Non-banks fear Deposit Takers Bill will kill them

Wed, 07 Dec 2022

Non-banks are worried the government’s Deposit Takers Bill will kill off New Zealand’s credit unions, building societies and regulated finance companies because the cost of compliance will be prohibitive for these institutions.A group of 13 such institutions, including the Auckland Credit Union; Police Credit Union; Heretaunga, Nelson and Wairarapa building societies; and Mutual Credit Finance, said they fear only the large Australian-owned banks will be able to meet the tough standards set by the bill.“The bill is designed to...

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