Banking, Trade and Commerce – May 29, 2014

In Committee from the Senate of Canada

Banking, Trade and Commerce – May 29, 2014

Liberal Senator Pierrette Ringuette presents her bill to place limits on credit card acceptance fees that are charged to merchants when a credit card is used by a customer. Bill S-202 is modelled after the Australian system and proposes a limit of 0.5% on standard transactions, 0.3% for government institutions, and 0% for charities. Many European countries have transaction fee limits. The senator has tabled a bill every session since 2008 to limit excessive merchant fees, which she estimates cost Canadian merchants and consumers over $5 billion annually. David Murchison and Erin O’Brien, two senior officials with Finance Canada, Kevin Thomas, acting director of compliance and enforcement for the Financial Consumer Agency of Canada, and Richard Bilodeau, an assistant deputy commissioner with the Competition Bureau, testify after the senator. (May 29, 2014)