Banking regulation and credit card reform bill passed

By David Jacobson The Treasury Laws Amendment (Banking Measures No. 1) Bill 2017 has been passed by both houses of Parliament and is awaiting Royal Assent. Background.
The Bill is comprised of a number of amendments designed to:
• strengthen the Australian Prudential Regulation Authority’s (APRA’s) ability to respond to developments in non-Authorised Deposit-taking Institution (non-ADI) lending;
• reduce barriers to new entrants to the banking sector and remove restrictions on existing smaller ADI’s on the use of the term ‘bank’;
• modernise the Banking Act 1959 by inserting an objects provision; and
• improve customer outcomes under credit card contracts through amendments to the National Consumer Credit …read more

Source:: Bright Law

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