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 »
Author: Philip vanDyk
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Draft Guidance: Poupou Matatapu – Doing Privacy Well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
Consultation Draft: Self-reporting guidance for lenders
Commerce Commission
More ratepayer distress as QLDC makes claims on 594 personal bank accounts
“In this case, it appears the local authority is exercising its power under the Local Government (Rating) Act 2002 to collect the rates due. Banks take their obligations to comply with the law very seriously.”
Bank inquiry takes NZ down risky road, expert says
The NZ Banking Association argues higher rates for farmers can be attributed to Reserve Bank rules requiring its members to hold more capital to insulate against losses from riskier rural loans.
Discussion Document: Fit for purpose financial services reform (dispute resolution)
Ministry of Business, Innovation and Employment
Discussion Documents: Fit for purpose financial services reform (consumer credit and conduct)
Ministry of Business, Innovation and Employment
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