Regional Banking
Submission to: Regional Banking Taskforce, Treasury
Related Projects
CDR Sectoral Assessment for the Open Finance Sector – Non Bank Lending
Submission to: Treasury
Joint consumer group submission (led by Financial Rights) into the application of the Consumer Data Right (CDR) to non-bank lenders. Non bank lenders include consumer lease providers, payday lenders, BNPL providers, wage advance companies and others. Extending the CDR to these companies would allow these businesses to circumvent the credit reporting regime and facilitate targeting of high cost finance to people in hardship. We are extremely concerned that the paper does not adequately consider these risks. We recommend a series of reforms including limiting CDR to companies that are part of the comprehensive credit reporting regime and an opt-in consent for jointly held accounts.
Joint consumer group submission (led by Financial Rights) into the application of the Consumer Data Right (CDR) to non-bank lenders. Non bank lenders include consumer lease providers, payday lenders, BNPL providers, wage advance companies and others. Extending the CDR to these companies would allow these businesses to circumvent the credit reporting regime and facilitate targeting of high cost finance to people in hardship. We are extremely concerned that the paper does not adequately consider these risks. We recommend a series of reforms including limiting CDR to companies that are part of the comprehensive credit reporting regime and an opt-in consent for jointly held accounts.
ePayments Code Review
Submission to: ASIC
Joint consumer group submission (led by the Consumers’ Federation of Australia) on proposed changes to the ePayments Code. Our submission expresses disappointment that ASIC is planning to reduce consumer protection in relation to scams both in relation to mistaken payments and unauthorised transactions. These proposals run counter to ASIC’s 2021-25 strategic plan which include a commitment to reduce the risk of harm to consumers from scams.
Joint consumer group submission (led by the Consumers’ Federation of Australia) on proposed changes to the ePayments Code. Our submission expresses disappointment that ASIC is planning to reduce consumer protection in relation to scams both in relation to mistaken payments and unauthorised transactions. These proposals run counter to ASIC’s 2021-25 strategic plan which include a commitment to reduce the risk of harm to consumers from scams.