All posts tagged "responsible lending"
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300Australia & NZAustralia Delays National Consumer Credit Protection Act Reforms
Whether or not responsible lending obligations are repealed, ASIC says it will enforce lending standards as part of its focus on consumer protection.
March 29, 2021 -
183Australia & NZRBA Report Contradicts Official Stance on Responsible Lending Laws
An RBA internal report indicates that the absence of responsible lending laws could put borrowers at greater risk, particularly in a low interest rate environment.
January 22, 2021 -
396Asia-PacificMyanmar Launches First Credit Bureau Following Soft Launch
The bureau is a joint venture between MB Investment, a company formed by Myanmar banks, and a subsidiary of Singapore-listed Credit Bureau Asia.
January 8, 2021 -
292Australia & NZAPRA Proposes Potential Changes to Credit Risk Management Standard
Amendments, including an earlier implementation date, will be necessary if the government’s proposed consumer credit reforms are passed as legislation.
December 9, 2020 -
1.2KAustralia & NZUnderinvestment in Data, Tech a Root Cause of Breaches: ASIC
Underinvestment in data and technology systems creates operational risks, delays in picking up problems, and costly remediation programmes, says ASIC commissioner Sean Hughes.
November 16, 2020 -
861Australia & NZCBA to Pay Penalty for Increasing Problem Gambler’s Credit Limit
ASIC launched civil proceedings against CBA in March alleging that the bank failed to take account of a notification by a customer that he was a problem gambler.
November 2, 2020 -
554Australia & NZASIC, Volkswagen Financial Services Settle Responsible Lending Case
Volkswagen Financial Services Australia will provide remediation worth an estimated A$4.7mn to approximately 1,800 loan consumers.
October 19, 2020 -
1.1KAustralia & NZ
Australia Prepares to Abolish Responsible Lending Obligations
Lenders will no longer have to assess borrowers' earnings and expenses to determine whether they can afford to repay their debt without hardship.
September 28, 2020 -
516Australia & NZ
ASIC to Seek Reforms to Responsible Lending Laws
ASIC has decided not to appeal the dismissal of its responsible lending case against Westpac; instead it will review its existing guidance and recommend legislative reforms.
July 23, 2020 -
2.7KAustralia & NZASIC’s Loss to Westpac is Terrible for Everyone
Despite its recent Federal Court loss, ASIC was right to appeal the dismissal of its responsible lending case against Westpac, says bank conduct specialist Dr Andy Schmulow.
July 11, 2020
