Media

Interest.co.nz - Will changes to credit contracts and consumer finance laws lead to a government-induced credit crunch or protect borrowers from predatory lending?

December 16, 2021 - “One key to reducing harm from problem debt is supporting access to responsible, lower-cost borrowing. However, in our view, several of the proposed changes may unintentionally lead to conservative lending practices to the detriment of consumers,” said the NZBA.

NZ Listener - Through the roof: Will sky-high building costs ever come down to earth?

December 13, 2021 - Rather than see this as a matter for the banking industry as a whole, the New Zealand Bankers Association says it is an issue for each member institution to decide based on lending policies and appetite for risk, which would vary from bank to bank.

NZ Herald - ANZ wants branch workers to be vaccinated or take rapid antigen test. But what about customers?

December 1, 2021 - An NZBA spokesman said under that guidance retail was not required to use My Vaccine Passes, but if a business opted to require these, then it was recommended the business sight and/or verify customers’ My Vaccine Passes. He said that effectively meant it was up to each bank to decide whether or not it required... Read more »

Good Returns - Banks need to make CCCFA easy for advisers: Gough

November 23, 2021 - The bravest of brave faces has come from the Bankers Association, which declared that “banks are responsible lenders, and support the aims of the law”. Earlier, the association complained the CCCFA was being rushed through without sufficient clarity on what had to be done and without enough time to do it.

Stuff - How banks tried to shut down multi-million dollar legal threat, but failed

November 21, 2021 - Roger Beaumont, NZBA’s chief executive said Section 99(1A) was introduced at speed in 2015 and the way in which it could be interpreted “could lead to excessive consequences from failing to comply with some customer information disclosure requirements. We did not agree with that interpretation and, therefore, sought to address the risk through further law... Read more »

Interest.co.nz - Changes to consumer lending rules from December 1 bring increased requirement to verify borrower information and assess suitability

November 17, 2021 - Roger Beaumont, CEO of bank lobby group the New Zealand Bankers’ Association, said; “banks are responsible lenders, and we support the aims of the law changes to help people avoid taking on unaffordable debt. We also think it’s important that people are prepared for what the law change will mean for them when they apply... Read more »

Autofile - Fresh guidance on new lending laws

November 16, 2021 - “We also think it’s important that people are prepared for what the law change will mean for them when they apply for a loan. Customers will have to provide more information and lenders will need to do more to check it’s correct, which will make the whole process longer.”