- cross-posted to:
- news@lemmy.world
- cross-posted to:
- news@lemmy.world
“Canada doesn’t allow American Banks to do business in Canada, but their banks flood the American Market. Oh, that seems fair to me, doesn’t it?” Trump wrote in a social media post
CNN and others debunked Trump’s claim a month ago.
“There’s nothing prohibiting American banks from operating here, including having retail branches,” Cristie Ford, a professor at the University of British Columbia’s law school, said in an email in February.
Canada tightly regulates the banking industry, and it requires various government approvals before a foreign-owned bank can open in the country. But U.S. banks have been operating in Canada for well over a century; the Canadian Bankers Association, an industry group, said in a February statement that “there are 16 U.S.-based bank subsidiaries and branches with around C$113 billion in assets currently operating in Canada” and that “U.S. banks now make up approximately half of all foreign bank assets in Canada.”
Tyler Meredith, former head of economic and fiscal policy for Prime Minister Justin Trudeau, noted on social media in February that Bank of America, Wells Fargo, Citigroup, U.S. Bank, JPMorgan, and Northern Trust are among the U.S. banks with current Canadian operations. You can see the others here and here.
Meredith said in an interview that “we take a very careful look at people who want to come into our banking sector, because we consider financial services to be a core asset to Canada and to the Canadian economy” and try hard to avoid the “cascading consequences” the world has seen with bank failures in the U.S
You must log in or register to comment.
*Lie
It’s not a claim. It’s a lie. Come on media, you can do this.
I really, really don’t think they can.
Here’s a list of them:
Amex Bank Citibank J.P. Morgan Bank Bank of America, National Association Bank of New York Mellon Capital One, Nation Association Citibank, National Association Comerica Bank Fifth Third Bank, National Association J.P. Morgan Chase Bank, National Association M&T Bank Northern Trust Company PNC Bank, National Association State Street Bank and Trust Company U.S. Bank National Association Wells Fargo Bank, National Association
If you recognize these names, I and many others would highly appreciate you moving your business elsewhere.
How do I choose which bank holds my mortgage?
By switching at renewal.
I’m assuming you went through a broker?
This may be a US vs Canada thing, but here in the states, your mortgage can just be sold off to another company without your consent. Super common to sign a new mortgage, and within 60-90 days, you’re already with a different company. It makes it almost impossible to dodge specific companies.
Ah, the difference is that I’m in the US. I wasn’t aware of the Canadian renewal system. That sounds like it could be disastrous for buyers’ interest rates.
If you have a US mortgage, mortgages are usually open so you would just refinance with a different institution, the penalties should be less than with Canadian term mortgages.
Depending on your rate though it would probably be a bad idea.
Yeah, I do have a good rate that I don’t want / can’t afford to lose.
The problem is that it seems I still have no control over who holds my mortgage in the end. They can apparently just sell it to someone else whenever they want. My mortgage changed hands twice before it ended up with a specific group of fuckers that I hate.
Nope, can’t be prevented in the US
They’re welcome to operate here, and pretty much always have been. Originally, VP Krasnov said amongst other things like fentanyl, we have to “open up” our banking. This I read as “deregulate” our banking to allow more risky, predatory, and derivative practices which served to crash Murca in '08, making a ton of money for those involved in the
bailoutwelfare payments.He is known to repeat his lies over and over again until people believe them.
This is the exact play of the nazis originating from hitlers book. Weird.
Big Lie:
I’d never gone and read anything Hitler had written. Maybe it’s partly the inherent inaccuracies introduced when translating something. Idk… whatever it was…that quote from Mein Kampf was absolutely insufferable. Not the topic, disgusting as it is. The…hmmm… slightly flowery, holier-than-thou-esque tone… patronising, like you’d speak to someone you think is really dumb. Which I guess probably was what was going on. Get the feeling Hitler thought he was a pretty smart cookie.
Someone come get their grandpa. He’s pooping in the flower bed again.
Trump would think that having standards for behaviour is a blanket ban on Americans, wouldn’t he? He doesn’t think highly of his people.
You heard em, Canadians! Half of your banking is done in American banks. You’re not going to stand for that, are you? It’s time to move what you’re able.
around C$113 billion in assets currently operating in Canada
American banks are such a tiny fraction of the Canadian banking sector, they’re basically a rounding error.
TD alone has $2 trillion in assets.
My bad, I misread what the article said. It is half of all foreign banking. Good catch.
I understand the sentiment, but just one thing to note/point out, without argument to your point or view.
These are American business that both employ Canadian people and pay Canadian taxes. The profits are American on the one hand, but the economic stimulus to Canada is a benefit on the other hand.
Personally I am a little conflicted in this, I don’t want to see Canadian people loose their jobs.
Though if a foreign owned company is operating inside of our borders with no Canadian presence this would be a no-brainer. I would probably want that type of company to double their resolve and invest in our people with in country manufacturing and production as a example.
Folks need banking, if people stopped using these US based banks they would use Canadian ones (or those from other countries? No idea who else has banks here). There would then be pressure on the other non-US banks to have more branches to service the additional people using their services. So theoretically same number of employed people employed, just under non-US banks.
HSBC used to be the big foreign bank but they sold to RBC recently.
Nearly every American company we interact with employs Canadians, if you don’t have the stomach for this you’re not going to do well in these next years.
We should use tariff revenues as well as wealth taxes and other means of economic redistribution to protect Canadian workers but we absolutely must go after American capitalists. Do you think American companies care about their workers? Regardless of nationality?
Every Canadian employed by an American is providing more profit to that American than they’re costing, that’s the nature of capitalism. They employ us out of convenience or because we’re cheaper to employ
As usual, Trump opened his mouth and lies flowed out.
