March 2nd, 2011 - Today, ACORN Canada members from 20 chapters nationwide will be

holding rallies and pickets to call on the Provincial Governments and the Financial Consumer
Agency of Canada (FCAC) to take immediate steps to regulate the remittance industry.

The fees taken by this $400 billon industry have been estimated by the World Bank at $44.4
billion. This industry is completely unregulated in Canada, and is charging hardworking
Canadian families exorbinant fee's and depriving much needed income from some of the
world poorest communities.

Canadian's are working long hours to help support family living outside of Canada only to
have an exorbitant fee taken. “How is it right for these multi-billion dollar banks to
make a profit off of impoverishment,” says ACORN Canada Member Michelle
Walrond.

For instance: to send $100USD to Mexico from a TD Bank location in Toronto, it can cost up
to $30CAD transfer fee plus a $5.91CAD exchange rate fee. On top of this, the receiver may
be charged an addition fee at the time of pickup. This has people paying over $35 CAD to
send $100CAD back to their families abroad.

Members from across the country have come together to demand the creation of following
measures by the Provincial Ministries of Finance and the FCAC:

► Transparency: Full disclosure is needed on the costs of remittance payments by banks

and Money Transfer Organizations.

► Regulation: Comprehensive regulation on remittance transfers charged by supervised

banks and MTOs for sending or receiving. The regulations must include a maximum cost of
remitting that includes all applicable fees, to be no more then 5% of the amount remitted,
as recommended by the World Bank.

Contact
Metro Vancouver: John Anderson: 778-385-4385
Ottawa: Jill O'Reilly 613-808-6523
Hamilton: James Wardlaw 905-818-0478
Toronto: Tatiana Jaunzems: 416-450-0341
Other: Judy Duncan: 416-996-6401
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ACORN Canada is an independent national organization of low and moderate income

families. With 30,000 members organized into 20 neighbourhood chapters in 6 cities across
Canada we've been organizing to win a Canada where low and moderate income families
have their voices heard and their power felt since 2004.

Uniting Communities for Justice www.acorncanda.org

1324 Danforth Ave. Toronto, Ontario M4J 1M9
416-461-9233 / acorncanada@acorncanada.org