Tuesday, June 13, 2000
OTTAWA - Today, the Canadian Community Reinvestment Coalition (CCRC) called on Finance Minister Paul Martin to close key gaps in his proposed financial services legislation 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, he ignored the CCRC's proposals in other key areas.
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.
"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 broad support for the CCRC's proposed accountability measures and close gaps in his proposed law by requiring financial institutions to:
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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
Copyright 2000Canadian Community Reinvestment Coalition