“We think banks should be accountable for CCCFA compliance as entities, rather than having liability targeted at individuals.” Beaumont says disclosure obligations, which include punitive penalties even when there is no material impact on the borrower, are another problem.
Author: Philip vanDyk
Panic over planned beef-up of privacy laws
The Banking Association was one of several organisations that sought to persuade MPs the new laws would subject the public to “notification fatigue” as they were inundated with notifications. Instead, it told MPs, banks should be allowed to tell customers in their privacy statements that they will share information, and there be a legal duty… Read more »
NZ Banking Association pushes back against RBNZ central bank digital currency proposal, raising financial stability concerns
“In particular, further analysis needs to be carried out on what impact CBDC could have on accelerating bank runs, for example if consumers respond quickly to rumours of a bank’s financial stress by transferring private money into CBDC.”
Labour’s Duncan Webb tables tough bank scam compensation bill in Parliament
“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.”
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.”
Draft Guidance: Poupou Matatapu – Doing Privacy Well
Office of the Privacy Commissioner – Te Mana Mātāpono Matatapu
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