2024 Fall Economic Statement: Canada’s Complete Framework for Consumer-Driven Banking
Ottawa, ON – December 16, 2024 – Today, the Minister of Finance, the Honourable Chrystia Freeland, tabled the 2024 Fall Economic Statement in the House of Commons. The Statement outlines the Government of Canada’s plan to build an economy that works for everyone, including a complete framework for consumer-driven banking.
Consumer-Driven Banking Framework
The Government is committed to making banking more accessible, affordable, and convenient for Canadians. The Consumer-Driven Banking Framework will:
- Increase competition in the banking sector: By making it easier for new banks and credit unions to enter the market and compete with established institutions.
- Give consumers more choice: By providing them with a wider range of banking products and services to meet their needs.
- Lower banking fees: By increasing competition and empowering consumers to shop around for the best deals.
- Improve consumer protection: By ensuring that banks are held accountable for their actions and that consumers are treated fairly.
Key Measures
The Framework includes a number of key measures to achieve these goals, including:
- Amending the Bank Act to remove barriers to entry for new banks and credit unions.
- Creating a new Consumer Financial Protection Agency to oversee the banking sector and protect consumers.
- Implementing a new code of conduct for banks to ensure that they are treating consumers fairly.
- Launching a public education campaign to help Canadians understand their banking rights and options.
Additional Measures
In addition to the Consumer-Driven Banking Framework, the Economic Statement also includes a number of other measures to support economic growth and affordability for Canadians, including:
- Investing in affordable housing: The government will provide $4 billion over five years to build and repair affordable housing.
- Reducing child care costs: The government will provide $10 billion over five years to reduce child care costs for families.
- Increasing the minimum wage: The government will increase the federal minimum wage to $15 per hour.
- Supporting small businesses: The government will provide $2 billion over five years to support small businesses, including programs to help them access capital and innovative technologies.
Conclusion
The 2024 Fall Economic Statement is a roadmap to a stronger, more inclusive economy for all Canadians. The Consumer-Driven Banking Framework is a key part of this plan, and it will make banking more accessible, affordable, and convenient for Canadians.
2024 Fall Economic Statement: Canada’s Complete Framework for Consumer-Driven Banking
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