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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Banking industry welcomes spotlight on regulatory barriers to competition
19/08/2024
The New Zealand Banking Association today welcomed the Commerce Commission’s final report on its market study into personal banking services, especially its focus on regulatory barriers to increased competition in the sector. New Zealand Banking Association chief executive Roger Beaumont says: “The Commission has taken a well-informed and considered approach to the market study, which...
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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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Banks welcome removal of consumer lending regulations
30/07/2024
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...
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