Interest.co.nz
NZ Bankers’ Association argues there’d be ‘real risk of adverse customer impact’ if the RBNZ introduces a debt-to-income ratio cap for home loan borrowers
10/03/2022
“We suggest that the RBNZ waits to assess the impact of LVRs and the CCCFA changes before further developing the framework for DTIs.”
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Bloomberg
New Zealand Banks Urge RBNZ to Delay New Lending Restrictions
10/03/2022
“The combination of LVR restrictions, CCCFA changes, increasing interest rates and taxation changes in particular appear to be having the effect of slowing growth in the home-lending market,” the Association said in its submission. These changes “may have resolved the problem that DTIs would be designed to address,” it said.
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Interest.co.nz
Opinion divided over how much more easily borrowers will be able to access credit under proposed changes to the CCCFA
10/03/2022
“We’d like to see the new rules work in a way that doesn’t restrict access to responsible lending for consumers who can afford it, while ensuring vulnerable consumers are protected from high-cost credit that may not suit their circumstances,” NZBA CEO Roger Beaumont said.
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Newstalk ZB
NZ Bankers Association: Changes to CCCFA will help, but it could still be improved
10/03/2022
NZ Bankers Association’s Roger Beaumont told Andrew Dickens they’ll help, but the law could still be improved. “I would describe them as a small step in the right direction. There’s a lot more heavy lifting that needs to go on in terms of getting into the detail of these regulations.”
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NZ Herald
Government’s controversial home lending rules: Minister David Clark announces tweaks less than four months after law change
10/03/2022
“We’d like to see the new rules work in a way that doesn’t restrict access to responsible lending for consumers who can afford it, while ensuring vulnerable consumers are protected from high-cost credit that may not suit their circumstances. These changes maintain the one-size fits all approach that hasn’t worked so far.”
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Stuff
Commerce minister promises to change controversial lending laws, but National says ‘tweaks’ not enough
10/03/2022
Roger Beaumont, NZBA chief executive, said: “We think they’ve identified some of the main pain points for consumers, but it’s not clear the changes announced today will move the dial enough to make a difference.
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KPMG
Riding the Covid rollercoaster
08/03/2022
Two years since Covid-19 hit New Zealand it’s still dominating the headlines. In 2021 the global pandemic continued to have an extraordinary impact on households and businesses. Plans to re-open our borders have been a moveable feast and the emotional rollercoaster ride continues for many.
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NZ Herald
Banks issued a blunt warning that vulnerable customers would be most impacted by CCCFA
01/03/2022
“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.
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Interest.co.nz
As the RBNZ mulls developing a central bank digital currency, the NZ Bankers’ Association queries what public policy problem one would address
15/02/2022
“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.
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NZ Herald
Credit crunch or responsible lending? Has the law gone too far?
04/02/2022
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.
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