Finance Minister Chrystia Freeland revealed various initiatives the federal government is doing to make banking more inexpensive, some of which are a continuation of vows made in the spring budget.

According to Freeland, she has directed the Financial Consumer Agency of Canada to concentrate on expanding the number of no-fee and low-cost bank accounts accessible to Canadians.

Finance Canada has also been entrusted with investigating ways to reduce bank costs, such as those levied when a cheque bounces.

Following through on a budget commitment, the finance minister is establishing the Ombudsman for Banking Services and Investments as an independent, non-profit, and external complaints agency for the banking industry.

As many Canadians face increased mortgage payments as a result of rising interest rates, Freeland emphasized that Canadians are entitled to flexibility and alternatives from their banks, as specified in new mortgage standards unveiled in the spring budget.

As part of an effort to pull ahead on affordability challenges, the federal administration has been frequently bringing up cabinet members for weekly announcements.