The credit card regulations proposed by Finance Minister Jim Flaherty will do little to effectively protect Canadians struggling under high debt loads, a prominent consumer advocacy group says.
Duff Conacher, chair of the Canadian Community Reinvestment Coalition, said the federal government must do more to ensure banks are not gouging consumers with unfair fees or excessive interest rates.
“The federal government must stop protecting the banks from accountability,” Conacher said. He also said lending institutions should be subjected to independent audits to “determine if the banks are reaping excessive profits through gouging interest rates and fees.”
On Thursday, Flaherty unveiled nine proposals to amend the laws governing credit cards.