QSA's Week in Finance (#3, 2024)
Credit card fees reduction; Mortgage market changes; Banking competition; Tax and financial crime summit; G7 finance ministers' ERA loan initiative.
Start Date: 2024-10-19
End Date: 2024-10-25
Top Headlines
Main Stories
Credit Card Practices and Regulations Under Scrutiny
The House of Commons' Standing Committee on Industry and Technology resumed its study on credit card practices and regulations, featuring witnesses from Equifax, Fintechs Canada, and others. Discussions centered on the competitive landscape of payment processing and consumer protection. Suggestions included increasing competition through open banking initiatives and regulating payment service providers. Concerns were raised about whether payment processors like Stripe will pass savings from government-negotiated fee reductions to consumers. Additional meetings will invite more witnesses to further explore predatory practices.
Sources: ['Transcripts: parlvu.parl.gc.ca', 'Transcripts: parlvu.parl.gc.ca']
