Democracy Watch: Finance Minister Morneau’s Bill C-86 lets Scrooge-like Big Banks keep billions in record profits from gouging, doesn’t do enough to stop abuse

Ignores 60,000+ calling for creation of financial consumer group, changing FCAC and Ombudsman from lapdogs into watchdogs, audits of profits and lending, and increased penalties

Big Six Banks gouge out record profits of $45 billion in 2018 for the 8th record year in a row ($2.7 billion (6%) higher than in 2017, and more than double their 2010 profits) – higher than comparable banks in all other countries

Australia’s royal commission has found extensive bank gouging and abuse – Canada must do a similar examination

oday, Democracy Watch called on the Finance Minister to make the key changes needed to stop gouging and abuse by Canada’s big banks, as called for by its Bank Accountability letter-writing campaign that more than 60,000 Canadians have supported and petition that more than 32,000 people have signed.

The call also comes as Finance Minister Bill Morneau’s budget Bill C-86 has been shoved through Parliament and become law. The Bill changes dozens of laws, including the Bank Act and other financial sector laws, but didn’t make any changes that will stop big bank gouging, and didn’t make enough changes to stop unfair treatment and abuse of consumers and big bank employees. MORE