ACORN takes to the airwaves on CBC call-in show to talk about need for Fair Banking in Ontario!
Posted June 24, 2015
ACORN members talk to CBC about their experiences with predatory lenders.
Posted June 24, 2015
As a key stakeholder fighting predatory lending ACORN has been demanding justice on the two tier banking system in Canada. Under this two tier banking system low-to-moderate income people get forced to use fringe financial institutions to get loans, do basic banking, and send remittances.
The recent policy review of the Payday Loan Act by the Ministry of Consumer Protection was unfortunately fundamentally flawed. Only recommendations agreed to by the fringe financial institutions themselves were put forward in the final report. How is that consumer protection!
ACORN sent in final comments to the Ministry outlining that if the Government is trying to protect consumers from predatory practices, it needs to take input that was not agreed to by the payday lenders seriously.
No longer will ACORN members stand by while predatory financial institutions steal money straight out of our neighbourhoods!
It seems the Province may have listened to our cry, with the ministry of Government and Consumer Services announcing a consumer financial protection survey to help guide future consumer protections. We will see.
Listen to this great CBC podcast that features Ottawa ACORN member Robbie McCaull talking about the payday lending trap and how we need better products and stricter regulation on payday lenders in Ontario.
And to top it all off, ACORN Canada’s anti-predatory loan crusader Donna Borden called in to talk about her experiences with predatory lenders and the need for a federal Anti-Predatory Loan Act – click here to listen to her call.
If you took out a bad loan, or just want to help Robbie and Donna fight for fair banking in Ontario, contact ACORN Canada and we can get you started. We need all hands on deck for this fight if we are going to win real protections for low-to-moderate income people.
Source: CBC Ontario Today