SummarySpren for "C-365, An Act respecting the implementation of a consumer-led banking system for Canadians"
- • The House will now proceed to the consideration of Bill C-365, an act respecting the implementation of a consumer-led banking system for Canadians, under Private Members' Business.
• The consideration of the bill will take place at 6:24 p.m., pursuant to Standing Order 30(7).
- • Mr. Ryan Williams, a member of the Canadian Parliament, introduced a bill that aims to address the issue of monopolies in the banking sector and promote consumer-led banking.
• The bill seeks to implement open banking, which would allow consumers to share their financial data with third-party providers, leading to increased competition, lower fees, and better services.
- • Mr. Jean-Denis Garon (Mirabel, BQ) has asked if the bill's sponsor has considered aligning the legislation with Quebec's wishes regarding the regulation of fintech companies.
• Mr. Garon has also inquired about the possibility of amending the bill to ensure that all banks, including Desjardins in Quebec, are regulated under an open banking system.
- • The bill aims to create an open financial system that would allow technology companies to access and use financial data, but it also raises challenges and risks, such as data privacy and security concerns, and the need for proper regulation and oversight to ensure the stability of the financial system.
• The speaker believes that the current financial system is not sustainable and that the status quo is no longer tenable, but cautions against rushing into a new system without proper consultation and consideration of the risks and challenges involved.
- • The NDP is proposing a private member's bill to implement open banking in Canada, which would allow consumers to easily access and share their banking information to facilitate competition and lower prices.
• The bill is intended to address the issue of limited access to banking services in rural and remote communities, and to give consumers more control over their personal banking information.
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