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INDU Committee Meeting

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Minutes of Proceedings

44th Parliament, 1st Session
Meeting 142
Monday, October 28, 2024, 3:31 p.m. to 5:32 p.m.
Webcast
Presiding
Joël Lightbound, Chair (Liberal)

Library of Parliament
• Isaac Doucette, Analyst
• Dana Fan, Analyst
Bank of Montreal
• Jennifer Douglas, Head, North American Retail & Small Business Payments
Canadian Imperial Bank of Commerce
• Diane Ferri, Senior Vice-President, Credit Cards
Royal Bank of Canada
• Ramesh Siromani, Executive Vice-President, Cards, Payments & Transformation
Scotiabank
• D'Arcy McDonald, Senior Vice-President, Retail Payments & Unsecured Lending
TD Bank Group
• Meg McKee, Executive Vice-President, Canadian Card Payments, Loyalty and Personal Lending
Pursuant to Standing Order 108(2) and the motion adopted by the committee on Thursday, September 19, 2024, the committee resumed its study on credit card practices and regulations in Canada.

The witnesses made statements and answered questions.

On motion of Brian Masse, it was agreed, — That, in light of the recent report that Rogers Communications Inc. is attempting to price gouge Canadians by failing to honour the original intent of TV and internet service contracts signed by its customers, and recognizing that this exploitative behavior unf airly impacts Canadians, the committee, pursuant to Standing Order 108(2), invite Rogers Communications Inc. Chief Executive Officer Tony Staffieri to appear before the committee for a minimum of two hours by November 1, 2024, to explain how the company intends to rectify the situation and that a report of this meeting be prepared and presented to the House.

It was agreed, — That, the Chair send a letter to the banks requesting more information about pricing mechanisms in their respective institutions; further details concerning the return on equity percentages, as well as the Interac fee schedule.

At 5:32 p.m., the committee adjourned to the call of the Chair.



Miriam Burke
Clerk of the committee