Regulators face grilling over mortgage curbs, CBA conduct

The House Committee on Economics will scrutinise ASIC and APRA this week as part of its review of the performance and operation of Australia’s corporate and prudential regulators.

The prudential regulator is first in line for questioning in Canberra today (12 September). Committee chair David Coleman MP said that APRA’s measures to reinforce “sound mortgage lending practices” will be scrutinised.

“The hearing will enable the committee to scrutinise APRA on its performance and operation, including the adoption of ‘unquestionably strong’ capital benchmarks for the four major banks and further measures to reinforce sound residential mortgage lending practices,” the chairman said.

“The committee is also likely to scrutinise APRA on other activities relating to the banking sector, including its inquiry into governance and culture at the Commonwealth Bank.”

ASIC will appear in Canberra on Thursday (14 September). Mr Coleman explained that this hearing will provide the committee with the opportunity to scrutinise ASIC on its role in promoting investor and consumer confidence, and in enforcing Australian corporate law.

More to come.

[Related: Make ASIC a 'proactive' watchdog: Kell]