Bank changes blasted

  • Aug. 11, 2017 6:01 a.m.

Residents are expressing concerns about Canada’s banking ssystem.

Mel Arnold, North Okanagan-Shuswap MP, held a town hall forum in Vernon Wednesday to discuss changes to federal regulations governing mortgages, taxes and credit unions.

“The input we received will help us in our work in Ottawa as we stand up against these regulations and tax grabs that hurt Canadians,” he said.

The Liberal government has introduced new mortgage regulations and town hall attendees described how these changes have made mortgage qualification more difficult for first-time homebuyers.

“Trudeau’s new mortgage regulations have failed to deliver the intended effect in the Toronto and Vancouver housing markets while pushing home ownership out of reach for many Canadians,” said Arnold.

There is also a concern that the changes will prohibit credit unions from using the term banking in their advertising and operations, creating a new expense for credit unions.

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