Financial Institutions Say Emergencies Act Needs More Clarity, Less Onus on Banks

Financial Institutions Say Emergencies Act Needs More Clarity, Less Onus on Banks
The Bank of Canada in Ottawa on Dec. 15, 2020. The Canadian Press/Sean Kilpatrick
|Updated:

Banks and credit unions want more clarity about how extraordinary powers will affect their customers’ accounts the next time the Emergencies Act is invoked, a parliamentary committee heard Thursday.

Representatives of the Canadian Bankers Association and the Canadian Credit Union Association testified before an all-party committee studying the impact of the act’s powers invoked last winter.