“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.
Reserve Bank of New Zealand
“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.
Reserve Bank of New Zealand (more…)
Reserve Bank of New Zealand (more…)
Ministry of Justice
“Banks take their obligations to comply with the law very seriously. That was the case before the rule change and remains the case.”
Clark said banks weren’t adhering to responsible lending rules before new legislation came in last year. The Bankers Association’s Roger Beaumont told Heather du Plessis-Allan Clark’s not correct.
“We’ve made several submissions on the CCCFA law change and new regulations since 2018. In our submissions we’ve set out our concerns all along the way. The investigation might be able to clarify some of those concerns and hopefully identify some useful solutions.”