Interest.co.nz
Nicola Willis & Andrew Bayly set sights on Kiwibank, open banking, the Reserve Bank & mortgage brokers in response to Commerce Commission competition study
20/08/2024
“We’re particularly pleased to see the Commission’s focus on the regulatory environment in which our banks operate, and how that impacts further competition in the sector.”
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Farmers Weekly
Banks deny airbrushing data ahead of inquiries
12/08/2024
The New Zealand Banking Association labelled as “outrageous” claims its members misled the Reserve Bank in their most recent reporting of credit availability to the rural sector.
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Good Returns
Bankers’ personal liabilities under CCCFA to remain
05/08/2024
The NZBA’s Beaumont also has concerns around personal liability and its impact on lending decisions. “This likely creates a zero-tolerance for any potential breach, which could result in an overly conservative approach to lending under the [CCCF] Act, and may in turn make accessing consumer credit unnecessarily difficult. It could also mean consumers who could...
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Law News
CCCFA ‘fixed’ but govt refuses to scrap personal liability for lenders
05/08/2024
“We think banks should be accountable for CCCFA compliance as entities, rather than having liability targeted at individuals.” Beaumont says disclosure obligations, which include punitive penalties even when there is no material impact on the borrower, are another problem.
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Stuff
Panic over planned beef-up of privacy laws
03/08/2024
The Banking Association was one of several organisations that sought to persuade MPs the new laws would subject the public to “notification fatigue” as they were inundated with notifications. Instead, it told MPs, banks should be allowed to tell customers in their privacy statements that they will share information, and there be a legal duty...
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Interest.co.nz
NZ Banking Association pushes back against RBNZ central bank digital currency proposal, raising financial stability concerns
01/08/2024
“In particular, further analysis needs to be carried out on what impact CBDC could have on accelerating bank runs, for example if consumers respond quickly to rumours of a bank’s financial stress by transferring private money into CBDC.”
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Stuff
Labour’s Duncan Webb tables tough bank scam compensation bill in Parliament
31/07/2024
“All the key duties in the bill either exist or are underway. The legislative process would simply duplicate and potentially slow down this fast-moving banking industry response.”
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NZ Adviser
Banks welcome lending regulation changes
31/07/2024
“Removing the overly prescriptive regulations and updating the Responsible Lending Code will help bring back flexibility and discretion for banks to help customers,” Beaumont said.
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RNZ
CrowdStrike glitch: Kiwi firms warned to stay vigilant as hack threats linger
22/07/2024
Beaumont applauded local banks for how they managed the outage. “Given the scale of the issue and the global nature of the issue, our banks responded incredibly fast, and were able to affect change and resume normal services relatively quickly for customers.”
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TVNZ
The closing-time trick used by ‘smurfs’ to launder money in NZ’s banks
06/07/2024
“All banks have systems in place to help them comply with their anti-money laundering obligations, including processes to monitor and report suspicious activity. Banks are also subject to continuous supervision from the Reserve Bank of New Zealand.”
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