Canada has several major banks and many schedule II banks – but with rates and plans all over the map, it’s difficult to know where to bring your business. Our aim is to help you navigate Canada’s banking options to discover which one suits your needs best.
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Consumers lose chance to sue banks in win for Wall Street
– canadianbusiness.com
Call it a win for “the swamp.”
President Trump and Republicans in Congress handed Wall Street banks a big victory by effectively killing off a politically popular rule that would have allowed consumers to band together to sue their banks.
The 51-50 vote in the Senate, with Vice-President Mike Pence casting the deciding vote, means bank customers will still be subject to what are known as mandatory arbitration clauses. These clauses are buried in the fine print of nearly every checking account, credit card, payday loan, auto loan or other financial services contract and require customers to use arbitration to resolve any dispute with his or her bank. They effectively waive the customer’s right to sue.
The banking industry lobbied hard to roll back a proposed regulation from the Consumer Financial Protection Bureau that would have largely restricted mandatory arbitration clauses by 2019. Consumers would have been allowed to sue their bank as a group in a class-action lawsuit…
President Trump and Republicans in Congress handed Wall Street banks a big victory by effectively killing off a politically popular rule that would have allowed consumers to band together to sue their banks.
The 51-50 vote in the Senate, with Vice-President Mike Pence casting the deciding vote, means bank customers will still be subject to what are known as mandatory arbitration clauses. These clauses are buried in the fine print of nearly every checking account, credit card, payday loan, auto loan or other financial services contract and require customers to use arbitration to resolve any dispute with his or her bank. They effectively waive the customer’s right to sue.
The banking industry lobbied hard to roll back a proposed regulation from the Consumer Financial Protection Bureau that would have largely restricted mandatory arbitration clauses by 2019. Consumers would have been allowed to sue their bank as a group in a class-action lawsuit…
Bank of Canada keeps key rate unchanged
– moneysense.ca
OTTAWA — The Bank of Canada left its benchmark interest rate unchanged today after raising it twice since the summer— but it signalled that future hikes are likely on the horizon.
In its scheduled announcement, the central bank says it held off this time in part because it expects the recent strength of the Canadian dollar to slow the rise in the pace of inflation.
READ: What an interest rate hike could mean for you
The bank is also pointing to the substantial, persistent unknowns around geopolitical developments as well as U.S.-related fiscal and trade policies, like the renegotiation of the North American Free Trade Agreement.
However, the bank says while its still-low interest rate of one per cent will likely rise over time, the governing council will remain cautious when it comes to future increases.
MORE: Why banks are slow to lower lending rates, but quick to hike them
The central bank is also releasing updated projections that predict economic growth to moderate after a surprisingly powerful performance in recent quarters, as housing- and consumer-related contributions start to decline…
In its scheduled announcement, the central bank says it held off this time in part because it expects the recent strength of the Canadian dollar to slow the rise in the pace of inflation.
READ: What an interest rate hike could mean for you
The bank is also pointing to the substantial, persistent unknowns around geopolitical developments as well as U.S.-related fiscal and trade policies, like the renegotiation of the North American Free Trade Agreement.
However, the bank says while its still-low interest rate of one per cent will likely rise over time, the governing council will remain cautious when it comes to future increases.
MORE: Why banks are slow to lower lending rates, but quick to hike them
The central bank is also releasing updated projections that predict economic growth to moderate after a surprisingly powerful performance in recent quarters, as housing- and consumer-related contributions start to decline…
Richard Cordray's Surprising Admission
– online.wsj.com
Many banks haven’t been requiring arbitration clauses.
