Bill C-266

SUMMARY

The purpose of this enactment is to establish the position and Office of the Credit Ombudsman, who will be an advocate of the interests of consumers and small businesses in credit matters and who will investigate and report on the provision, by financial institutions, of consumer and small-business credit on the basis of community, industry group and sex of the applicant, in order to ensure equity in the distribution of credit resources.

Financial institutions that fail to improve credit policies and practices on the request of the Credit Ombudsman will be reported to the Minister of Finance, and the report will be referred to the Standing Committee on Finance for investigation.