Regulation

Members of the banking and broking industry have welcomed the Assistant Treasurer's confirmation that responsible lending obligations will not be repealed.

New Zealand’s central bank has issued a formal warning to Bank of New Zealand over its failure to correctly report the location of 50,000 cash transactions.

The Bank of Queensland has paid a penalty of $133,200 for allegedly breaching the consumer data right rules by failing to provide a service enabling consumers’ data to be shared.

Labor was “gob-smacked” with proposals to repeal responsible lending obligations, with Stephen Jones MP saying the Albanese government will not be revisiting the matter.

The retail credit association’s next chief executive has been revealed, with chair Peter Wilson appointing Elsa Markula to the role.

APRA has told the banks how they need to treat the reporting and risk management for loans under the government’s expanded Home Guarantee Scheme.

The financial watchdogs have remained wary of risks to the housing market as cash rate rises flow through to mortgage customers.

The Reserve Bank has appointed Dr Bradley Jones as assistant governor.

The UK government has outlined plans to require buy now, pay later providers to ensure their customers can afford their repayments.

The US central bank has opted for its largest interest rate hike in almost 30 years, in an effort to squash surging inflation.