Month: April 2023

Banks told to make it easier for teens to get bank accounts

New Zealand Banking Association Te Rangapū Pēke chief executive Roger Beaumont said banks were working to address financial inclusion issues, “which often needs to be balanced with the need to comply with legal and regulatory obligations, including things like anti-money laundering law”.

The Government’s had another go at fixing problematic credit rules it first implemented nearly 18 months ago, but the bankers are still not thrilled

NZBA’s chief executive Roger Beaumont, asked for a response to the Government’s latest repair effort, said the tweaks to the CCCFA regulations “still mean affordability assessments are needed for all types of lending and borrowers. This also means banks no longer have the discretion or flexibility to help customers in need, for example in cases… Read more »

Would RBNZ’s bank resolution work? No, say the experts

The NZ Banking Association also questioned whether OBR would work, saying it is unique to NZ and that there are no examples of it working anywhere, with or without a deposit guarantee scheme.