Canadian Lenders Association
Occurred:
2024-11-05
Details Regarding the Identified Subject Matter
|
Subject matters
|
Details
|
Consumer Issues
|
The Federal government has made a commitment to lower the allowable rate of interest, in section 347 of the Criminal Code. This change in policy will reduce access to credit for millions of Canadians. These Canadians make up 29% of all Canadians with credit reports and are non-prime borrowers, meaning that they would struggle to access loans from traditional financial institutions. The Canadian Lenders Association would like the government to understand how this amendment will negatively impact CLA members and the public at large.
|
