Media Advisory: ACORN members welcome Orazietti''s announcement as a step towards Fair Banking in Ontario!
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 12/09/15 -- For over a decade ACORN Canada has been forcing corporate accountability on the fringe financial market, and today is a validation of the hard work ACORN members have undertaken.
New legislation that will protect low-income consumers from predatory financial products like payday loans, cheque cashing, and installment loans is desperately needed. We also need the government to implement a real-time database to help stop back-to-back loans.
ACORN members hope that the new federal government will join their provincial counterparts by enacting legislation to deal with the aspects the province doesn''t have jurisdiction over - such as setting criminal interest rates on loans over $1,500.
These predatory companies whose profit comes from trapping consumers in high interest loans (up to 550%) need to be stopped for the financial health of all Canadians. Most recently Money Mart has entered into the installment loan market. ACORN as a key stakeholder raised the alarm to the Provincial Government
ACORN spokesperson Donna Borden explains: "This announcement is a great first step. There are still countless ways that the banking system could be made fair for low-to-moderate income Canadians. Rest assured that I will be there helping lead ACORN in the fight against the predatory banking systems that are far too prevalent in our communities."
Donna Borden is available for comment today - Contact John Anderson at 647-204-2767 or
Next Wednesday ACORN members will be visiting the payday and installment lenders during a march, starting with a rally at the corner of Yonge and Bloor. There are twelve predatory lending outlets on Yonge St between Bloor and Wellesley - ACORN will be continuing its Fair Banking Campaign by calling out for a municipal by-law that sets Minimum Distance Separation between predatory lenders.
WHAT: March and Rally for Fair Lending and Better Banking
WHEN: March starts at 11:45AM
WHERE: Yonge and Bloor
Contacts:
John Anderson
647 204 2767
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Datum: 09.12.2015 - 10:09 Uhr
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News-ID 1403460
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