Finding Backing and Credit Services for Low-Income Consumers

May 4, 2012

PROVINCE LOOKS FOR WAYS TO HELP LOW-INCOME CONSUMERS ACCESS BANKING, CREDIT SERVICES

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Conference to Explore Alternatives to Payday Lending for Manitobans Who Can't Access Mainstream Financial Services: Rondeau

The province will join with community partners in June to offer a conference that will explore alternatives to payday lending for consumers who may not be able to access mainstream financial services, Healthy Living, Seniors and Consumer Affairs Minister Jim Rondeau announced today.
“We have already introduced limits on payday lending fees to protect Manitobans from unfair charges,” said Rondeau.  “The next step is to help low-income people get appropriate financial services in their communities.  This conference will explore ways to do that.”
The conference, called Creating Community Options for Financial Services, will take place June 12 to 14 at the Centre Culturel Franco-Manitobain in Winnipeg.  Conference partners will include:

• Community Financial Counselling Services;
• Community Financial Services Centre;
• Consumers’ Association of Canada (Manitoba);
• Manitoba Consumer Protection Office; and
• Public Interest Law Centre, Legal Aid Manitoba.

“Payday lending and other high-interest credit options create significant challenges for consumers who do not have access to mainstream financial services,” said John Silver, executive director of Community Financial Counselling Services.  “New ideas are needed about how to help people connect to lower-cost alternatives.”
“We are pleased to collaborate with the province and community and industry members in order to address this important issue” said Gloria Desorcy, executive director of the Consumers’ Association of Canada (Manitoba).  “Conference attendees will assist in facilitating the development of a strategy for creating accessible and local options for basic banking and credit services.”
Community groups, consumer advocates, industry representatives, credit counsellors, researchers and policy makers are all invited to attend.  The event will feature speakers with local, national and international experience in basic banking and credit alternatives as well as financial literacy programs.

The province has provided $10,000 for the conference through the Manitoba Payday Borrowers’ Financial Literacy Fund.  The fund is supported by a levy paid by Manitoba’s payday lenders, and aligns with the priorities of ALL Aboard, Manitoba’s poverty reduction and social inclusion strategy. 
More information about the conference is available at www.gov.mb.ca/finance/literacy/community  or by contacting the Consumer Protection Office at 204-945-3800 or 1-800-782-0067 (toll-free) in Manitoba, or via e-mail at consumers@gov.mb.ca.

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