Stan Keyes Named as President of the Canadian Payday Loan Association

(Ottawa) – October 16, 2006 – The Canadian Payday Loan Association (CPLA) is pleased to announce the Hon. Stan Keyes as its new President. Mr. Keyes has a mandate to ensure the passage of federal and provincial legislation that will ensure a balance between strong consumer protection and a viable industry.

Mr. Keyes was most recently Canada’s Consul General in Boston and responsible for representing Canadian business interests throughout New England. Prior to his diplomatic posting, Mr. Keyes was a federal cabinet minister responsible for Revenue Canada, the Canadian Mint, Canada Post and Sport Canada.

“We are very fortunate to attract someone of Stan Keyes’ caliber and experience,” said Syd Franchuk, Chairman of the Board of the CPLA. “The next several years represent a critical time for consumers and the payday loan industry as each province will be introducing legislation to regulate the industry. Stan Keyes has all of the qualifications and experience necessary to work with provincial governments to ensure a balance between strong consumer protection and a viable industry.”

“I am very excited about this new role and new chapter in my life,” said Stan Keyes. “The payday loan industry is an important part of Canada’s financial services industry – and we need to ensure that provincial regulations put bad operators out of business while allowing the good operators to operate a viable business and serve the 1.5 million Canadians who use this product every year.”

The CPLA was formed three years ago with a mandate to obtain government regulation for the industry. On October 6, 2006, the federal government introduced Bill C-26 which will allow provinces to regulate the payday loan industry and set caps on the cost of borrowing. The provinces of British Columbia, Alberta, Saskatchewan, Manitoba, New Brunswick and Nova Scotia have all publicly committed to introducing provincial regulations in 2006 / 2007.

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