March 22nd, 2018

Strong Support for proposal on Postal Banking

OTTAWA – A proposal from the NDP that would see a special committee study the possibility of postal banking is receiving strong support from stakeholders. Postal banking is a sustainable solution that would offer services to Canadians across the country like accessible banking where no service is currently available and to those who cannot afford or choose not to use corporate banks.

“Now is the opportune time for Canada Post to explore alternative revenue streams such as postal banking,” said NDP Canada Post Critic Irene Mathyssen. “My motion M-166 will allow us to move forward with a plan that serves Canadians. Postal banking is sustainable, profitable and equitable, and will provide service where the big banks have abandoned people.”

The objective of M-166 is to create a special committee to examine and recommend a plan for a federal postal banking system administered under the Canada Post Corporation. There are international examples of successful postal banking initiatives including in Switzerland, France, New Zealand and Italy. The support for postal banking in Canada is widespread with small communities, poverty organizations and unions all showing support for the NDP motion.

"As we've seen recently in the media, thousands of Canadians in rural and remote communities are losing access to banking services," said NDP MP Karine Trudel. "Postal banking would allow for local service, and support economic development in these regions."

The NDP was joined by representatives from the Canadian Postmasters and Assistants Association, the Canadian Union of Postal Workers, ACORN, and the Mayor of Saint-Roch- des-Aulnaies, all speaking to the importance of postal banking and how it would benefit communities across Canada.

M-166 will be debated in the House for the first time on Friday March 23, 2018 at 1:30 pm