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Decentralized Democracy

House Hansard - 288

44th Parl. 1st Sess.
February 29, 2024 10:00AM
Context: House Hansard - 288 - Feb/29/24
Mr. Ryan Williams (Bay of Quinte, CPC)
  • Feb/29/24 6:15:14 p.m.
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Mr. Speaker, it has been a pleasure to hear the debate and to present my first private member's bill when it comes to open banking here in Canada. This bill was to do two thing. It was to ensure that we provide the opportunity for businesses to participate in Canadian banking, in fintechs, and it was also to ensure the government did what it promised. Before I start that, I just want to make a quick comment. The Right Honourable Prime Minister Mulroney has passed away, and to his family, to Caroline, to Ben and others, I give our sincere condolences. A favourite quote of mine from Brian Mulroney was, “Canada must strive to be a beacon of hope, a model of prosperity, and a nation that works for all its citizens. ” Rest in peace, to Brian Mulroney. I am encouraged by the speeches tonight by the members for Hamilton Centre and Jonquière, who talk about the need for open banking. We brought this bill forward because it has taken six years to get legislation promised to Canadian fintechs and to Canadians themselves to get competition in Canada. Canada has a monopoly problem. We have a major problem, where we have major regulations that ensure we have oligopolies and monopolies in the grocery sector, and we are paying some of the highest prices in the world in the airlines, in telecommunications and in banking. The solution to banking is open, or consumer-led, banking. This bill would do two things. It would ensure there is legislation presented within six months, and it would make the government table a report that has been on the minister's desk since May 2023. For six years, we have been waiting. Canadians and fintechs are saying one thing, and one thing very clearly, to me; they cannot wait anymore. They do not believe the Liberal government will present this legislation in the March budget, even though it has been in the fall economic statement. They do not believe that it may even be in the next fall economic statement. By passing this bill, parliamentarians can ensure that open banking comes before discussion in the House of Commons and also in the other House. In doing so, we would help the fintechs that are desperately asking us to ensure we get open banking implemented in Canada. Those fintechs are providing good wages at a time when start-ups in Canada are low, and we need more businesses with more powerful paycheques. More importantly, Canadians need better options for banking. I heard my colleague, earlier, talk about different options for all types of Canadians for banking. There is a company called Borrowell that actually has a fintech app, through open banking, which actually builds credit scores by tracking one's payment of rent. That is a great example of what a fintech business and what open banking would do for all Canadians. More importantly, this bill would ensure that we could fix the problem in banking. One-third of Canadians are upset with their banking institution, 70% of Canadians have had the same bank account for 11 years, and 80% of Canadians have never switched bank accounts. We have a major oligopoly problem in Canada, with five Canadian banks now controlling 90% of mortgages and with HSBC being bought by RBC. This bill would create competition, and when there is competition in Canada, that gives benefits through freedom of choice to Canadians and that gives them savings. In the U.K., with the bank accounts for people living in the U.K., they pay zero dollars for transactional fees, zero dollars for overdraft fees and zero dollars for monthly fees. Canadians would save $400 a year if this is implemented. I am happy to see the discussion. I am hoping to see that we get the vote through Parliament so that we can talk about open banking in this place and in the Senate. We can help fintechs, but more importantly, help Canadians. Let us bring open banking and consumer-led banking, and let us bring it home.
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Context: House Hansard - 288 - Feb/29/24
Mr. John Nater (Perth—Wellington, CPC)
  • Feb/29/24 6:20:53 p.m.
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  • Re: Bill C-35 
Mr. Speaker, it is obviously with great regret that this House has learned of the passing of Canada's 18th prime minister, the Right Honourable Martin Brian Mulroney. Obviously, all members join us in wishing the Mulroney family our deepest sympathy at this time as they deal with the loss of this great statesman, who has done so much for our country. I join all Canadians in offering our condolences. Out of respect, I would like to seek unanimous consent for the following motion. I move: That, notwithstanding any standing order, special order or usual practice of the House: (a) the motion respecting Senate amendments to Bill C-35, An Act respecting early learning and child care in Canada, be deemed adopted; and (b) this House do now adjourn.
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