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The Ontario Association of Chiefs of Police (OACP), the voice of police leadership in Ontario, and the Canadian Lenders ...
02/05/2024

The Ontario Association of Chiefs of Police (OACP), the voice of police leadership in Ontario, and the Canadian Lenders Association (CLA) are raising concerns regarding legislation introduced by the federal government which could lead to a dangerous rise in criminal activity.

A new study by the OACP and the CLA indicates the government’s recent decision to decrease the maximum allowable rate of interest may lead to a rise in illicit financial activities, endangering Canadians who are already at risk of not making ends meet.

“The legislation has the potential to create a vacuum for criminals to fill,” said Barry Horrobin, Co-Chair of the OACP’s Community Safety and Crime Prevention Committee. “Under the legislation, illegal predatory lenders could take advantage of Canadians by operating online from outside the bounds of Canadian jurisdiction. By forcing legal, responsible lenders out of the marketplace, we worry Canadians will be targeted by this type of criminal activity.”

Ultimately, the paper’s findings show a comprehensive review of the government’s new interest rate law is needed to prevent potentially adverse outcomes for millions of Canadians. It also highlights the critical need for a balanced approach that protects Canadians’ access to credit while safeguarding the integrity of the financial system.

Read the full report here: https://lnkd.in/eHkp6mTc and view the full press release here: https://lnkd.in/efhBRbMN

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