- 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... Read more »
- “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.”
- “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.”
- “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.
- The banking industry welcomes the government’s removal of affordability regulations under the Credit Contracts and Consumer Finance Act, and update of the Responsible Lending Code, to help improve access to lending. New Zealand Banking Association chief executive Roger Beaumont says: “We are pleased to see the removal of overly prescriptive affordability assessments. This will help... Read more »
- 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.”
- “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.”
- “In this case, it appears the local authority is exercising its power under the Local Government (Rating) Act 2002 to collect the rates due. Banks take their obligations to comply with the law very seriously.”
- The NZ Banking Association argues higher rates for farmers can be attributed to Reserve Bank rules requiring its members to hold more capital to insulate against losses from riskier rural loans.
- The NZ Banking Association, in its submission to the select committee, said farms were a business so “inherently riskier” than a home loan as risk and price was based on the ability to repay the loan if something goes wrong.
