Credit Card Responsible Lending Assessments – Joint Submission

Submission to: ACCC
Joint consumer group submission (led by the Consumers Federation of Australia) in response to an application by the Australian Banking Association and its member banks, for authorisation by the ACCC for banks to agree on the minimum standards for consumer financial relief programs and to promote customers’ access to banking services in an environment where social distancing is in place. We support both of these applications. In relation to financial relief we suggest that the ACCC’s final authorisation require that banks consult with consumer groups about their content and that there be public reporting about the outcomes of these programs.

Submission to: The Treasury