00:15:59.660And so that's where you would see more of the blockchain going.
00:16:02.980So when I say they've been exploring and doing this in Canada, they have been in the United States. We've been doing it in Canada now since 2017, 18. There's been two real major proponents in about 2020 that have been flushing out the details of how central bank digital currency may operate in Canada.
00:16:22.780And there's two financial institutions that have been doing that, requested by the Bank of Canada, who has been asked to look at a framework for central bank digital currency, not to deploy, as you stated there, Shadow, that's correct, they cannot, that has to be from Parliament pass.
00:16:43.480But they've also been asked, and there's a bill that was put in through the Senate, and you can go back and the viewers can go and look at this, that's been passed to look at a framework in 2019.
00:16:55.500Subsequently, they have been working at a framework.
00:16:58.680Now, they gave the first blush, as I mentioned, early on just to see if it's viable, what could happen, what would go on.
00:17:05.800Subsequently, one of the institutions that went through the trial actually got involved in the U.S. in their trial.
00:17:14.320And so we had a Canadian entity that was actually a financial institution that was actually working with the feds in the United States on their central bank digital currency.
00:17:24.100What that share is, I tell you, I can't speak to that.
00:17:27.560I don't know. It's very quiet. They give you one liners in an article and that's it. You don't get no detail.
00:17:35.020But I'll tell you, if you want to go to the Bank of Canada, I suggest your viewers take a look.
00:17:39.840Bank of Canada, it has on there their central bank digital currency, the framework, what they're looking at, how they're reviewing it, who they're engaging with.
00:17:47.840What are their findings to this point?
00:17:49.780There was an individual that was hired about two and a half years ago, roughly, to look at setting up the backside of it.
00:17:58.680In other words, the financial, the tool, be it blockchain, be it whatever that's going to run this.
00:18:05.120Again, that's not really been disclosed as to how far down that road they've been, but there is information out there.
00:18:11.900It's possibly blockchain, maybe some modifications to it could be AI engaging.
00:18:18.720That we don't know because that's what they're working on with this framework.
00:18:22.540So I can't really say that they've got it finalized yet because they haven't.
00:18:27.600there is well you know it's not so much the technology i think that most people have got
00:18:34.840a problem with for example if you go to a grocery store and you want to use the instant checkout you
00:18:40.280know that's fine go ahead but as long as the cashiers are available as long as i have the
00:18:45.400option to use cash i don't want to have to use my car today by the way in my opinion that slows
00:18:50.380things down as opposed to speeding things up which is the initial reason they told us it was going to
00:18:54.620be such a great thing um but you know and again this new technology central bank digital currencies
00:19:01.120i haven't got a problem with it what i've got a problem with is that they can apparently be
00:19:06.320programmed so they operate like coupons and that there will be no actual physical currency that we
00:19:13.340can use to make transactions with any place and they're starting you know because i know that the
00:19:19.920government's got uh programs out there for small and medium-sized businesses to go all i don't want
00:19:27.160to say digital but to go all cashless and so you're seeing a lot of that happen now they are pushing
00:19:33.020that they are pushing it a lot and i will speak to that a little bit here there has been a lot of
00:19:38.020challenges with that because there are not and the bank of canada has clearly stated unless there's a
00:19:43.860directive that changes that that the currency monetary currency paper money will still be in
00:19:50.300existence and the central bank digital currency if introduced would be working in parallel they
00:19:56.880would not eliminate one with the other now that all said they have had experiences that have been
00:20:03.120going on around the world everybody knows very well what goes on in china they're they're concerned
00:20:08.400about what goes on for that social monitoring and social credits and so on.
00:20:13.000I'll give you another example, and I don't know if people know this,
00:20:16.440but India last year, with 1.5 billion people,
00:20:20.600that is more than China in population,
00:33:17.640And that was some of the pressures we had got back on some of our marketing campaigns.
00:33:22.040So, you know, free to say that. But it's BBC Gold and we're working with our regulators.
00:33:28.480We have a good working relationship with them and they understand our position.
00:33:32.940We understand their position. But we have other people that come in and, you know, organizations or a group that'll have some concerns or people that express some concerns about, you know, you don't.
00:33:43.600why do you support a hockey club and certain things to this nature with
00:33:48.060sponsorships? I think it's brutal and on and on and on, you know,
00:33:52.340we always get that. And I think any organization would,
00:33:55.460but it's just something we've done. You know,
00:33:58.160we're Canadian boys and girls and we all play hockey one time. And so,
00:34:03.520you know, when a minor team comes up and says, Hey,
00:34:05.880would you like to sponsor us and put your board up there? And yeah,
00:34:10.000that's so normal that is so normal it is right i mean it's just so community and canadian that's
00:34:18.760exactly what that is and again when i ask you like i say they you say regulators so you haven't had
00:34:24.740any special interest groups come up in your face and go yes with the rainbows because i i know other
00:34:32.300businesses that's happened to and and some knuckle under and some will push back and say no we're not
00:34:38.300going to do that always trying to maintain the most even of temper right yeah no and i mean that's
00:34:44.340fine they can come and push forward their positions but we have our core values we have a position
00:34:50.320and we're not having influences to change those core values our core values have always been there
00:34:56.040it's not like they just started two years ago or three years ago um where you're hearing that very
00:35:02.040comment there shadow where you're hearing the pressures and they bend we're not bending we're
00:35:06.980just staying normal like we were and so that causes confusion i believe so everything gets
00:35:13.040mixed up people then say well what are you really standing for like i said go to our website that's
00:35:19.440what it says we haven't changed uh yes there's groups that'll come by and say certain things
00:35:24.540or want us to do certain things listen if it fits within any kind of sponsorship fantastic but if
00:35:30.800it's promoting something we're not going to do that we're a financial institution exactly so let
00:35:36.500Let me ask you about FinTrack. This is something, by the way, Kevin and I talked about, guys, before we went live tonight.
00:35:42.780This is Kevin Karpovich. If you're joining the show late, he is the chairman of the board of Bow Valley Credit Union.
00:35:48.220Thank you again, Kevin, for coming on the show tonight.
00:35:51.020You talked about FinTrack as I was talking about digital banking.
00:35:54.300We've explored digital banking to a degree, but you said there were more devious things that are going on in our legislation right now that need to be looked at.
00:36:03.740And FinTrack is one of them. Specifically, you talked about what happened during the Emergency Act declaration a couple of years ago during the Freedom Convoy. Can you elaborate, please, for the viewers?
00:36:14.760Yeah, I sure can. You know, back then, everybody heard about the Emergency Act that was invoked, obviously. But there was also another thing that was invoked. It was called the Emergency Measures Order.
00:36:24.660and that allows the government to take control of all aspects of finances and everything when
00:36:31.960they put the order in place as however they write it out and it was very specifically written
00:36:36.680that you know if there was any proceeds from a situation that could cause problems and I don't
00:36:43.280know if anybody ever watched the National Citizen Inquiry NCI but I think I only put that plug for
00:36:50.260this reason it was very evident and it showed in that as well as the public hearing that there
00:36:56.240were some scribblings that were made by christina freeland the minister of finance in her tablet and
00:37:02.080it was shown on television this is not new um and it was expressed why was that written down
00:37:08.240and whatever the marriott of conversation developed the point is the word was used was
00:37:14.560called terrorist and proceeds of crime for terrorism. And so, you know, the comment has
00:37:22.780always been said, well, why didn't all the banks push back? You know, well, they did. I mean,
00:37:26.760they said you can't shut down bank accounts. The emergency measures order was a mechanism for the
00:37:31.960federal government to invoke control. There was potentials that there was, and you may have heard
00:37:38.620other things of overthrow the government and all kinds of conversation. So we just sat back and
00:37:44.400just looked at this and said, okay, well, what does this really mean here? And let's see some
00:37:48.300evidence towards this. And since there was nothing coming forward, it was concerning that I can't
00:37:54.640speak to the other financial institutions as to their decision-making process. But the word
00:38:00.200terrorist was utilized. Now, if you understand FinTrack, which, and I guess for everybody's
00:38:06.020understanding, that actually is the financial risks. And so I'm just going to take a quick
00:38:14.400Pick here. And I'm just going to pull something here for myself quickly, just so I can enunciate it properly, because I always get it wrong. I call it FinTrack. It's the Financial Transactions and Reports Analysis Center. And what that does is that's an arm of basically the finance minister who can invoke changes of watching and monitoring money.
00:38:37.560And I guess people were watching some of the things that were going on, but the changes, if you were to read the actually emergency measures order, it conveyed as well as Christine Freeland, when she was on stage, said that, you know, we have to tighten up Fintrack and Fintrack has to be able to monitor these terrorist activities and the proceeds from crime and money laundering.
00:39:05.160And subsequently, there was a comment that was made and that she would be invoking in her budget in 2023, some changes.
00:39:13.600So there is five acts that are right now currently under review with, and this is where I'll get to the Bank Act, as I mentioned, I would get back to, is the Bank Act is one, the Insurance Companies Act, the Trust and Loan Companies Act, the Office of Superintendent of Financial Institutions Act, which is OSFI.
00:39:34.180who govern all the financial, federally regulated institutions,
00:39:38.540predominantly the banks, and proceeds of crime, money laundering,
00:39:42.800and terrorist activity, which is an acronym is PCMLA.
00:39:46.840You can look up that and just type in FINTRAC, F-I-N-T-R-A-C,
00:39:51.180and you can read to your heart's content.
00:39:52.840But the whole intent of that was those are all very powerful acts.
00:39:58.860speaking to the fact of OSFI getting basically more FinTrack, more teeth and OSFI getting more
00:40:07.360teeth to monitor things. So when I said central bank digital currency is concerning, it is no
00:40:13.300question. But these controls are more concerning than the central bank being the one giving out
00:40:19.840the money. So the Bank Act and everybody, and I think Shadow, we had spoke about it before.
00:40:25.760and that was regarding you know what's going on with the bank act holy cow the banks are all going
00:40:30.520to close june 2025 well i want to bring that up but if you want to bring it up now i'll just flash
00:40:35.620this up on the screen here uh for people this is part of the bank act here uh and the sunset
00:40:40.880provision says and pierre poly i was even asked about this by a uh a vlogger a sub subject to
00:40:49.240subsections two and four banks shall not carry on business and authorized foreign banks shall not
00:40:53.700carry on business in canada after june 30th 2025 and i've been trying to make sense of that for a
00:40:59.420while now is that what you you're going to throw that up now i'd love to hear yeah absolutely so
00:41:05.580i'll uh i'll go to the i'll read the act and then what i'll do is i'll go back to give you some
00:41:10.260history on that okay so what what that is is so this is after basically june 30 that date has
00:41:17.240been changed. Now, what this is, is basically the governor of council or the parliament has to
00:41:24.940review and their documents that they need to review is the Bank Act. And so when they do that,
00:41:32.040this thing was originally passed and invoked. I'll go to history. It's probably a better way
00:41:35.620to do it. 1871. And just so everybody understands, this Bank Act has been around for a long time.
00:41:41.220This did not come up new. And so historically, what they did is on a decennial or 10 year basis, they would review it to ensure that the process, the whole banking acts and process of banking was current.
00:41:57.320That was the whole plan, and they maintained that for years, and that continued until 1992.
00:42:04.600In 1992, they felt that there was too many changes happening with computers being more prevalent and things going on with banking.
00:42:12.720Instead of having bank books, you had computers and online banking.
00:42:16.560They changed it to five years, saying, hey, technology, everything's speeding up, so five years.
00:42:21.920So it was written in the act as five years.
00:42:25.060Now, the act, did I mention that Parliament has to agree to this every four years as brought up in the fifth year, they have to approve it. So anybody who's an MP for any period of time, more than five years, will have had to vote on this period, Bank Act. I think Mr. Poliev has been there a while, so he would have seen these before.
00:42:49.240so that's maybe it was the way it was presented to him i don't know but uh yeah he said he hadn't
00:42:55.620heard of it before he would have to look into it so if it's if it's something that you're talking
00:43:00.080about is it's been there since 1871 and it seems to get renewed or at least revised every five
00:43:05.820okay yeah there's a bit of a catch that kind of catches up here a little bit because that was
00:43:10.840every five years so that was the sunset or the sunset set clause sorry in 2016 17 budget uh bill
00:43:20.080morneau if you remember was the minister of finance and at the time there they proposed an extension
00:43:26.240because it was coming due in that year basically and they proposed an extension for two years to
00:43:32.760move it out to 2019, March. They did not do anything, again, until they said, okay, we're
00:43:42.040going to pass the Act as it is, and it will ride up until the Act would be basically 2023. And it
00:43:49.200was to come due again. So what they did, though, is back in April of 2021, the federal government
00:43:58.080announced that there was more changes coming in the bank act and they wanted to address those
00:44:04.320and they pushed it off from as i mentioned to you back in the budget 2023 the bank act
00:44:10.040because what they wanted to do they felt that they needed to isolate the insurance companies act
00:44:15.400because most of the banks rbc bmo td all had insurance branches or arms that you could go
00:44:22.740to the front teller and get insurance and deposit money. They felt the government at the time felt
00:44:28.820that this was basically not separating the opportunity and the people's knowledge to buy
00:44:35.420insurance separate. And they shouldn't sell both at the same place. So there was a divesture of
00:44:40.760insurance companies. And you probably know that, you know, RBC sold their RBC insurance to, I think
00:44:45.560it's Aviva and TD and all the rest. That was the reason. When they did that, the big challenge is,
00:44:52.020of course, the insurance guys are all pushing on them now saying, hey, well, when is the act
00:44:56.700going to be in place? You're just letting the bank still carry this on. So when you asked about
00:45:01.960do banks have power? Yeah, I think so. I think they're kind of pushing them saying, hey, maybe
00:45:05.500we don't want to get out of it just yet, or we haven't finalized the deals. So don't chastise
00:45:10.500us for not getting out of the insurance company. And that said, what they did is they've now moved
00:45:16.740it to June 30. Now, here's the big change that people probably didn't know. Either at the time
00:45:24.960in 2017, instead of using five years, they decided they were going to put in a date.
00:45:31.480Everything since 2016 has a date. So it's a drop dead date. So the drop dead date before was
00:45:39.240actually March 29, 2023. Traditionally, the Bank Act has always been reviewed closer to the fall
00:45:47.660or mid-year. So what they did is that they said, oh, let's extend it in 2023 so we can deal with
00:45:55.200the Insurance Act. And we have a bunch of things we want to change in the Bank Act. And so that's
00:46:00.360why you now see it extended to June 30, 2025. So sometime later in this year. So nobody should
00:46:08.380worry that all the banks are going to have to fold their tent in June of 2025. And then the
00:46:13.620central bank digital currency is going to come into play and the world government's going to
00:46:17.320take over. So no, we don't know. Okay. Not yet anyway. Well, actually there's, I mentioned,
00:46:25.280yeah. You know, I can never say never, but the way it's rolling now, schedule three banks are
00:46:31.800basically institutions that are foreign entities that are residing in Canada, but not necessarily
00:46:38.360taking deposits into their front door. They could be doing other things, but not necessarily. They
00:46:45.340have to get a special permission and that's under the Bank Act. So that directly affects them this
00:46:51.400June 30 date. And the reason I bring that up is so everybody understand there's a lot of things
00:46:55.800going on with foreign banks. And so everybody's kind of like, oh, what's going on? Why is this
00:46:59.800Chinese bank doing this and that? And there's reasons for some things I believe in the background,
00:47:05.120But I, you know, like everybody else, we can speculate, but I don't want to go say that.
00:47:09.480The other thing is, as long as we say it's speculation, Kev, I don't think anybody has to worry about it.
00:47:14.640But then again, I mean, I understand what you're saying.
00:47:17.280Yeah. And I mean, that's, but that's the reason those banks actually, the Schedule 3 banks are foreign banks.
00:47:23.180So there's Schedule 2 banks, which then can take deposits.
00:47:26.800And those are, you know, like your, I guess your president's choice, you know, those type where Canadian tire.
00:47:34.040those are ing those are the other ones that are not necessarily your schedule ones which are the
00:47:40.560six big banks as you mentioned earlier like rbcb motd right right so let's go let's go back to the
00:47:47.300fin track discussion and what happened during the emergencies act when christy freeland excuse me
00:47:55.180when sorry when trudeau invoked it and freeland started uh coming to the bank executives to you
00:48:02.060guys and saying all right this is what we want you to do we want you to start freezing accounts
00:48:06.080yeah my question to kevin you guys before the show began tonight was if you put all of the
00:48:12.160banking institutions in this country together we're talking about trillions of dollars am i
00:48:17.500correct in saying that yes that's power and all it would take would be a couple of leaders or
00:48:28.220board members or boards of the large banks to say we're not doing that it's illegal you have not
00:48:34.440shown the rationale behind the invocation of this emergencies act to my satisfaction
00:48:40.020and we are going to be freezing the bank accounts of longtime customers we're going to be wrecking
00:48:45.680people's lives essentially here could they not with the power that they wield and all of that
00:48:50.820money could they not have just told justin trudeau and christia freeland to go pound salt i mean what
00:48:55.660what are the liberals going to do to them seriously i mean you're going to send in the rcmp
00:49:00.060to the rbc give me a break i don't think so well it's up to each institution but what they did use
00:49:07.460is the word terrorist and so under these new rules that were provided under fin track it's actually
00:49:14.560saying that listen it's actually proceeds of crime and so if it's terrorists and their label
00:49:20.240as a terrorist, monies collected for a terrorist organization group, committee, could be considered
00:49:27.480terrorist activity. Thereby, that's why I say each organization makes their own decisions.
00:49:33.900How and why? Great question. I say that the wielding of the sword came from FinTrack, which
00:49:41.320is basically monitoring what's going on. And those controls can be provided by the Minister of
00:49:47.680finance in this case so if fintrack says we want this yes like can can the bank say sorry we're
00:49:56.120not doing that or are you like obliged to follow their lead the by law there is obligation that
00:50:04.680you need to abide to their rules that said does not mean you cannot ask back for evidence and proof
00:50:10.440of uh whatever conditions are necessary to do that and i mean even if we look at what what
00:50:18.220happened back then they're using the word terrorist as you point out you correctly point
00:50:21.640that out and and we saw that in the uh emergencies commission the justice ruleau commission there
00:50:26.600where as you say freeland kept using the word terrorist all of the liberal ministers did even
00:50:30.800trudeau they pounded home relentlessly the word terrorist during the house of common sessions at
00:50:35.960that time every single left-wing corporate media was talking about terrorists and we know for a
00:50:41.760fact there were no terrorists down there we also know for a fact that 95 percent of the money that
00:50:48.660was raised both times by the freedom convoy first through gofundme and then through give send go
00:50:54.240was local meaning canadian it wasn't coming in from some you know some extreme right-wing group
00:51:01.480in europe or in the united states it was small donations coming in 10 20 50 dollars from canadians
00:51:09.260all across the country knowing what we know now could the banks possibly go back to the federal
00:51:16.900government and say you guys lied to us you guys made us breach our promise to our customers
00:51:23.440and we're going to hold you liable the banks kevin are worth trillions as we've pointed out
00:51:29.840Could they not sue the government for making them do that wrongfully?
00:51:34.020And it's been proven now by the Federal Court of Canada that the invocation of the Emergencies Act was, in fact, against the Charter of Rights, making it illegal.
00:51:45.920That's right. And it'd be up to those institutions to pursue that.
00:51:49.140I mean, there is individuals that are taking institutions, banks, even credit unions to task regarding the fact that they've had their bank accounts frozen.
00:51:59.840And rightly so. And could those institutions themselves pursue that? Absolutely, they could. But again, that's their corporate decision as to how they want to proceed. And again, being not engaged and not doing any of those activities ourselves, I'm leaving up to them to make that choice.
00:52:18.600And I would say for them that, you know, if anybody has a voice, I always say, listen, you have more power than you believe.
00:52:27.300And indeed, you need to voice that concern.
00:52:29.860And if you so choose, that may be something you might want to pursue.
00:52:34.620Let me ask you, you guys are a financial institution backed by gold.
00:54:46.020I think it's always a wise to be divested in any of your investing.
00:54:50.340And that's just something we thought we as an organization should be looking at as well.
00:54:54.820We should be looking at it that, you know, indeed, we're here to preserve the customer's bank accounts.
00:55:01.780and no better way than we know of at this point is to use gold and so bbc gold was enacted and
00:55:08.580we've been doing that ever since and subsequently you didn't see anything coming down the pike like
00:55:14.000canada has no gold reserves i mean the country has the last of it was sold off i think by trudeau
00:55:20.840in 2016 or something it's gone we have nothing like there's no canada's got no gold and who's
00:55:29.820been buying up the gold in the world? About four or five other countries that are significant,
00:55:35.540like Russia, China. And the reason simply that we're looking at this is we're saying that it
00:55:41.340makes sense that if fiat currencies are being challenged globally, the Canadian dollar, as I
00:55:46.720mentioned initially, has some concerns. I'm not saying the economy is falling apart, but I'm
00:55:52.020saying that it's really struggling. Inflation is going very rapid. And indeed, if there is any
00:55:57.640transition where, you know, you want to deal in a currency, you might as well be in something that
00:56:03.180is convertible. And the Canadian dollar is worth, well, I think it's $1.35 or $1.6, I think right
00:56:10.000now, compared to U.S., whereas, you know, that one ounce of gold is like $3,200 Canadian or
00:56:17.060I think it's $2,600 U.S. So when you look at that, you say to yourself, well, why is gold still
00:56:23.900being considered to be of value. If every other nation is doing it, so if all of a sudden, you
00:56:30.300know, Canadian dollar keeps deflating, which it's struggling at, if you think about this,
00:56:35.420you've got the Bank of Canada's job is to keep inflation at 2%. Well, you've got all these
00:56:41.240interest rates at 5% and 6%. If you look at our housing economy, and you look at what's going on
00:56:47.000out there, there is right now 60% of our GDP is coming from real estate and the financial sector.
00:56:55.680Well, okay. So if those are our two drivers, and they say they don't have enough houses,
00:57:01.020they got to build more houses. Well, I think a lot of people also realize there's five-year
00:57:06.100mortgages. And in 2020 and 2019, there was a lot of mortgages that went out because they're at zero.
00:57:12.640And a lot of people were buying maybe more house than they could afford.
00:57:15.440And so those mortgages are coming due here generally from June of this year, right up until end of 2025. So you're going now from a 0% or 0.1 or whatever you're fortunate to obtain to a 5, 5, 6, 7, 8% mortgage.
00:57:31.800how much of a difference in a in a monthly payment would that be i mean i i can't do that math off
00:57:37.380the top of my head with amortization thrown in and all of that like if you're going from a one
00:57:41.200percent to a 5.3 or 5.5 i mean monthly you're talking what a difference between 1400 depending
00:57:48.580on what you've got for a mortgage in the first place uh but you're going from your mortgage rate
00:57:54.680could go up by a thousand dollars a month essentially some people have said yes is that
00:57:58.900true that's true wow how would people how would they even manage well most people that they
00:58:06.180probably can't if you listen to what's going on now with the reports in the paper i mean i'm just
00:58:11.440using all the information that's out there and that's why i'm monitoring all these policies is
00:58:15.900because right now they're saying listen people can't even afford to eat put fuel in their car
00:58:20.380because they're not getting paid enough so how are they going to be able to pay for their
00:58:24.100accommodation so they're not working i don't know yes last year i went out to vancouver i mean if
00:58:29.480you ever drove from vancouver uh i drove out there uh rather than fly and the only reason was was
00:58:35.840convenience but if from burnaby all the way into vancouver it's tent city every single rest stop
00:58:42.540is nothing but blue tarps and there's people in the ditch i mean we stopped there and got fuel
00:58:47.620and one's a nurse so she's living in her van she can't get housing it's too expensive so the
00:58:54.980question becomes well if this is all transpiring you ask the question why would i go to something
00:59:00.060that it's tangible it's worth money i can sell it anywhere versus a piece of paper that i said
00:59:06.420the government says it's worth a dollar but every other government in the world says well it's only
00:59:11.680you know in our country you have to give us a dollar 30 in order to have one of our dollars
00:59:17.180You've got to say to yourself, I think we'd better look at some other options.
00:59:20.500So as an organization, we just said, you know what?
00:59:23.100We've got to be prudent and manage finances just like anybody else would.
00:59:26.900And so we want to be in a position that we can provide something.
00:59:30.760And we do have for our members, they can buy into RRSPs.
00:59:34.720You can do into bank bullion if you want.
01:02:16.380And that's something we have set up as well.
01:02:19.260And then it's just a matter of some of the regulatory process that's necessary, because
01:02:23.200as I said before, there are certain things that FinTrack impact even us.
01:02:27.400And we still have to abide to those rules in regards to credibility of the individual, the bankruptcies, blah, blah, blah, blah, blah, blah.
01:07:28.880You have been in this game for a long time, obviously, Kevin, you're the board of directors
01:07:33.620or sorry, you're the chairman of the board.
01:07:35.760Bow Valley Credit Union. And again, thank you for coming on tonight. Where do you see things going
01:07:40.900in the next five years? I see that we need to be seriously engaged as a populace in regards to
01:07:50.240seeing what's going on with government. Don't just, I always said the same thing before is that,
01:07:55.140listen, just don't take your money and put it in the front in the bank and just expect everything's
01:07:59.140going to be great. There has to be, I think over the last 20 years, people have just taken it
01:08:03.960idly. And I think we've got to get engaged 100%. And I don't know if people realize that there's
01:08:09.400been a lot of bank policies and things that have changed, regulations, and they're all geared into
01:08:16.360producing one result. And that is more awareness of every individual's financial affairs and
01:08:22.860dealings out there for whatever way people want to see it going, good, bad, whatever, indifference.
01:08:29.900but we can all see that they're collectively trying to get more control and why we don't have
01:08:35.840any clear ideas but I'll tell you that if we don't as an organizational people just organize
01:08:41.200ourselves it only takes three percent and three percent of the population can basically make a
01:08:47.040big difference here and you know what I've been engaged in a lot of things and there's a reason
01:08:53.460for that you know if there's something that's bothering you get a hold of your mayor get a hold
01:08:57.380your MLA, get a hold of your MP, city town. I've sent my MP over 500 letters. I've sent to the
01:09:04.260Senate probably close to 400 letters. I've stopped a bunch of bills that the Senate was trying to put
01:09:10.000forward. I shouldn't say stop myself, but they've stopped reviewing them. This whole basic income
01:09:17.260was one. I had been dealing with one of the senators from your great province of Manitoba,
01:09:22.640who's tabled it and she's tabled it now for the 19th time i must make this very clear 19 times
01:09:30.120this one bill for basic income and the reducing the voting age to 16 has been put forward i can't
01:09:38.460believe that after the 19th time i guess they still think it must have legs and so i've been
01:09:44.800writing her her name mary lou and um it's been a very interesting correspondence until lately when
01:09:51.080she decided that she doesn't want to have that conversation any longer,
01:09:54.500but others need to pick up the gauntlet because those are things that are
01:09:58.720stopped. That actually has stopped. It's not progressing right now.
01:10:02.760It's, it's sitting in, you know, reading one, but that's,
01:10:06.440what's going on. There's things that go on in the shadows.
01:10:09.780And I just don't want people be aware,
01:10:12.820but also don't get sidetracked because there's a lot of things.
01:10:16.480I've just mentioned a few bills that are going on that everybody's worried
01:10:20.460about CBDC. Well, that's one thing, but digital ID is another one. India adopted the digital ID
01:10:27.400that was in April. Right now, not going so well. Digital ID is far worse than the other. And just
01:10:34.080so your audience knows that Bo Valley does not agree with either of those or support either of
01:10:39.240them. Yes. You know, you have to realize that there is online banking. Yes, it is digital. It
01:10:45.520is interaction through the internet, but it's not a digital ID that has everything regarding your
01:10:50.780bank account, your health, with how many medications you have had and what you're taking and how long
01:10:55.180you've been taking it. None of that information. This is strictly banking. So if you need to get
01:11:00.900a loan, you come in and get a loan or you get it online, but you're not worried about what you're
01:11:05.860doing. So our position is that autonomy of the individual, their financial success, and we're
01:11:12.760there to assist in that, but it's up to individuals to have their own financial autonomy. I mean,
01:11:18.420there's other ones that are out there. I just must mention these quickly is that there's one
01:11:24.020out there now, the banks, if you've not heard here back in April, they have a requirement that's
01:11:29.160called a capital call. All the big banks and everybody under the Bank Act are required now
01:11:34.860to increase the amount of capital they have to lend. The reason is there's concerns. Why are
01:11:40.740those concerns, the Bank of Canada has asked the banks to increase it by 0.5. So 0.5% on a
01:11:48.360trillion dollars is pretty big cash. This isn't going to happen overnight. So, you know, everybody
01:11:54.100might have heard that BMO was trying to buy a big bank in the States. Well, they had to stop.
01:12:00.100The reason they had to stop is they didn't have the cash. They had to keep it because of this
01:12:04.060increase on their capital for lending. And the reason that is there's a bill out there called
01:12:09.080bill 243 the capital requirements on lending in the oil and gas sector um it directly impacts that
01:12:16.180there's another bill uh c uh 365 is the newest one it's called consumer led lending or banking
01:12:23.260and that's where they can go and actually have open banking is another thing that's coming out
01:12:28.260oh yeah yeah yeah and so open banking is simply going around there you can move it around to all
01:12:34.680these different applications, right? So I know we're running long on time, but maybe another
01:12:40.520time. But those are big topics that people need to be looking at. Because, you know, in the past,
01:12:46.440if you wanted to change your financial institution, it was kind of like screenscaping,
01:12:50.300scraping, sorry. And you would get a password from the individual that wanted to transfer
01:12:54.820and his login credentials. Well, the government is saying, you know what, we don't think that's
01:12:59.080very secure i think open banking and this process would be and so what open banking does is gives
01:13:05.780access to any of these um apps even uh can go right to like apple and all these other ones if
01:13:12.720you want to just change your investments we're on they basically have access to go right into
01:13:17.140your account see what everything it is whatever you got and say oh yeah i can move this i can do
01:13:21.240this with that yeah doesn't open banking just add another uh layer to the the mix i mean it doesn't
01:13:28.360make any sense to me no and and i think that's the thing that these are all bills that are currently
01:13:33.800in the house you know there's a last one that was entered here just recently by uh an ndp uh
01:13:40.360and bc it's bill 372 the fossil fuel advertising act and i mean you got to look at that and
01:13:48.940there's the there's the climate one and so this is the one that we just got hit with
01:13:53.620we've just been resolving with the regulators and we finally got our position but there is the
01:14:00.240climate risk management now on all lending so you know if indeed there is activities we have to be
01:14:07.080the transactional so we have to evaluate the risk on what what what that's outrageous why don't you
01:14:16.520just tell them no we're not doing that it's preposterous prove to me that there's climate
01:14:20.780risk out there before I have to implement this system in my business right and so we've got a
01:14:26.360way to mitigate that and we have so excellent so so saying that you know we also have to do what
01:14:32.240they call transitional which is in the future if there's new policies or regulations that come out
01:14:37.860we have to be able to be astute enough to kind of figure out what that would look like and be
01:14:42.040prepared to address that in the lending I don't know how that has any effect on lending but
01:14:47.900Nonetheless, I say that because it's not only us, it's all financial institutions in Canada must do that.
01:14:56.620So if that does not create a different environment compared to lending in the United States or any other country, yes, there is significance behind that.
01:15:04.680And I mean, I just, I have to read this to you, Bill 372.
01:15:09.720And it just says, whereas air pollution caused by fossil fuels leads to millions of premature deaths globally, including tens of thousands of premature deaths in Canada alone, and in a major cause of cancer, respiratory illness, adverse pregnancy outcomes, children's diseases, and cardiovascular symptoms.
01:15:31.280Whereas fossil fuel production and consumption has resulted in the national public health crisis of sustainable and pressing concern in a way that is similar to the public health crisis caused by tobacco consumption.
01:15:47.300This is the preamble and just a portion of it from this bill pertaining to Fossil Fuel Advertising Act.
01:15:56.380And it says, in the context of a climate emergency and whereas the parliament is of the opinion that fossil fuel advertising currently deploys techniques which knowingly mislead the public and fail to disclose the health and environment harms associated in their use.
01:16:16.580So if you don't think there's a lot of other things to be watching and going to your MLA's
01:16:22.560about than CBDC, that's my initial statement and why I'm saying that.
01:19:02.720thank you thank you for coming on tonight we really appreciate it uh have a great night we'll
01:19:12.340talk to you again soon you betcha have a good night all right there is kevin karpovich he is
01:19:16.840the chairman of the board the big kahuna the ceo well not the ceo but he is the chairman of the
01:19:23.980board of bow valley credit union uh with all kinds of interesting information for us tonight
01:19:29.440And that is it tonight, guys, for the social media portion of the show.
01:19:33.420We still have plenty to cover on the extension on ShadowDavis.com, including how much did CBC executives give themselves of our money in bonuses this year?
01:19:46.920That information came out today via post media, and we'll get to that as well.
01:19:52.880Also, like Kevin pointed out just a couple of minutes ago,
01:19:56.040the Senate is once again pushing to lower the voting age in Canada from 18 to 16.
01:20:01.920We're going to explore that as well in the extension coming up in two minutes.
01:20:06.040So if you're an All Access member, we'll see you there shortly.
01:20:08.800If not, if you're watching on social right now and you don't want to be an All Access member,