The FMB responded to Finance Canada’s “Consultation on Proposals to Strengthen Canada’s Financial Sector”. This is the third phase of Finance Canada’s consultation.
Among other things, FMB advocated for:
- Specific consideration of impacts on Indigenous communities if/when banks apply for a merger/acquisition.
- Regarding banks that close:
- Indigenous impact assessment to be done by the closing banks;
- Measures put in place to avoid bad actors from taking the place of the closing bank;
- Increased data disclosure about why the bank is closing.
- Finance Canada to recommend the finance sector entities comply with TRC (i.e. adopt UNDRIP as a framework)
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