Proceedings of the Standing Senate Committee on
Banking, Trade and Commerce

Issue 7 - Minutes of Proceedings - December 8, 2011

OTTAWA, Thursday, December 8, 2011
(17)

[English]

The Standing Senate Committee on Banking, Trade and Commerce met this day at 10:33 a.m., in room 9, Victoria Building, the chair, Honourable Michael A. Meighen, presiding.

Members of the committee present: The Honourable Senators Gerstein, Greene, Harb, Hervieux-Payette, P.C., Meighen, Moore, Oliver, Ringuette, Smith (Saurel) and Stewart Olsen (10).

In attendance: John Bulmer and Adriane Yong, Analysts, Parliamentary Information and Research Service, Library of Parliament.

Also in attendance: The official reporters of the Senate.

Pursuant to the order of reference adopted by the Senate on Tuesday, December 6, 2011, the committee continued its examination of Bill S-5, An Act to amend the law governing financial institutions and to provide for related and consequential matters.

WITNESSES:

Credit Union Central of Canada:

Brigitte Goulard, Vice-President, Policy;

Brenda O'Connor, Vice President and General Counsel.

Canadian Life and Health Insurance Association Inc.:

Frank Swedlove, President;

Frank Zinatelli, Vice President and General Counsel.

Financial Consumer Agency of Canada:

Ursula Menke, Commissioner;

Lucie Tedesco, Deputy Commissioner.

Office of the Superintendent of Financial Institutions Canada:

Patty Evanoff, Senior Director, Legislation and Approvals Division;

Philipe Sarrazin, Managing Director, Legislation and Policy Initiatives.

The chair made an opening statement.

Ms. Goulard and Mr. Swedlove each made a statement and, together with Ms. O'Connor and Mr. Zinatelli, answered questions.

At 11:31 a.m., the committee suspended.

At 11:36 a.m., the committee resumed.

Ms. Menke and Ms. Evanoff each made a statement and, together with Ms. Tedesco and Mr. Sarrazin, answered questions.

At 12:15 p.m., the committee adjourned to the call of the chair.

ATTEST:

Adam Thompson

Clerk of the Committee