Author: Philip vanDyk

CCCFA ‘fixed’ but govt refuses to scrap personal liability for lenders

“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.

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 »

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 »