The Canadian government continues to pressure banks to ensure they keep consumer lending going. The negative headlines from the US relative to credit certainly flow over into Canada and levels of Canadian consumer confidence.
Canadians voice concerns over access to credit, Flaherty says | Globe and Mail
TORONTO — Finance Minister Jim Flaherty says consumers across the country are worried about access to credit.
“We are hearing across Canada concerns about access to credit,” Mr. Flaherty said Tuesday. “It is a major issue going into 2009.”
The finance minister said in Toronto he will be talking to the country’s major banks and working to ensure there is affordable and accessible lending.
11 responses so far ↓
Joe // December 24, 2008 at 5:36 pm |
Maybe if they would cut through all the bureaucratic red tape Bullshit, we would be able do lend to ourselves without having to pay insane fees, and multibillion dollar bailouts to greedy corporations.
Alan // December 25, 2008 at 5:27 pm |
The Canadian government can begin by urging banks to pass on the BoC rate cuts to variable rate mortgage holders instead of taking this money from the mortgage holders.
Although the December 9 Bank of Canada overnight rate dropped by 3/4%, my variable rate mortgage only dropped by 1/2%. Typically the variable rate always drops (or rises) by the same amount as the BoC overnight rate.
The Bank of Montreal is taking advantage of the current climate to make a naked cash grab from variable rate mortgage holders.
The right idea for the times | UncrunchAmerica « The Bankwatch // December 30, 2008 at 9:40 pm |
[...] a comment » The Canadian government, and governments in many countries remain concerned about consumer lending. At the same time there is great concern about bank capital reserves, and [...]
Banking » Blog Archive » The right idea for the times | UncrunchAmerica // December 31, 2008 at 6:20 pm |
[...] Canadian government, and governments in many countries remain concerned about consumer lending. At the same time there is great concern about bank capital reserves, and [...]
connie // January 15, 2009 at 6:41 pm |
I read in yesterdays Metro that Jim Flaherty met with non-bank instititutions (Desjardins etc) about consumer lending. Were you part of this meeting? Has Mr. Flaherty met or even looked into the P2P lending in Canada?
Jason // January 15, 2009 at 11:03 pm |
When CL starts?
Colin // January 15, 2009 at 11:29 pm |
@Jason … can’t offer a specific date, but will say we are making progress.
Jason // January 16, 2009 at 7:24 am |
Thanks Colin,
I have sent you an email regarding the API thing, maybe my email is lost somewhere in the cyber world.Let me ask again:
Do you have any plan to provide public API like what Prosper has done? I believe P2P lending is a great opportunity for the next few years, I wish to make some small tools or do some analysis for members if possible. I think even if CL has a strong developing team, you can not do everything to satisfy all the needs from members.
I found with web2.0, the APIs seems a must: facebook, ebay … you name it.
Colin // January 16, 2009 at 8:12 am |
@jason thanks for the comment and question. As you probably know we are going through our regulation process and once approved, expect lots of things.
Rob // January 17, 2009 at 6:48 pm |
@Colin,
Do you have any evidence that the regulatory process will eventually conclude in your favour?
The Government of Canada is essentially immortal (if it goes, we have much bigger problems than CL), but your investors patience probably isn’t. To prevent social lending, one strategy might be to make the regulatory process so onerous that nobody can afford to do it. They never have to deny permission, per se… shucks… you just couldn’t last long enough to make it happen.
[precedent: In the case of Canadian soldiers who were exposed to Agent Orange in Gagetown, the government waited 30+ years to acknowledge responsibilty. Many people who were owed pensions died in the interim. If you haven't heard about this, google it.]
And there could be public outrage about how CL has been treated, but you’ve barely engaged the public at all…. so nobody cares.
Anyways, I wish you “good luck”, but luck will have nothing to do with; however, I do hope your business ultimately succeeds.
Rob.
Colin // January 17, 2009 at 7:44 pm |
Thanks for the comments Rob. Rest assured we are doing all we can as we move towards our launch.