Finance

Banks misinterpreting lending rule changes: MBIE

Staff reporters
Thu, 07 Apr 2022

Banks misinterpreting lending rule changes: MBIE
MBIE is consulting on draft changes to lending rules. (Image: Getty)
Staff reporters
Thu, 07 Apr 2022
The way some lenders have interpreted regulations associated with the Credit Contracts and Consumer Finance Act (CCCFA) has sometimes been "more onerous and restrictive than the original policy intent", according to the Ministry of Business, Innovation and Employment (MBIE)."Some lenders appear to be estimating living expenses by asking the borrower to declare them, reconciling them from bank transactions records and comparing them against a benchmark," MBIE said in a consultation document looking at a number of "no reg...

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