Payday Lending & Remittances

Posted on November 15, 2019

Members of ACORN in cities across Ontario are committed to fighting back each month against the Ford government’s cuts to essential programs in our communities.

In light of advocates' demands, the city has passed new regulations

For over a decade ACORN has been fighting to stop predatory lenders from clustering in low income neighborhoods and preying on the most vulnerable communities.   

After a thorough discussion by City Council members and Mayor Jim Watson, a motion was passed to enact minimum distance and licensing requirements for payday lending companies. // Après une discussion approfondie entre les membres du Conseil municipal et le maire, Jim Watson, une motion a été adoptée pour établir des exigences minimales en matière de distance et de permis pour les entreprises de prêt sur salaire.

ACORN Canada's Federal Platform

Posted on September 4, 2019

Immigrants have been charged exorbitant fees to send money home, but new technology offers an escape.

In Canada, 3 per cent of the population – about one million people – are “unbanked,” meaning they do not have a relationship with a mainstream financial institution, according to a 2016 report by Acorn Canada and the Canadian Centre for Policy Alternatives. 

A further 15 per cent – or roughly five million Canadians – are what the report calls “underbanked,” people with a bank account but no credit, people unable to afford fees or high interest rates linked to products for low-income borrowers or those who live in a neighbourhood that does not have a bank branch. 

Donna Borden, spokeswoman for Acorn’s Fair Banking campaign, says these people are often seniors, people on disability benefits, newcomers and people with mental-health issues, as well as those without a permanent address or government identification. For street-involved people who do have a bank account, holding onto the cards necessary to access money can be difficult.