ACORN Canada

ACORN Canada

December 09, 2015 11:09 ET

Media Advisory: ACORN members welcome Orazietti's announcement as a step towards Fair Banking in Ontario!

TORONTO, ONTARIO--(Marketwired - Dec. 9, 2015) - 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 toronto@acorncanada.org

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

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