The federal government is withdrawing certain proposed changes to the Bank Act because of opposition from Quebec.
Finance Minister Bill Morneau confirmed Monday that provisions in Bill C-29 that would have allowed banks to circumvent Quebec’s consumer protection laws are being turfed.
Quebec Premier Philippe Couillard asked senators from the province last week to help block the legislation.
The senators had just begun studying the bill in committee when Morneau announced the Liberals were backtracking.
He has asked Peter Harder, the government’s representative in the Senate, to introduce an amendment to remove the provisions related to the banking sector.
Morneau says legislation will be reintroduced in the next few months.
“We’ve listened to Quebecers about their concern that they have a high level of protection in the banking sector,” he told reporters.