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Consumer Issues
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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.
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Regulation, Legislative Proposal, Bill or Resolution
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The Canadian Lenders Association (CLA) supports the growth of bank and non-bank companies that are in the business of lending. We also support lending adjacent sectors including BaaS, Core Banking, Open Banking, DE&I and Sustainable Finance Networks
Gary Schwartz, President
Address:
120 Albany Avenue
Toronto, ON M5R 3C4
Canada
Telephone number:
416-505-7410