Congress is debating legislation, proposed by the Obama administration and now before the U.S. House of Representatives, to create an independent agency whose sole mission would be to watch out for the consumer who uses credit cards, takes out a mortgage or borrows money.

The call for such a panel comes out of the financial crisis, triggered in part by weak loan standards and predatory lending. Republicans, backed by the U.S. Chamber of Commerce and bank lobbyists, warn that such an agency would bring punishing costs to consumers and small businesses and could regulate all forms of credit, even tabs at the bar or butcher shop.

Canada's experience suggests otherwise.

"I certainly have not seen anything that shows that we are vastly different from the United States in terms of access to credit," said John Rossi, who heads compliance and enforcement efforts for the Financial Consumer Agency of Canada in the capital city of Ottawa.