All posts tagged "responsible lending"
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370Australia & NZASIC Launches Court Proceedings Against Volkswagen Financial Services
ASIC says Volkswagen contravened the responsible lending provisions of the National Credit Act in relation to 49,380 loan contracts.
December 24, 2019 -
473Australia & NZAPRA Updates Prudential Standard on Credit Risk Management
The revised prudential standard on credit risk management will come into effect from 1 January 2021, six months later than was proposed in a March consultation.
December 13, 2019 -
413Australia & NZASIC Offers Clarity on Responsible Lending Obligations
ASIC has clarified when a licensee might undertake more or less detailed inquiries and verification steps based on different consumer circumstances and the type of credit being sought.
December 10, 2019 -
272Asia-PacificPhilippines Moves to End Abusive Practices by Fintech Lenders
A code of ethics and code of conduct have been adopted by members of FinTechAlliance.ph prohibiting the harassment and shaming of delinquent borrowers.
September 18, 2019 -
511Australia & NZ
ASIC Bans Lending Model Found to Cause Consumer Detriment
ASIC is using its product intervention power to end a practice that has to date enabled payday lenders to charge fees up to 1000% of the loan amount.
September 14, 2019 -
333Australia & NZASIC to Appeal Westpac Responsible Lending Case Dismissal
ASIC says last month’s federal court’s ruling in favour of Westpac creates uncertainty as to what is required for a lender to comply with its loan assessment obligations.
September 11, 2019 -
1.1KCapital RegulationHKMA Allows Lenders to Expand Use of Tech in Retail Lending
The HKMA is allowing lenders to further develop business involving the use of innovative financial technology to assess and approve personal loan applications.
August 30, 2019 -
914Asia-PacificThailand Banks Commit to Lending Based on ESG Factors
The BOT, Thai Bankers’ Association and 15 banks have taken steps to establish common policies to ensure socially-conscious loan approvals based on ESG factors.
August 16, 2019 -
358Australia & NZ
ASIC Ordered to Pay Westpac Costs in Case Dismissal
In September, Westpac admitted to breaching responsible lending laws and agreed to a A$35mn settlement with ASIC. The settlement was rejected and the case has been dismissed.
August 14, 2019 -
607Australia & NZ
ASIC Defends Responsible Lending Guidance
ASIC says the proposed responsible lending guidance is not about increasing requirements; rather, it seeks to clarify and update guidance on existing requirements.
July 11, 2019
