Calls on banks to help during and after the pandemic – RCI
Canadian bank profits are said to have exceeded $ 41 billion in 2020 despite the pandemic. Democracy Watch says they can afford to help others. (IStock)
Government and all national political parties urged to do more to help Canadians and small businesses and to pay “their fair share of taxes.” The appeal is made by advocacy group Democracy Watch and more than 100,000 people who have joined a letter-writing campaign or signed a petition on the issue.
A year ago, Canada’s Big Six banks announced temporary deferrals of mortgages and loans as well as interest rate cuts on credit cards for some customers hard hit by the COVID-19 pandemic and job losses. At the time, the Prime Minister said: “We need to see even more actions like this.” However, Democracy Watch says the postponements and reductions for some customers ended last fall and banks have not given any further breaks since.
Advocate urges banks to ‘stop scams’
Democracy Watch filed a brief with the finance department’s pre-budget consultation process calling for eight changes to allow banks to help more, stop racism and discrimination in lending, and “stop abuse and other abuses.” He says many of these changes were made in the United States decades ago and apply to American banks, four of which are owned by Canadian banks. He notes that the call comes as Canadian banks reported a 14% increase in their profits and profits for the first quarter of 2021 in 2020, which totaled $ 41.13 billion.
Calls for lower interest rates, loan repayments
Some of the changes sought include: a halving of interest rates and fees and a total reduction in loan repayments to those in need, disclosure of profits, creation of an independent watchdog bank , disclosure of service approval rates in order to report discrimination, reopening of bank branches to stem predatory payday lending companies, reduction in executive salaries, banks paying “their fair share of money” taxes now and in the future ”and stronger enforcement and sanctions.
About Canadian Banks
The six big banks are the largest in Canada and operate under government charters. Their shares are very useful and any investor can own up to twenty percent of the shares. Five are among the 100 largest banks in the world. They are the Toronto-Dominion Bank, the Royal Bank of Canada, the Bank of Nova Scotia, the Bank of Montreal, the Canadian Imperial Bank of Commerce. National Bank is the 118th largest in the world.
About Democracy Watch
Democracy Watch is an advocacy group that lobbies for democratic reform, government accountability and corporate accountability.