Regulation

Treasury has said that it is looking at expanding the Consumer Data Right so that consumers can share “insights” obtained by CDR data to support loan assessments.

The association for customer-owned banks has urged APRA to ensure that the revised capital framework for banks is a competitive alternative to the framework used by the major banks.

Providing more efficient loan approvals is “within the control of the lenders” and does not require changes to the law, according to MoneyQuest’s compliance manager, Tim Donahoo.

The chief executive of CBA has called for more regulation for the buy now, pay later market, outlining that some players have now outgrown the regulatory “sandbox”.

The lender’s CEO said the proposed changes to the responsible lending obligations would make the mortgage process easier for “some” borrowers and could lead to a quicker answer from the bank

The major bank’s CEO has reiterated that responsible lending changes could simplify the lender’s processes and improve mortgage approval times.

The financial services regulator is taking Westpac to court over allegations it supplied consumer credit insurance to certain customers when they had not requested or agreed to buy it.

The major bank has been ordered to pay the penalty for overcharged interest after the court had previously said that it made false or misleading representations on over 12,000 occasions.

Westpac Group has reverted to pre-COVID policies around the portion of bonus income allowed to be used for serviceability assessment.

The Victorian government has asked the Commonwealth to explore the option of mandating a maximum margin between credit card interest rates and the cash rate.