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MEDIA RELEASE



COALITION CALLS ON FINANCE COMMITTEE TO CLOSE GAPS IN FINANCIAL INSTITUTIONS LAW

Thursday, March 15, 2001

OTTAWA - Today, in testimony before the House of Commons Finance Committee, the Canadian Community Reinvestment Coalition (CCRC) called on the Committee to close key gaps in Bill C-8, the proposed financial institutions legislation, to ensure consumers, communities and businesses are protected from abuse by financial institutions. While Bill C-8 includes the CCRC's proposals for an independent Financial Services Ombudsman, Public Accountability Statements for financial institutions, and some account-opening measures, the bill ignores other key CCRC proposals.

In addition, in many consumer protection areas, the detailed rules that determine consumers' rights, and financial institutions' responsibilities, will not be known until regulations are passed after the bill becomes law. The CCRC believes all measures should be in Bill C-8.

"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 the Finance Committee to respond to the broad support for the CCRC's proposed measures and close key gaps in Bill C-8 by requiring financial institutions to:

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For more information contact:
Duff Conacher, Coordinator of Democracy Watch, Chairperson of the CCRC
Tel: (613) 789-5753


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Canadian Community Reinvestment Coalition
P.O. Box 1040, Station B, Ottawa, Canada K1P 5R1
Tel: (613) 789-5753
Fax: (613) 241-4758
Email: cancrc@web.net

Copyright 2001Canadian Community Reinvestment Coalition