Bay of Quinte MP Ryan Williams Private Members Bill on Consumer-Led Banking is One Step Closer to Reality

March 20, 2024

Canadians are closer to seeing competition in the banking industry. Bay of Quinte MP Ryan Williams Private Members Bill C-365 – a Bill calling for Consumer-Led Banking, passed second reading today in the House of Commons. MP Williams, the Shadow Minister for Pan-Canadian Trade and Competition put forward this Bill which would give Canadians the freedom of choice to decide who gets control of their banking information and see lower banking fees.

MP Ryan Williams says “One-third of Canadians are upset with their financial institutions. Canadians pay some of the highest banking fees in the world. The banks will not share people’s financial information. If you want the freedom to deal with another bank or institution, the banks feel that they own that information and will not share it.”

MP Williams Private Members Bill C-365 on Consumer led banking has support across party lines with members of the NDP and Bloc Quebecois voting in favour of this bill. It passed second reading in the House of Commons with 172 votes Yea and 150 votes Nay.

Next, the Bill will go to the Standing Committee on Finance to be studied. There the Committee will hear testimony from experts and Fintechs talking about the benefits of Consumer-led banking for Canadians. The study is expected to be completed before the House of Commons rises in June of this year.