Thank you, Mr. Chair, and good afternoon.

My name is Diane Ferri, and I'm the senior vice-president of cards at CIBC.

Our bank traces its roots back to 1867. Since Confederation, we've been an integral part of helping Canadians achieve their ambitions. Today we have more than a thousand banking centres in Canada.

Our team of over 47,000 operates with the single purpose of helping our clients make their ambitions real. This is true for individuals, families, students, newcomers and businesses. It's also true for the millions of Canadians who have investments in our bank, either directly by holding shares or indirectly through mutual funds and pension plans, and for the many community initiatives we support.

We strive for a culture of operational excellence, enabled through our talent, technology and processes, and we comply with legal and regulatory requirements.

Credit cards are one of the most competitive offerings in the financial services industry, issued by a wide range of banks, credit unions, monoline issuers and retailers.

Consumers have many choices as to how to make their payments. Cash, debit and credit are amongst these choices, and our role as a bank is to help facilitate those payments in whichever manner our clients choose to make them.

Credit cards are the payment method of choice for many consumers, offering customers flexibility and convenience for managing their cash flow and purchasing online and at the retail point of sale. In a world increasingly shifting towards digital and global commerce, credit cards allow consumers to shop online and internationally with ease, convenience and confidence.

Credit cards play a key role in the Canadian economy. Businesses benefit from their use, receiving immediate and secure payment instead of taking on credit risks themselves, and they enable faster checkout lines and lower cash handling costs.

In addition, credit cards provide benefits such as rewards, insurance and liability protection for fraud and merchant-disputed transactions. Youth, students and those who are new to Canada can use credit cards to establish and build credit.

CIBC offers 25 different credit card options, which we offer in the context of a broader relationship with our clients to meet their full financial needs. Our cards range from no-fee and student cards to loyalty options based on the clients' preferences, including cards that offer rewards. CIBC offers a low interest rate card, a product that was recently recognized in a report by The Globe and Mail as number one in its category.

CIBC complies with transparent sales practices in banking centres and on digital platforms. Our credit card selector tools assist clients in identifying the best product based on their needs and preferences. This puts informed choice in the hands of our clients as they select the card that best meets their needs.

We offer a range of no-charge tools for our clients, including free credit score lookup, credit bureau alerts and a budget and cash flow calculator.

We've leveraged innovation to bring more options to our clients to manage the cost of larger purchases. Our CIBC Pace It feature allows clients to pay off larger or unexpected purchases on their credit card at a pace that works for them, with a lower interest rate. There is no restriction on paying the balance off early. It's another example of putting informed choice in the hands of our clients and giving them tools to have control over their credit.

We have educational tools, including our credit card 101 guide, to help clients learn about how to manage their credit, how to choose the right card, how to read a credit card statement and how to protect themselves from potential fraud. We provide easy-to-use features in our online banking for clients to protect themselves if their credit card is stolen and to stay on top of their transactions.

Credit cards, like other consumer bank products, are overseen by the Financial Consumer Agency of Canada, or FCAC. The FCAC supervises federally regulated financial entities and monitors and supervises the payment card networks with the requirements set out in legislation, regulations, public commitments and codes of conduct. The market conduct obligations that apply to credit cards are detailed and address several matters, including clear disclosure of all applicable rates and fees to consumers.

We recognize our clients have a choice in how they choose to make their everyday payments, and we work hard in a competitive market to meet their needs by offering value, convenience and choice, with additional benefits and protections available to protect against fraud and other risks.

In conclusion, CIBC is proud to help Canadians achieve their ambitions, including providing many options for their banking and credit card needs.

I look forward to our discussion today.