Good Returns
Banks need to make CCCFA easy for advisers: Gough
23/11/2021
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.
Read Article
Stuff
How banks tried to shut down multi-million dollar legal threat, but failed
21/11/2021
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 Article
Interest.co.nz
Changes to consumer lending rules from December 1 bring increased requirement to verify borrower information and assess suitability
17/11/2021
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 Article
Autofile
Fresh guidance on new lending laws
16/11/2021
“We also think it’s important that people are prepared for what the law change will mean for them when they apply for a loan. Customers will have to provide more information and lenders will need to do more to check it’s correct, which will make the whole process longer.”
Read Article
Good Returns
Bankers Association agrees rules can be difficult
05/10/2021
“As an industry we sometimes find implementing deadlines can be challenging,” Beaumont said. “For example, the law sets a compliance date but the more detailed regulations or guidance are not available until close to the deadline.”
Read Article
Interest.co.nz
Fairness issues raised over Reserve Bank’s decision to close the door on first-home buyers who don’t have deposits of at least 20%
26/09/2021
The New Zealand Bankers’ Association asked for the first reporting period the rules will apply to, to be extended by three months to March 31. “Without this period, banks will need to temporarily slow high LVR lending in a much more dramatic way to meet the new requirements.”
Read Article
NZ Herald
Banking watchdog reports deluge of hardship complaints, big rise in scams
05/09/2021
NZ Bankers’ Association chief executive Roger Beaumont told the Herald, “All banks can offer options for customers experiencing hardship. We’ve been particularly conscious of this through the economic impact of Covid-19.
Read Article
Xinhua
Calls to banks up 20 pct through COVID-19 lockdown in New Zealand
03/09/2021
“Last year, under the loan repayments deferral scheme agreed with the government, Reserve Bank and credit rating agencies, around $70 billion in household and business loans had repayments fully deferred or reduced for up to six months. We’re not seeing the need to bring back the scheme at this stage but deferring or reducing repayments...
Read Article
RNZ
Banks see less demand for assistance compared to previous lockdown
02/09/2021
“While it’s true there are some people experiencing financial hardship because of the current lockdown, we’re not seeing the same demand for help we saw with the first lockdown in March last year.”
Read Article
NZ Herald
Can you tell me if banks are an essential businesses?
27/08/2021
“It’s up to the banks how they use this exemption. They are not required to provide these services and will be taking into consideration the safety of their workers.”
Read Article
