Author: Philip vanDyk

Two years since Covid-19 hit New Zealand it’s still dominating the headlines. In 2021 the global pandemic continued to have an extraordinary impact on households and businesses. Plans to re-open our borders have been a moveable feast and the emotional rollercoaster ride continues for many.  

“Members remain concerned the CCCFA’s prescriptive rules, combined with significant penalties, may ultimately drive more conservative lending behaviour that could limit access to credit,” NZBA chief executive Roger Beaumont said.

“We note that some central banks, most notably the Federal Reserve, have suggested that CBDC’s may be a ‘solution looking for a problem,’ and that even where there are problems in the payment system, there are more effective means to resolve them than a CBDC,” NZBA said.

Clark has already pointed the finger at the banks, hinting that they may not have been complying with responsible lending obligations before the changes came in. However in a statement this week, the New Zealand Bankers’ Association said it did not know what Clark was referring to.

“Banks take their obligations to comply with the law very seriously. That was the case before the rule change and remains the case.”