And, most recently, the movement of labour and capital to take advantage of high prices for resources and strong domestic demand has likely led to some adjustment costs in the form of slower productivity growth. But while we don't fully understand the causes behind Canada's productivity performance, it is absolutely clear that the record of the past few years has been very disappointing.
These include: issuing guidance on non-traditional mortgage products and on subprime mortgages and improving our collaboration with the state banking supervisors; launching a pilot project in collaboration with other federal agencies and state regulators to examine non-depository lenders for compliance with consumer regulations; improving disclosures for privacy notices and credit cards; improving the handbook on adjustable-rate mortgages (ARM) that creditors are required to give to all ARM applicants, and committing to propose new rules before the end of the year to require that lenders provide other mortgage disclosures more quickly and to improve mortgage loan advertisements; undertaking a series of hearings, including one I chaired in June, to assess the impact of specific practices in the mortgage market, and committing to propose new rules exercising our authority to ban unfair or deceptive practices under the Home Ownership and Equity Protection Act.