David Clark’s ‘no regrets’ approach to driftnet lending laws

Consumer lending laws appear to have captured more than they'd bargained for. (Image: Getty)

Tue, 15 Mar 2022

Commerce and consumer affairs minister David Clark has taken a “no regrets” approach by tweaking lending laws that are too broad, too slow and too intrusive.Clark told his cabinet colleagues last month when pitching tweaks to regulation and the lending code that he’d been advised new consumer law had several unintended consequences in that it was less targeted than had been supposed, slowed down processing times, and subjected borrowers to unduly intrusive inquiries.He played down the impact of the changes in his official stat...

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