CONSUMER CREDIT – LAW AND LEGISLATION – AUSTRALIA

‘Obey the law’: banks rebuked

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Original article by James Frost, John Kehoe, Vesna Poljak
The Australian Financial Review – Page: 1 & 2 : 28-Mar-19

ANZ Bank CEO Shayne Elliott and National Australia Bank chairman Phil Chronican fronted the House of Representative economics committee on 27 March. They argued that greater enforcement of responsible lending laws has contributed to a credit squeeze for home buyers and small businesses. However, Australian Securities & Investments Commission chairman James Shipton rejects such claims, noting that banks have been subject to the responsible lending laws since 2009. ASIC’s deputy chairman Daniel Crennan in turn says banks face an increase in civil and criminal breaches of the law, and he has urged them to co-operate with the corporate regulator.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. HOUSE OF REPRESENTATIVES STANDING COMMITTEE ON ECONOMICS, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, JUDO CAPITAL PTY LTD, WESTPAC BANKING CORPORATION – ASX WBC, MLC LIMITED, NULIS NOMINEES (AUSTRALIA) LIMITED, RESERVE BANK OF AUSTRALIA

Westpac faces class action on loans

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Original article by Richard Gluyas
The Australian – Page: 24 : 22-Feb-19

Westpac intends to defend a class action launched by Maurice Blackburn on behalf of home loan customers. The law firm will contend that Westpac breached its responsible lending obligations by failing to sufficiently assess borrowers’ capacity to repay the loan and to verify information about their financial circumstances. Westpac had been subject to similar legal action by the Australian Securities & Investments Commission in 2018, and that case will return to court after a settlement was rejected by the presiding judge.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, MAURICE BLACKBURN PTY LTD, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, FEDERAL COURT OF AUSTRALIA