- “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.”
- 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.
- Roger Beaumont Published in KPMG’s Financial Institutions Performance Survey Review of 2021, 8 March 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... Read more »
- “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.
- “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.
- 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.
- Clark said banks weren’t adhering to responsible lending rules before new legislation came in last year. The Bankers Association’s Roger Beaumont told Heather du Plessis-Allan Clark’s not correct.
- “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.”
- “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.
