New Zealand Bankers’ Association chief executive Roger Beaumont said the current economic and regulatory environment certainly affected first-home buyers.
Month: June 2022
CoFI bill changes welcomed by advisers body
“Financial institutions are in contractual relationships with intermediaries,” the association wrote. “Intermediaries are not their employees or contractors, and financial institutions do not have the ability to “manage” or “supervise” intermediaries outside of what is contractually agreed on a case-by-case basis.” The NZBA called for “monitoring”, rather than “managing” and “supervising”, intermediaries.
Government changes to CCCFA locked in
“While we agree with the government’s aim to protect vulnerable consumers from unscrupulous lenders, the one-size-fits-all approach for all lenders and all loan types means banks don’t have the same discretion or flexibility they used to.”
‘Rushed attempt’ to fix credit rules falls short – Bankers’ association
Beaumont said the one-size fits all approach for all lenders and all loan types meant the banks did not have the same discretion or flexibility as before.
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Credit rule changes won’t make much difference: NZBA
“We don’t think the tweaks published today will make a big difference for most borrowers. That’s because most of the existing requirements remain in place.”
Amendments to the troubled credit rule changes last year will come into force on July 7, but the NZ Bankers’ Association says the ‘rushed’ attempt to fix the problems won’t make things easier for would-be borrowers
“We don’t think the tweaks published today will make a big difference for most borrowers. That’s because most of the existing requirements remain in place, meaning customers will still have to provide detailed information about their spending, resulting in a more painstaking process and more loan applications being declined than before the December rule change.”
Government locks in CCCFA changes; banks want lending rules relaxed even more
“Most of the existing requirements remain in place, meaning customers will still have to provide detailed information about their spending, resulting in a more painstaking process and more loan applications being declined than before the December rule change,” Beaumont said.
Government walks back some of its tougher loan rule changes, but banks say it’s not enough
“The government’s rushed attempt to fix the problem hasn’t made things easier for consumers seeking credit. Instead, it’s raised hopes of a solution that hasn’t been delivered.”
Changes to lending rules to be in place soon
New Zealand Bankers’ Association chief executive Roger Beaumont said the delay probably would not make much difference because the “proposed tweaks” would not change much.
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