Nothing, not even advertising will be permitted unless it is in the 'best financial interests' of members.
The National Consumer Credit Protection Amendment bill goes against two explicit recommendations of the banking royal commission.
If anything, the standards are becoming easier, rather than harder, to apply.
It'll be up to the borrower, not the lender to determine whether what's offered is suitable under changes to be detailed in the budget.
Westpac and the ANZ have suspended dividends payments. The National Australia Bank has slashed them. The peculiarities of our tax system explain why retirees hate this more than they should.
APRA is allowing the big four banks to coordinate in a way that might otherwise be illegal.
The Reserve Bank has scheduled an announcement for Thursday. The government will unveil a second coronavirus stimulus package within days.
"Balanced scorecards", of the kind countenanced by the Australian Prudential Regulation Authority, are inherently unbalanced.
Combined, APRA and the Reserve Bank are about to give households on $150,000 up to $120,000 more borrowing power.
Under cover of a speech from the Reserve Bank governor, the Prudential Regulation Authority has moved to make it 10% easier to borrow.
The government has agreed to create an independently-chaired body to report on the performance of ASIC and APRA, but it hasn't said its reports will be made public.
Getting better behaved banks isn't difficult. Here are three places to start.
Flaws in the ABC Act set up conflict and allow the government to pressure it.
In choosing not to impose restrictions on bonuses and commissions, the government left untouched the incentives for inappropriate financial advice and lending decisions.
A whole bunch of folks are on the wire, and if their housing payments go up they are going to struggle.
All eyes will be on how ASIC and APRA respond to the findings of the banking royal commission. Will they be defensive about past mistakes, or move forward with tighter regulations?
The Commonwealth Bank has been given responsibility to fix its own management mess. Regulators could have done a lot more.
Westacott is on the frontline in what has become the toughest of gigs, given the shocking disclosures, and subsequent fallout, in the financial sector.
ASIC and APRA don't lack power to sack bank directors. They the lack the willpower to do so.
If we do escape the interest only debacle unscathed it will be pure, dumb luck, not a consequence of good design or sound regulation.