Toronto City Council proposing by-law to limit predatory lenders

Posted April 2, 2016

The momentum for Fair Banking is building in Ontario as Toronto City Council has overwhelmingly passed our motion to limit predatory lenders in the City. Following in the footsteps of many cities in BC where ACORN and our allies have passed similar bylaws, Toronto City Council took a stand against predatory financial institutions. These companies are robbing low-to-moderate income families and Toronto has taken a stand against them.  
The motion, which City Council voted unanimously to pass, will have city staff develop options for minimum distance separation by-laws for predatory financial institutions such as payday lenders, installment lenders, and car title lenders. 
Included in the motion was a recommendation to have the City of Toronto formally call on the Federal Government to create a Postal Bank, something ACORN and CUPW have been demanding for some time.
Council allies Frances Nunziata and Kristyn Wong-Tam were instrumental in getting this motion passed, and are also working on how the city can use licensing powers to stop predatory lending in our communities. 
More is happening in Ottawa this week for our Fair Banking campaign. On April 13th, Ottawa City Council will be deciding whether or not it will move to license predatory lenders within the city limits of our nation's capital. We believe that Toronto City Council's decision serves as a reminder to Ottawa City Council that municipalities should be doing everything they can to stop predatory lenders.