The new rules, introduced in December, were designed to protect the vulnerable but are making it more difficult for borrowers to obtain loans.
March 16, 2022Banks and financial institutions will have until the end of this year to improve their systems and policies to ensure compliance with the code.
March 9, 2022The government has asked the Council of Financial Regulators to bring forward an investigation into whether lenders are implementing the new lending rules as intended.
January 21, 2022The new law requires lenders to act responsibly at all times. They can be forced to refund interest, fees and damages for failing to do so.
December 1, 2021The taskforce will explore additional measures to manage household debt-related risks and promote more responsible lending practices.
November 2, 2021Among the measures, the FSC will monitor how banks are applying suitability and adequacy principles in their lending, and impose fines for violations.
October 29, 2021The class action reportedly involves interest and fees ANZ and ASB were not entitled to charge due to breaches of their disclosure obligations.
October 5, 2021Whether or not responsible lending obligations are repealed, ASIC says it will enforce lending standards as part of its focus on consumer protection.
March 29, 2021An 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, 2021The 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