COALITION CALLS ON PAUL MARTIN TO CLOSE REMAINING GAPS IN BANK ACCOUNTABILITY LAWS
OTTAWA - Today, the Canadian Community Reinvestment Coalition (CCRC)
called on Finance Minister Paul Martin to close key gaps in his policy
paper on financial services to ensure consumers, communities and businesses
are protected from abuse by financial institutions. While Martin adopted
the CCRC's proposals for an independent financial services ombudsman, Public
Accountability Statements for financial institutions, a right to a low-cost
account, and protection from tied selling and invasion of privacy, he ignored
the CCRC's proposals in other key areas.
The CCRC pointed out that its proposals are supported by a majority of Canadians (according to several polls), and were endorsed by Martin's own federal task force, the Finance Committee and the Senate Banking Committee in their December 1998 reports.
"Paul Martin has plugged some holes by proposing bank accountability and consumer protection laws," said Duff Conacher, Coordinator of Democracy Watch and Chairperson of the CCRC, "But in key areas Martin has unfortunately left loopholes and protected Canada's big banks and other financial institutions, instead of protecting the public interest."
The CCRC called on Martin to respond to the support for the CCRC's proposed bank accountability measures and close the gaps in his proposals by requiring financial institutions to:
Canadian Community Reinvestment Coalition
P.O. Box 1040, Station B, Ottawa, Canada K1P 5R1
Tel: (613) 789-5753
Fax: (613) 241-4758
Copyright 1998 Canadian Community Reinvestment Coalition