Lending law poses $12.9 billion threat to financial system
25/06/2025
Modelling by the Reserve Bank estimates current consumer lending law could have a $12.9 billion impact on the financial system, with the potential for an even more severe impact. Under the Credit Contracts and Consumer Finance Act lenders must provide borrowers with information about their loan. Between 2015 and 2019 any lender who even made...
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NZ Herald
Why Govt made a retrospective law change affecting a bank class action against ASB and ANZ
24/06/2025
“In a worst-case (but not fanciful) scenario, an error in a disclosure document, which has not caused any harm to consumers, could create a liability that threatens the solvency of the lender with adverse outcomes for depositors, shareholders, and the New Zealand financial system as a whole,” the association told the minister at the time,...
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RNZ
Why you can’t deposit cash into someone else’s account at the bank
16/06/2025
“The law aims to stop people trying to disguise the origin of criminal profits, such as drug trafficking or fraud,” he said. “Under the law, there are rules about verifying the source of the funds, and the identity of the person paying and the recipient.
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Business Desk
Lenders push KiwiSaver withdrawals, refer borrowers in trouble to volunteer organisations
13/06/2025
“There are several options that banks may offer in providing assistance to these customers, depending on their particular circumstances. That may, for example, include temporarily moving to interest-only repayments or suspending all repayments.”
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NZ Herald
Scams: It’s important we protect vulnerable people – Editorial
09/06/2025
The good news is that the New Zealand Banking Association is introducing new protections by November. Changes include banks being required to reimburse fraud victims up to $500,000 if they meet certain criteria, and new technology to identify risky or unusual customer transactions.
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NZ Lawyer
Three financial reform bills to rebalance the system undergo first readings
27/05/2025
“Currently any minor breach in a disclosure document, such as a wrong address, for the years 2015 to 2019 may require a full refund of interest and fees. That is not fair or proportionate compensation for customers who may not have suffered any material impact to their finances.”
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NZ Adviser
Banking sector supports CCCFA amendment to fix unfair penalties
22/05/2025
“We believe the change proposed in the amendment bill is fair as it simply tidies up the existing legislation to ensure that all breaches from 2015 to 2019 are treated the same as those currently.”
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Banking industry welcomes CCCFA Amendment Bill first reading
20/05/2025
The banking industry welcomes the first reading of the Credit Contracts and Consumer Finance Amendment Bill. This includes an important adjustment to limit the risk of excessive consequences for minor disclosure breaches. “We believe the change proposed in the amendment bill is fair as it simply tidies up the existing legislation to ensure that all...
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Stuff
Fixing faulty legislation, not protecting big banks, the goal of these law changes
15/05/2025
It has been claimed that this change will extinguish the rights of thousands of customers in contravention of the rule of law – all to protect the interests of two large Australian-owned banks. This is not correct. No rights will be extinguished. Debtors will still be able to claim from lenders for non-compliance under the...
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RNZ
New Zealand banks unable to catch all mistaken transfers through human error
14/05/2025
Roger Beaumont, chief executive of the New Zealand Banking Association, which represents the country’s banking industry, said the confirmation of payee services that had been adopted by domestic banks weren’t applied to international payments.
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