act in 2001.  The CCRC won many of the changes to the Bank Act it proposed when the Act was amended by Bill C-8 in June 2001 (regulations under Bill C-8 were passed into law between June 2001 and October 2003).  To see a comparison of the CCRC's proposals and Bill C-8, click here.

The CCRC continues to undertake research, public education and lobbying efforts to ensure that all of its proposals are included in future amendments to the Bank Act, and in federal budget measures or other legislation.

Key Principles of the Coalition

1. All people have access to basic financial services, including payment systems and cheque cashing, at a fair equitable price.
2. Financial institutions reinvest in locally and regionally-based economic and community development.
3. The concentration and control of money in the hands of a few is not allowed to impede democratic decision-making on public issues.

What will happen if the CCRC is successful?