Freezing of Accounts Under Emergencies Act Caused Panic Withdrawals: Credit Union Association

Freezing of Accounts Under Emergencies Act Caused Panic Withdrawals: Credit Union Association
Protesters demanding the lifting of COVID-19 restrictions sit atop a truck in front of Parliament Hill in Ottawa on Feb. 5, 2022. Noé Chartier/The Epoch Times
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The directive on how to apply the federal government’s invocation of the Emergencies Act after it ordered financial institutions to freeze Freedom Convoy supporters’ accounts was ill-defined and left credit unions “scrambling,” a Commons committee heard on March 17.

On a few occasions, customers also withdrew millions to avoid the punitive measure.

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