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...
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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.”
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“Changes to consumer lending and how it affects you” – information welcomed by financial mentors and lenders
15/11/2021
Changes to consumer lending law to help people avoid unaffordable debt mean it may take longer to get a loan from 1 December. Information to help consumers prepare for the changes has been welcomed by financial mentors and lenders. The changes to the Credit Contracts and Consumer Finance Act 2003 mean credit applications are likely...
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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.”
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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.”
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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.
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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...
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Calls to banks up 20% through lockdown
03/09/2021
The number of customers contacting their bank has increased 20% since New Zealand went into Covid alert level 4 lockdown on 17 August. “In the first week of lockdown banks saw little customer contact due to the Covid restrictions. Since then, calls have increased on average 20 per cent. We put the increase down mostly...
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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.”
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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.”
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