TVNZ
Changes to credit laws not enough, critics say
05/07/2022
“Our banks are telling me that approximately 10% of loans that would’ve been approved prior to December 1 are now being declined because of these regulations.”
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KB Kookmin Bank joins New Zealand Bankers’ Association
30/06/2022
KB Kookmin Bank Auckland Branch today became a member of the New Zealand Bankers’ Association, bringing the total number of member banks to 18. New Zealand Bankers’ Association chief executive Roger Beaumont says: “We are delighted to welcome Kookmin Bank to the Bankers’ Association. Joining NZBA shows the Korean bank’s commitment to New Zealand and...
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NZ Herald
Housing affordability worst since 1957, impacted by high interests and house prices
23/06/2022
New Zealand Bankers’ Association chief executive Roger Beaumont said the current economic and regulatory environment certainly affected first-home buyers.
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Good Returns
CoFI bill changes welcomed by advisers body
21/06/2022
“Financial institutions are in contractual relationships with intermediaries,” the association wrote. “Intermediaries are not their employees or contractors, and financial institutions do not have the ability to “manage” or “supervise” intermediaries outside of what is contractually agreed on a case-by-case basis.” The NZBA called for “monitoring”, rather than “managing” and “supervising”, intermediaries.
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NZ Adviser
Government changes to CCCFA locked in
10/06/2022
“While we agree with the government’s aim to protect vulnerable consumers from unscrupulous lenders, the one-size-fits-all approach for all lenders and all loan types means banks don’t have the same discretion or flexibility they used to.”
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RNZ
‘Rushed attempt’ to fix credit rules falls short – Bankers’ association
10/06/2022
Beaumont said the one-size fits all approach for all lenders and all loan types meant the banks did not have the same discretion or flexibility as before.
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Business Desk
Credit rule changes won’t make much difference: NZBA
09/06/2022
“We don’t think the tweaks published today will make a big difference for most borrowers. That’s because most of the existing requirements remain in place.”
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Interest.co.nz
Amendments to the troubled credit rule changes last year will come into force on July 7, but the NZ Bankers’ Association says the ‘rushed’ attempt to fix the problems won’t make things easier for would-be borrowers
09/06/2022
“We don’t think the tweaks published today will make a big difference for most borrowers. That’s because most of the existing requirements remain in place, meaning customers will still have to provide detailed information about their spending, resulting in a more painstaking process and more loan applications being declined than before the December rule change.”
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NZ Herald
Government locks in CCCFA changes; banks want lending rules relaxed even more
09/06/2022
“Most of the existing requirements remain in place, meaning customers will still have to provide detailed information about their spending, resulting in a more painstaking process and more loan applications being declined than before the December rule change,” Beaumont said.
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Stuff
Government walks back some of its tougher loan rule changes, but banks say it’s not enough
09/06/2022
“The government’s rushed attempt to fix the problem hasn’t made things easier for consumers seeking credit. Instead, it’s raised hopes of a solution that hasn’t been delivered.”
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