Speech (committee meeting)

{
    "time": "2006-06-07 16:05:00",
    "attribution": {
        "en": "Mr. Bill Knight",
        "fr": ""
    },
    "content": {
        "en": "<p data-HoCid=\"132000\" data-originallang=\"en\">We're on the retail end. Let me try to take you through it quickly. </p>\n<p data-HoCid=\"132001\" data-originallang=\"en\">The people providing mortgage insurance, including CMHC, in essence are like the wholesalers. The retailers are the deposit-taking institutions, those institutions that are into the mortgage business. </p>\n<p data-HoCid=\"132002\" data-originallang=\"en\">I need to report to the committee that we had already done a review of the behaviour of banks around mortgages. When it came to the mortgage insurance, our examination found that they were basically disclosing the costs of the mortgage in terms of individuals who have to pick up the mortgage insurance. So they get a very good passing grade on that.</p>\n<p data-HoCid=\"132003\" data-originallang=\"en\">I note that now you're moving forward with new entrants into the business. As an agency--and I'll discuss this with the minister as well, and the department--our powers of overseeing market conduct on the retail side will allow us from time to time to report out to the department, to the officials and the minister, and to report out to this committee as we find what evolves in the marketplace. I can, and will, definitely report out on whatever the financial institutions are doing on their retail end. Since the legislation was just introduced, we'll move that up in terms of our business plan as one of our priority items going forward. </p>\n<p data-HoCid=\"132004\" data-originallang=\"en\">Secondly, I have a meeting in about ten days with the executive of the Canadian Bankers Association. I will sit down with them and talk to them about revising my business plan a bit to move up on the pecking order a review of what transpires. I will report that information out to the minister and to the committee as the regulator.</p>\n<p data-HoCid=\"132005\" data-originallang=\"en\">I don't regulate them directly, but I do oversee all of the retail end, so I will be able to pick up on what's happening on that side and inform members of the committee.</p>",
        "fr": "<p data-HoCid=\"132000\" data-originallang=\"en\">Nous travaillons du c\u00f4t\u00e9 des services au d\u00e9tail. Je vais essayer de vous faire un survol rapide.</p>\n<p data-HoCid=\"132001\" data-originallang=\"en\">Les organisations qui offrent de l'assurance hypoth\u00e9caire, y compris la SCHL, sont assimilables \u00e0 des n\u00e9gociants en gros. Les d\u00e9taillants sont les institutions qui prennent vos d\u00e9p\u00f4ts, ces institutions qui offrent des services hypoth\u00e9caires.</p>\n<p data-HoCid=\"132002\" data-originallang=\"en\">Je dois signaler au comit\u00e9 que nous avons d\u00e9j\u00e0 men\u00e9 une \u00e9tude sur le comportement des banques relativement aux hypoth\u00e8ques. Pour ce qui est de l'assurance, notre \u00e9tude a d\u00e9montr\u00e9 que les banques en divulguaient g\u00e9n\u00e9ralement les co\u00fbts aux clients qui pouvaient choisir de s'en pr\u00e9valoir. Le comportement \u00e0 cet \u00e9gard \u00e9tait donc tr\u00e8s acceptable.</p>\n<p data-HoCid=\"132003\" data-originallang=\"en\">Je constate que de nouveaux intervenants font maintenant leur entr\u00e9e sur ce march\u00e9. Les pouvoirs dont dispose notre agence \u2014 et j'en discuterai avec le ministre \u00e9galement, ainsi qu'avec ses collaborateurs \u2014 quant \u00e0 la surveillance des pratiques du march\u00e9 relativement aux services au d\u00e9tail nous permettront de faire le point p\u00e9riodiquement sur la situation au b\u00e9n\u00e9fice des gens du minist\u00e8re, y compris le ministre, ainsi que des membres de votre comit\u00e9. Je peux et je vais assur\u00e9ment rendre compte des agissements des institutions financi\u00e8res quant \u00e0 leurs services aux consommateurs. Comme cette loi vient tout juste d'\u00eatre adopt\u00e9e, nous allons l'inscrire au rang de nos priorit\u00e9s dans notre plan d'activit\u00e9.</p>\n<p data-HoCid=\"132004\" data-originallang=\"en\">Par ailleurs, je rencontrerai dans une dizaine de jours les dirigeants de l'Association des banquiers canadiens. Je vais m'asseoir avec eux pour discuter de la r\u00e9vision de notre plan d'activit\u00e9 afin de faire grimper un tel examen dans la hi\u00e9rarchie de nos priorit\u00e9s. J'informerai le ministre et le comit\u00e9 de l'\u00e9volution de ce dossier.</p>\n<p data-HoCid=\"132005\" data-originallang=\"en\">Nous ne r\u00e9glementons pas directement ces activit\u00e9s, mais nous supervisons tout le secteur des services au d\u00e9tail, ce qui fait que je pourrai savoir ce qui se passe \u00e0 ce chapitre pour en informer les membres du comit\u00e9.</p>"
    },
    "url": "/committees/finance/39-1/10/bill-knight-25/",
    "politician_url": null,
    "politician_membership_url": null,
    "procedural": false,
    "source_id": "1577738",
    "document_url": "/committees/finance/39-1/10/",
    "related": {
        "document_speeches_url": "/speeches/?document=%2Fcommittees%2Ffinance%2F39-1%2F10%2F"
    }
}