“All the key duties in the bill either exist or are underway. The legislative process would simply duplicate and potentially slow down this fast-moving banking industry response.”
Month: July 2024
Banks welcome lending regulation changes
“Removing the overly prescriptive regulations and updating the Responsible Lending Code will help bring back flexibility and discretion for banks to help customers,” Beaumont said.
Banks welcome removal of consumer lending regulations
The banking industry welcomes the government’s removal of affordability regulations under the Credit Contracts and Consumer Finance Act, and update of the Responsible Lending Code, to help improve access to lending. New Zealand Banking Association chief executive Roger Beaumont says: “We are pleased to see the removal of overly prescriptive affordability assessments. This will help… Read more »
Consultation Paper: Digital Cash in New Zealand
The Reserve Bank of New Zealand – Te Pūtea Matua
CrowdStrike glitch: Kiwi firms warned to stay vigilant as hack threats linger
Beaumont applauded local banks for how they managed the outage. “Given the scale of the issue and the global nature of the issue, our banks responded incredibly fast, and were able to affect change and resume normal services relatively quickly for customers.”
The closing-time trick used by ‘smurfs’ to launder money in NZ’s banks
“All banks have systems in place to help them comply with their anti-money laundering obligations, including processes to monitor and report suspicious activity. Banks are also subject to continuous supervision from the Reserve Bank of New Zealand.”
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