- “The new [CCCFA] rules are fairly tight and there’s much less flexibility or room for lender discretion than was previously the case. For example, you might need to provide evidence of recent transactions so your bank can get a clear idea of your debts and expenses. This means it will take longer to get a... Read more »
- While the New Zealand Bankers Association warned in its submission that proposed laws changes “may” lead to more conservative lending, Watson told MPs it was inevitable.
- Recent submissions on the government’s Emissions Reduction Plan (ERP) from the Sustainable Business Council (SBC), New Zealand Bankers’ Association (NZBA) and Toitū Tahua, the Centre for Sustainable Finance (TT CSF), show an extraordinary willingness among the private sector to engage collaboratively with government on the climate transition and emissions reductions pathways.
- “The law change was meant to help vulnerable consumers avoid unaffordable debt. It’s also affecting people seeking home loans, where there are traditionally very low rates of borrowers being unable to make repayments. That’s still the case, but the law change has tightened banks’ ability to lend.”
- “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.
- 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.
- 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 »
- 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.
- 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 »
- 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 »
