Bill S-201 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, 3rd 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-201 amends the Office of the Superintendent of Financial Institutions Act to give the Superintendent new responsibilities to monitor credit and debit card use in Canada and make recommendations about it.
Bill S-201 proposes to change federal law so that the Superintendent of Financial Institutions has a new job: watching how credit and debit cards are used in Canada and giving advice about how things could work better. The Superintendent would have to: - Keep track of and publish information about credit and debit cards, including how the payment system works, what fees people pay, and how user information is protected - Make recommendations for improvements, including recommendations to change laws if needed - Talk to the Financial Consumer Agency of Canada about these issues - Talk to provincial governments about things that are their responsibility - Write a report to the Minister within two months of the end of each year about what they found - Include recommendations in that report and information about what the government did with previous recommendations The Minister would have to write back to the Superintendent with a response to the recommendations. The Superintendent would not be limited by normal rules that usually prevent them from looking at consumer protection matters—they would be allowed to examine and report on these things.
- Adds a new purpose to the Office of the Superintendent of Financial Institutions Act: to create an oversight body that monitors and makes recommendations about credit and debit card use in Canada
- Gives the Superintendent the duty to monitor and publish information about credit and debit cards, including payment system operations, fees and charges, and user privacy protection
- Requires the Superintendent to make recommendations, including recommendations for changes to law, as the Superintendent considers appropriate
- 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 about matters under provincial responsibility
- Allows the Superintendent to examine and report on consumer protection matters related to credit and debit cards without normal restrictions
- Requires the Superintendent to submit a yearly report to the Minister within two months after the fiscal year ends, describing duties performed and including recommendations
- Requires the yearly report to include information about what the government has done with recommendations from previous years
- 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
- The Superintendent of Financial Institutions (gains new monitoring and recommendation duties)
- The Financial Consumer Agency of Canada (must be consulted by the Superintendent)
- Provincial authorities (must be consulted by the Superintendent on provincial matters)
- The Minister of Finance (must respond to the Superintendent's recommendations)
- Credit and debit card users in Canada (subject of monitoring regarding their privacy and the fees they pay)
- Financial institutions offering credit and debit cards (their operations and fees will be monitored)
- The Superintendent must monitor and publish information about credit and debit card use, payment system operations, fees and charges, and user privacy (section 7.2(1)(a))
- The Superintendent must make recommendations about credit and debit cards, including recommendations for legal changes (section 7.2(1)(b))
- The Superintendent must consult with the Financial Consumer Agency of Canada when carrying out these duties (section 7.2(2)(a))
- The Superintendent must consult with provincial authorities about matters under provincial responsibility (section 7.2(2)(b))
- The Superintendent is not restricted by normal rules from examining and reporting on consumer protection matters related to credit and debit cards (section 7.2(3))
- The Superintendent must submit a report to the Minister within two months after the end of each fiscal year (section 7.3(1))
- The report must include recommendations and information about government action on previous recommendations (section 7.3(2))
- The Minister must respond to the Superintendent's recommendations (section 7.3(3))
- The Superintendent's report and the Minister's response must be included in the Superintendent's annual report (section 7.3(4))
- Bill was introduced for first reading on March 4, 2010
- Superintendent must submit a report within two months after the end of each fiscal year
- The bill text does not specify what enforcement powers or penalties the Superintendent would have if financial institutions do not comply with any requirements
- The bill text does not specify what resources or budget the Superintendent would receive to carry out these new duties
- The bill text does not define what specific issues or metrics the Superintendent should prioritize when monitoring credit and debit cards
- The bill text does not specify whether the Superintendent's recommendations are binding or advisory only
- The bill text does not specify what happens if the Minister does not respond to recommendations or does not implement them
- The bill is still at the committee stage and has not been passed into law
The Act gets a new stated purpose (to have the Superintendent monitor and make recommendations about credit and debit cards) and two new sections (7.2 and 7.3) that set out the Superintendent's duties regarding credit and debit cards, requirements for consultation, reporting, and the Minister's response obligations.
Source: Section 1 renumbers section 3.1 as subsection 3.1(1) and adds subsection 3.1(2); Section 2 adds new sections 7.2 and 7.3
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-201, concerning credit and debit cards, completed its first reading in the Senate on March 4, 2010, and was subsequently referred to committee after second reading speeches.
This artifact describes the procedural steps for Bill S-201 in the Senate. It indicates that the bill received its first reading on March 4, 2010. Subsequently, it moved to second reading on March 10, 2010, where major speeches were made. The bill was then referred to a committee on March 30, 2010, for consideration. The artifact lists several dates when the bill was considered in committee, spanning from June 2010 to March 2011. The current status noted is 'At consideration in committee in the Senate'. The artifact also mentions a similar bill, S-241, introduced in the same Parliament.
During a Senate sitting on March 4, 2010, routine proceedings occurred, including the first reading of Bill S-201 concerning credit and debit cards, alongside tributes and committee reports.
This artifact is a record of the Senate sitting on March 4, 2010. The sitting included a silent tribute to soldiers who died in Afghanistan, a reminder about seating arrangements for the budget speech, and congratulations to newly appointed senators. It also records the tabling of various Senate documents and estimates, the presentation of committee reports, and notices of inquiry on various topics. Notably, Bill S-201, "An Act to amend the Office of the Superintendent of Financial Institutions Act (credit and debit cards)," and Bill S-202, "An Act to amend the Canadian Payments Act (debit card payment systems)," were both given first reading.
Bill S-201 completed its second reading in the Senate and was referred to committee.
This artifact details the procedural steps of Bill S-201 in the Senate. The bill completed its second reading on March 10, 2010. Following this, it was referred to a committee on March 30, 2010, and has since been considered in committee on multiple dates. The record also notes that similar legislation, Bill S-241, has been introduced in the same Parliament.
During the Senate's second reading debate on Bill S-201 concerning credit and debit cards, the debate was adjourned, and the sitting included other parliamentary business and discussions.
On March 10, 2010, the Senate met for a second reading debate on Bill S-201, an Act to amend the Office of the Superintendent of Financial Institutions Act concerning credit and debit cards. The debate was adjourned to a later date. The sitting also included tributes, the tabling of committee reports, the introduction of new bills, notices of motions, and discussions on various other topics including the Budget 2010, overtime expenses, harmonized sales tax, access to information requests, francophone broadcasting services, and funding for the Arctic Winter Games. The Senate also adopted several procedural motions regarding committee meetings and electronic coverage.
During the Senate's second reading debate on Bill S-201, the sponsor highlighted the need for greater fairness and transparency in credit and debit card fees and charges, proposing to give the Office of the Superintendent of Financial Institutions a role in monitoring and recommending changes.
This record details a Senate debate on March 10, 2010, concerning Bill S-201, An Act to amend the Office of the Superintendent of Financial Institutions Act (credit and debit cards). Senator Pierrette Ringuette sponsored the bill, explaining that it aims to increase transparency and fairness in the credit and debit card systems. She highlighted concerns raised by consumers and small businesses regarding high fees and interest rates, especially in the context of recent large profits reported by Canadian banks. The bill proposes to expand the mandate of the Office of the Superintendent of Financial Institutions to monitor and recommend changes to fees and charges. The debate also touched upon other Senate business, including tributes, committee reports, other bills, and discussions on the economy and international events.
During a Senate sitting on March 30, 2010, senators discussed various issues, tabled reports, and debated bills including Bill S-201 (credit and debit cards), while also engaging in significant discussions on freedom of speech and the televising of Senate proceedings.
This record details a Senate sitting on March 30, 2010. The sitting included Senators' Statements on various topics such as Canada's role in Afghanistan and literacy skills, followed by Routine Proceedings where annual reports were tabled. The Question Period addressed topics like the Canadian Council on Learning and autism spectrum disorder. The Orders of the Day included debates on budget inquiries, the Speech from the Throne, and the second reading of various bills, including Bill S-201, An Act to amend the Office of the Superintendent of Financial Institutions Act (credit and debit cards), which was referred to committee. Other significant discussions involved amendments to the Bankruptcy and Insolvency Act concerning unfunded pension plan liabilities and long-term disability benefits, as well as inquiries on the erosion of freedom of speech and the televising of Senate proceedings.
During the Senate's second reading debate on Bill S-201, Senator Stephen Greene argued that the bill would not effectively address Canadians' financial literacy needs and that the government's existing and planned initiatives, including new credit card regulations, were a more appropriate approach.
On March 30, 2010, the Senate debated Bill S-201, which aims to amend the Office of the Superintendent of Financial Institutions Act concerning credit and debit cards. During the second reading debate, Senator Stephen Greene expressed that while the bill's objective may seem harmless, it would not significantly help Canadians deal with financial turmoil or improve financial literacy, which he argued is crucial. He highlighted the complexity of modern financial products and the need for better financial education. Senator Greene suggested that the Financial Consumer Agency of Canada (FCAC) already provides resources and that the government has increased funding for financial literacy initiatives and established a task force for a national strategy. He also detailed new regulations for credit card practices that were announced by the Minister of Finance, which received positive reactions from various consumer and business groups. He concluded by stating that the government's approach of promoting disclosure, competition, and choice, along with its measures to improve financial literacy and regulate credit card practices, is a better path than the approach proposed in Bill S-201. He argued that Bill S-201 would impose an "Ottawa-made" solution without stakeholder input and that the Office of the Superintendent of Financial Institutions (OSFI) is not the appropriate body to monitor market conduct, as its mandate is prudential regulation. For these reasons, he urged senators to vote against the bill.
Bill S-201, concerning credit and debit cards, was at the 'Consideration in committee' stage in the Senate as of March 3, 2011, with multiple committee meetings having occurred but the stage not yet completed.
This artifact describes the procedural stage of Bill S-201, an Act to amend the Office of the Superintendent of Financial Institutions Act (credit and debit cards), in the Senate. Specifically, it indicates that the bill was at the 'Consideration in committee' stage as of March 3, 2011, and that this stage was not completed. The record shows the bill was referred to committee on March 30, 2010, after its first reading on March 4, 2010, and second reading on March 10, 2010. It lists several dates between June 2010 and March 2011 when the committee considered the bill. The artifact also notes major speeches made during the second reading, including from the sponsor, Pierrette Ringuette, and a response from Stephen Greene.
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.
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