Bill S-241 explained in plain English
An Act to amend the Office of the Superintendent of Financial Institutions Act (credit and debit cards)
Federal Parliament bill summary, status, timeline, sponsor, votes, and official sources.
At a glance
Official Parliament of Canada snapshot for 40th Parliament, 2nd Session. MP vote breakdowns appear when the House of Commons publishes a recorded division export for that bill. Senate and House stage details include official debate/sitting links when LEGISinfo publishes them.
Our plain-language take, written for civic education.
Source: By PoliticalData.ca
Bill S-241 amends the Office of the Superintendent of Financial Institutions Act to give the Superintendent responsibility for monitoring and making recommendations about credit and debit card use in Canada.
Bill S-241 proposes to change the Office of the Superintendent of Financial Institutions Act by adding a new responsibility: the Superintendent would monitor how credit and debit cards are used across Canada and make recommendations about them. Specifically, the Superintendent would: - Monitor and publish information about credit and debit cards, including how the payment system works, what fees and charges apply, and how user privacy is protected - Make recommendations the Superintendent considers appropriate, including suggestions for legal changes - Consult with the Financial Consumer Agency of Canada - Consult with provincial authorities on matters within their responsibility - Report to the Minister on these duties within two months after each fiscal year ends - Include recommendations and information about what the government has done with previous recommendations in the annual report - The Minister must respond to the Superintendent's recommendations The bill also clarifies that the Superintendent is not restricted from examining and reporting on consumer-related matters when carrying out these new duties.
- Adds a new purpose to the Office of the Superintendent of Financial Institutions Act: to establish an oversight body to monitor and make recommendations about credit and debit card use in Canada
- Requires the Superintendent to monitor and publish information about credit and debit cards, including payment system operations, fees and charges, and user privacy protections
- Requires the Superintendent to make recommendations about credit and debit card matters, including recommendations for legal changes
- Requires the Superintendent to consult with the Financial Consumer Agency of Canada when carrying out these duties
- Requires the Superintendent to consult with provincial authorities on matters within their responsibility
- Removes restrictions on the Superintendent examining and reporting on consumer-related matters connected to credit and debit cards
- Requires the Superintendent to submit a report to the Minister within two months after each fiscal year ends about these duties
- Requires the annual report to include recommendations and information about government action on previous recommendations
- Requires the Minister to respond to the Superintendent's recommendations
- Requires the Superintendent's report and the Minister's response to be included in the Superintendent's annual report under existing rules
- The Superintendent of Financial Institutions, who gains new monitoring and recommendation responsibilities
- The Financial Consumer Agency of Canada, which the Superintendent must consult with
- Provincial authorities, which the Superintendent must consult with on provincial matters
- The Minister responsible for the OSFI Act, who must respond to the Superintendent's recommendations
- Canadians who use credit and debit cards, as the Superintendent would monitor and report on payment systems, fees, and privacy protections
- Financial institutions that issue or operate credit and debit card systems
- The bill does not specify which federal Minister the Superintendent reports to
- The bill does not define what specific 'fees and charges' the Superintendent should monitor
- The bill does not specify what enforcement powers or penalties apply if the Superintendent's duties are not carried out
- The bill does not detail what constitutes adequate 'consultation' with provincial authorities or the Financial Consumer Agency of Canada
- The bill does not specify whether the Superintendent has power to compel financial institutions to provide information about credit and debit card operations
- The bill text does not indicate a specific commencement date; the date would depend on when the bill receives Royal Assent
- The bill does not specify the funding or resources allocated to the Superintendent for these new duties
Adds new purposes, duties, and reporting requirements for the Superintendent related to monitoring and making recommendations about credit and debit cards
Source: Sections 1, 2 of Bill S-241, amending sections 3.1, 7.2, and 7.3 of the OSFI Act
Generated using AI from official bill text. Not legal advice. It is written by PoliticalData.ca for civic education, automatically checked and spot-reviewed before publishing.
Official textParliamentary Process
Bill S-241, an Act to amend the Office of the Superintendent of Financial Institutions Act (credit and debit cards), completed first reading in the Senate on October 6, 2009, and has since proceeded through second reading, including debate and a point of order.
On October 6, 2009, Bill S-241, an Act to amend the Office of the Superintendent of Financial Institutions Act concerning credit and debit cards, received its first reading in the Senate. This is a procedural step that formally introduces a bill into the legislative process. The bill later proceeded to second reading on October 8, 2009. Subsequent proceedings included a sponsor's speech on October 8, 2009, and debate at second reading on November 17, 2009. A point of order regarding the bill's acceptability was raised on November 19, 2009, with debate on this point of order and a subsequent Speaker's ruling occurring on December 1, 2009. The bill's current status is at second reading in the Senate.
During a Senate sitting on October 6, 2009, Bill S-241 received first reading, and a significant debate occurred regarding a question of privilege.
This artifact records the proceedings of the Senate on October 6, 2009. During this sitting, Bill S-241, an Act to amend the Office of the Superintendent of Financial Institutions Act (credit and debit cards), received its first reading. Other matters discussed included statements on various topics, tabling of reports, and continuation of debates on other bills. A significant portion of the sitting was dedicated to a question of privilege raised by Senator Joan Fraser concerning events surrounding a committee study of Bill C-25, which involved testimony from provincial ministers and a subsequent press conference.
Bill S-241 was at the second reading stage in the Senate, where a point of order regarding its acceptability was raised and debated, pending a Speaker's ruling.
This artifact describes the progress of Bill S-241 at the second reading stage in the Senate. It notes that the second reading debate began on October 8, 2009, with a sponsor's speech. On November 17, 2009, major speeches were presented. A point of order regarding the bill's acceptability was raised on November 19, 2009, and debate on this point continued on December 1, 2009, after which the Speaker was expected to make a ruling. The stage was not completed as of December 1, 2009.
During a Senate sitting on October 8, 2009, the second reading debate of Bill S-241 concerning credit and debit cards was adjourned.
On October 8, 2009, the Senate met. The sitting included routine proceedings, question period, and orders of the day. A key item under "Orders of the Day" was the second reading debate of Bill S-241, An Act to amend the Office of the Superintendent of Financial Institutions Act (credit and debit cards). The debate on this bill was adjourned. Other business included debates on other bills, committee reports, and motions.
During the Senate's second reading debate on Bill S-241, its sponsor, Senator Pierrette Ringuette, presented the bill, explaining its purpose to enhance transparency and fairness in credit and debit card fees by empowering the Office of the Superintendent of Financial Institutions to monitor and recommend changes, after which the debate was adjourned.
This artifact records the Senate's second reading debate on Bill S-241, An Act to amend the Office of the Superintendent of Financial Institutions Act (credit and debit cards). During this stage, Senator Pierrette Ringuette delivered a speech introducing the bill. She explained that the bill aims to increase transparency and fairness in the credit and debit card system by expanding the mandate of the Office of the Superintendent of Financial Institutions to monitor and recommend changes regarding fees and charges. Senator Ringuette shared stories of Canadians, particularly seniors, struggling with high credit card interest rates and fees. She stated that the bill does not cap rates or hamstring banks but seeks fairness for consumers and merchants. The debate was adjourned after her speech.
In the Senate, the debate on Bill S-241 concerning credit and debit cards was paused due to a procedural point of order regarding whether the bill requires a Royal Recommendation for new spending.
During a Senate sitting on November 17, 2009, the debate on Bill S-241, which aims to amend the Office of the Superintendent of Financial Institutions Act concerning credit and debit cards, was continued. However, a point of order was raised by Senator Donald H. Oliver, arguing that the bill requires a Royal Recommendation because it would involve new spending and establish a new oversight body. Senators Joan Fraser and Claudette Tardif argued against this, suggesting that any spending would be ancillary to the bill's main purpose and that the Senate should follow its own precedents. Senator Oliver and Senator Gerald J. Comeau reiterated their position that the bill necessitates a Royal Recommendation due to proposed new expenditures and the creation of a new body. Senators Tommy Banks and Anne C. Cools further debated the interpretation of "appropriation" and the application of Royal Recommendations in the Senate, with Senator Cools pointing out the need to identify specific appropriation clauses. Ultimately, the Speaker decided to suspend the point of order to allow the sponsoring senator, Senator Ringuette, to present further arguments at a later date.
The Senate debated Bill S-241 at second reading, with the primary focus being a procedural point of order concerning the necessity of a Royal Recommendation, while also covering other routine Senate business.
On November 19, 2009, the Senate debated Bill S-241, an Act to amend the Office of the Superintendent of Financial Institutions Act (credit and debit cards). This debate focused on a procedural point of order regarding whether the bill required a Royal Recommendation because it might involve government spending. Senator Pierrette Ringuette, the bill's sponsor, argued against the need for a Royal Recommendation, stating that the bill would utilize existing resources and that the Office of the Superintendent of Financial Institutions already exists. Senator Gerald J. Comeau and Senator Anne C. Cools also participated in the debate on this procedural matter, with Senator Cools citing precedents that suggest a Royal Recommendation is not always necessary if a bill confers a power for which Parliament must vote funds. The Speaker reserved a ruling on this point of order. The sitting also included statements on various topics, routine proceedings, and question period exchanges on issues such as child protection, the Prime Minister's visit to India, and the status of Omar Khadr.
During a Senate sitting on December 1, 2009, the chamber debated and made procedural decisions on several bills, including Bill S-241 concerning financial institutions, and addressed various public policy issues.
This Senate sitting on December 1, 2009, included discussions and procedural matters related to various bills and inquiries. Notably, the Senate considered Bill S-241, concerning amendments to the Office of the Superintendent of Financial Institutions Act regarding credit and debit cards. A point of order was raised arguing the bill should have originated with a Royal Recommendation due to potential financial implications. The Speaker ruled that the point of order was not established, allowing the debate on the bill's second reading to continue. Other proceedings included the first reading of Bill C-27 (Electronic Commerce Protection Bill) and debates on bills related to the Bank of Canada, Library and Archives of Canada, and Citizenship Act. The sitting also featured discussions on international issues, violence against women, World AIDS Day, and the long-gun registry. Several committee reports were adopted, and various notices of motions and inquiries were presented.
We don't have a plain-language summary for Third reading yet. The official source linked below is the full record.
We don't have a plain-language summary for First reading yet. The official source linked below is the full record.
We don't have a plain-language summary for Second reading yet. The official source linked below is the full record.
We don't have a plain-language summary for Consideration in committee yet. The official source linked below is the full record.
We don't have a plain-language summary for Report stage yet. The official source linked below is the full record.
We don't have a plain-language summary for Third reading yet. The official source linked below is the full record.
Debate and sitting links point to official parliamentary sources when LEGISinfo publishes them. Any plain-language discussion summaries should be generated from those official texts and reviewed before public display.
Vote Summary
This bill is still active. We only show vote counts after the legislature publishes a recorded division.
No published representative vote breakdown
This bill is still moving through the process. When a recorded division is published, representative positions can be listed here.
Official sources
Status, sponsor, votes, and timeline on this page are drawn from these official legislative sources and public records. Each summary above is attributed to its own source.
How this data is sourced