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Bill C-231

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SUMMARY

The purpose of this enactment is to establish the office of Credit Ombudsman to be an advocate for the interests of consumers in credit matters and to investigate and report on the provision by financial institutions of consumer and small business credit by electoral district or community, by industry group and by sex of the applicant, in order to ensure equity in the distribution of credit resources.

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