Stuff
Banks deny minister’s irresponsible lending accusation
01/02/2022
“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.”
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NZ Herald
Lending probe: David Clark hints banks not following the rules
01/02/2022
“The suggestion that banks were not complying with their responsible lending obligations before the latest CCCFA changes comes as a surprise. Banks are simply complying with the new rules as they are written.
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TVNZ
Details of review into tough new lending rules revealed
31/01/2022
“Banks are in the business of lending, it’s fundamental to what they do, they want to be able to lend to customers but they’re not going to do that if it risks breaching their regulatory obligations because the consequences for that are really serious.”
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The Spinoff
Our new lending rules have everyone confused. What went wrong?
24/01/2022
“The law change has made banks’ ability to lend less flexible,” says New Zealand Bankers Association CEO Roger Beaumont.
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Stuff
‘Shocking business practice’: Would you give a loan company your bank password?
22/01/2022
New Zealand Bankers’ Association chief executive Roger Beaumont said bank terms and conditions generally include not sharing your bank account access details with anyone else.
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Good Returns
Advisers inundated with policy changes by banks
19/01/2022
Some advisers have also complained of too many different systems from different banks, meaning the multiple changes come in many different forms, depending on which bank they are dealing with. But the NZBA says there cannot be a uniform approach across the banking sector for competition reasons.
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Whanganui Chronicle
Whanganui mortgage brokers say Government inquiry into CCCFA is a win
18/01/2022
Bankers’ Association chief executive Roger Beaumont said he welcomed the Government’s decision to look into the “unintended consequences” the CCCFA amendments were having on mortgage lending. “Banks are caught between meeting customer needs and ensuring they comply with the law,” he said.
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Otago Daily Times
Mortgage approvals in South contract
18/01/2022
The New Zealand Bankers’ Association warned the Government as far back as 2019 that changes to lending laws could cut people off from mortgages they could likely afford to pay.
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NZ Herald
Government had three years of warnings new credit rules would shut out borrowers
17/01/2022
“We welcome any investigation into the unintended consequences of the new lending rules. In our submissions on the CCCFA law change and new regulations we’ve set out our concerns all along the way.”
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The Guardian
New Zealand banks reject home loans over spending on Christmas gifts and pets as tighter rules hit
16/01/2022
The New Zealand Bankers’ Association chief executive Roger Beaumont told Stuff the law change meant banks had “much less flexibility or room for lender discretion than was previously the case.”
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