COVID-19 and the Regulation of Alternative Financial Services
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Authors
Akrong, Kevin
Henderson, Gail E.
Date
2021
Type
journal article
Language
en
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Alternative Title
Abstract
This article explores how the COVID-19 pandemic has exposed and exacerbated existing inequalities with respect to access to basic financial services in Canada. The authors examine changes made to the regulation of financial products in the wake of the pandemic in order to expose the need to ensure that these regulations protect the ability of all Canadians to meet their needs and financial obligations. Part IA compares the regulation of government cheques cashed at banks and alternative service providers. Part IB analyzes Ontario’s changes to the regulation of institutions providing payday loans and warns that the current regulatory scheme leaves a gap in the regulation of installment loans. Part II provides an overview of voluntary credit relief programs offered in response to the pandemic and discusses how taking advantage of these programs may impact a borrower’s credit score. Part III cautions that financial stress as a result of the pandemic may lead to those with poor or no credit history to turn to so called “credit repair loans”. The authors conclude by expressing their hope that the pandemic will generate the political will to work towards a regulatory system for financial produces that meets the needs of all Canadians.
Description
Citation
Akrong, Kevin and Henderson, Gail E. "COVID-19 and the Regulation of Alternative Financial Services" (2021). 46 Queen's Law Journal. 357-372
Publisher
Queen's University at Kingston
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External DOI
ISSN
0316-778X