Lender

The small business ombudsman has called out a short-term lender after it reportedly “refused to engage in mediation” and took direct action against a small business client.

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The major bank has outlined findings from a review into its culture, governance and accountability practices, launched in response to AUSTRAC’s investigation.

Citigroup saw its net income for the second quarter of the year plummet by 73 per cent from its year before, as the pandemic increased credit costs and dried up consumer spending.

The corporate regulator is expected to announce “in the coming business days” whether it will prolong its responsible lending saga with Westpac.

The major bank is most vulnerable to a COVID-induced spike in credit losses and is set to raise its collective provisions, according to Morgan Stanley.

The major bank has announced the appointment of a new chief financial officer.

A major bank-owned lender has introduced a new LMI offering for first home buyers with a 15 per cent deposit.

The corporate regulator has proposed to use its product intervention powers to address “significant detriment” caused by continuing credit products.

The federal government’s fund manager has paused investment rounds on the $2-billion Australian Business Securitisation Fund in light of current market conditions.