Government Interest Rate Cap to Remove up to $10.7 Billion from the Canadian Economy, Cut Off Millions of Canadians from Access to Loans

A new report conducted by Ernst & Young LLP, commissioned by the Canadian Lenders Association (CLA), highlights the severe, far-reaching consequences of the federal government's new interest rate cap. The study reveals that a reduction to the allowable rate of interest will remove $10.7 billion from the Canadian economy each year, eliminate nearly 50,000 jobs and cost borrowers up to $4.4 billion in additional interest payments to payday lenders and illegal lenders, as a result of being turned a

Related Keywords

Canada , Ottawa , Ontario , Canadians , Canadian , Gary Schwartz , Canadian Lenders Association , Ernst Young , Chief Executive Officer , Canadian Lenders , Federal Government , Criminal Code , Core Banking , Open Banking , Sustainable Finance , Rate Of Interest , Payday Lenders , Interest Rate Cap , La , Association , He Canadian Lenders Association , Canadian Economy ,