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Are you looking for some clarification around the way banks can treat loan customers who have a need to access COVID-19 support packages, or wondering if there’s a catch?

Write comment (0 Comments) " ["fulltext"]=> string(1914) "

The Australian Prudential Regulation Authority (APRA) has noted that many banks have recently announced COVID-19 support packages that provide affected borrowers – mainly home loan and small-business loan customers – with options to defer repayments on loans for up to six months.

All four major banks and a number of non-majors have already indicated they will be putting a number of measures in place to support their customers through the uncertainty of the COVID-19 pandemic.

According to the regulator, where a borrower who has been meeting their repayment obligations until recently chooses to take up the offer not to make repayments as part of a COVID-19 support package, the relevant bank does not need to treat the period of the repayment holiday as a period of arrears.

Loans granted a repayment deferral under a COVID-19 package also will not be considered as “restructured”.

In a similar vein, the credit reports of individuals who are required to access support packages are unlikely to be detrimentally affected, according to one such credit reporting business.

Steven Brown is the director of bureau engagement at credit reporting business illion.

He told nestegg’s sister brand Mortgage Business that they would not be counting deferments or variations as “credit events”.

“Where a borrower seeks and is granted varied terms for loan repayments under a hardship agreement, the information provided to a credit bureau is typically different from what is reported under a normal loan repayment schedule.”

He explained that it’s currently standard practice for lenders to omit providing loan repayment information to credit bureaus where hardship arrangements are in place.

As a result, any delayed payments “are not visible to new lenders and are not included in the borrower’s credit score”.

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From financing a credit card debt to deciding on a home loan, Nest Egg’s got your back! " ["secure"]=> int(0) ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["displayDate"]=> string(19) "2020-03-24 01:28:18" ["slug"]=> string(56) "14863:how-will-a-bank-treat-a-covid-19-affected-borrower" ["parent_slug"]=> string(16) "271:borrow-money" ["catslug"]=> string(11) "275:banking" ["event"]=> object(stdClass)#3458 (3) { ["afterDisplayTitle"]=> string(0) "" ["beforeDisplayContent"]=> string(0) "" ["afterDisplayContent"]=> string(0) "" } ["text"]=> string(380) "

Are you looking for some clarification around the way banks can treat loan customers who have a need to access COVID-19 support packages, or wondering if there’s a catch?

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Amid a slide towards a global recession, the Reserve Bank of Australia has held an out-of-cycle emergency meeting, where it grappled with a decision on whether to drop the record-low cash rate even further.

Write comment (0 Comments) " ["fulltext"]=> string(1792) "

At the meeting, the decision was made to drop the cash rate to 0.25 per cent.

It's the second consecutive cut in less than three weeks for the central bank, after it slashed the already low interest rate to 0.5 per cent on 3 March.

The next cash rate decision was not scheduled to be announced until 7 April 2020, but the Reserve Bank board had scheduled the emergency meeting in the midst of the coronavirus pandemic.

The last time the Reserve Bank moved to cut rates out of cycle was in 1997. 

As at COB 18 March, the ASX 30 Day Interbank Cash Rate Futures April 2020 contract was trading at 99.815 – a 100 per cent indicator that the market was predicting another cut.

The news comes less than a week after Prime Minister Scott Morrison and Treasurer Josh Frydenberg unveiled a $20 billion stimulus package to ward off a recession.

Earlier this week, Reserve Bank governor Philip Lowe released a statement outlining that the RBA does intend to purchase Australian government bonds in the secondary market to ensure the orderly function of the markets.

For Anthony Kirkham, the head of investment management and head of Australian operations at Western Asset, the clarification is reminiscent of statements made recently by the US Federal Reserve.

Just yesterday, Mr Morrison reported that the government is working behind the scenes on further stimulus, and that the Reserve Bank of Australia had been involved in those discussions but would still be making its decisions independently.

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Amid a slide towards a global recession, the Reserve Bank of Australia has held an out-of-cycle emergency meeting, where it grappled with a decision on whether to drop the record-low cash rate even further.

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Two new legal actions have been served against the Commonwealth Bank of Australia for separate issues that came to light during the banking royal commission.

Write comment (0 Comments) " ["fulltext"]=> string(3494) "

The Australian Securities and Investments Commission (ASIC) announced yesterday that it had commenced proceedings against the big four bank for alleged breached of the ASIC Act and Corporations Act and alleged contraventions of responsible lending provisions.

Both legal actions have arisen out of royal commission case studies.

The first is related to alleged breaches of the ASIC Act and Corporations Act for failures of the AgriAdvantage Plus Package (AA+ Package), while the second relates to the CBA’s provision of credit services to a problem gambler.

AgriAdvantage Plus Package

In the case of the AgriAdvantage Plus Package, ASIC said that from May 2005 to December 2015, the Commonwealth Bank sold customers the AA+ Package, which entitled customers, in exchange for package fee payments, a number of benefits that included fee waivers, interest rate discounts and bonus interest on savings.

The legal case alleges that CBA “harmed customers by not providing certain benefits to customers, and, as a result, customers were overcharged fees and interest on loans and fees, and underpaid interest on savings”.

The cause of such failures has been blamed on CBA’s “highly manual systems” and the fact that there were “no systems or processes in place to check whether customers were receiving benefits”.

ASIC contended that “a total of 8,659 customers were harmed by CBA’s conduct on 131,542 occasions, in circumstances where CBA benefited from a total of $8,087,276 in incorrectly charged fees and interest on loans, and underpaid interest on savings”.

The regulator said it will be seeking a total civil penalty of up to $5 million, subject to the conduct it alleges being found or admitted.

Case of the problem gambler

In the second set of proceedings, ASIC is alleging that CBA contravened the responsible lending provisions found within the National Consumer Credit Protection Act 2009.

According to ASIC, the case relates to “failures to take account of a notification by a customer (Mr Harris) that he was a problem gambler and to take reasonable steps to verify his financial situation before offering and approving a credit card limit increase”.

ASIC is alleging that a number of provisions in the National Credit Act were contravened, including failure to undertake reasonable inquiries of Mr Harris’ financial circumstances, failing to assess that the credit limit increase was unsuitable, and that it failed to comply with the National Credit Act.

In the statement announcing the proceedings, the regulator noted that the legislation “provides consumer protections to ensure that credit providers make reasonable inquiries about a borrower’s financial situation before assessing whether a loan contract will be unsuitable for the borrower”.

It comes after the bank recorded “unusually” strong growth in the latest APRA lending figures. 

CBA has recently been under fire for charging dead people and hawking life insurance through unsolicited phone calls. 

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From financing a credit card debt to deciding on a home loan, Nest Egg’s got your back! " ["secure"]=> int(0) ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["displayDate"]=> string(19) "2020-03-17 01:26:58" ["slug"]=> string(40) "14825:cba-slogged-2-new-legal-challenges" ["parent_slug"]=> string(16) "271:borrow-money" ["catslug"]=> string(11) "275:banking" ["event"]=> object(stdClass)#3464 (3) { ["afterDisplayTitle"]=> string(0) "" ["beforeDisplayContent"]=> string(0) "" ["afterDisplayContent"]=> string(0) "" } ["text"]=> string(348) "

Two new legal actions have been served against the Commonwealth Bank of Australia for separate issues that came to light during the banking royal commission.

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Bendigo and Adelaide Bank is the latest financial institution to announce a number of assistance measures for short and long-term business and consumer support in the wake of coronavirus concerns.

Write comment (0 Comments) " ["fulltext"]=> string(3849) "

It’s a “unique situation for the global and local economy”, Bendigo and Adelaide Bank’s managing director, Marnie Baker, has outlined.

“Health, safety and wellbeing will always be of paramount importance,” she continued.

“While the full-reaching human and economic impacts of COVID-19 are still largely unknown and evolving, we are working with the industry and government to manage the impact on our customers, staff, communities and partners.”

Noting that the bank has “a responsibility and commitment to support those affected through the good times and the rougher times”, Bendigo and Adelaide Bank customers nationwide will have access to a financial assistance package.

Home loan and business loan customers can apply for relief on loans for up to three months, while fees will be waivered for the restructuring or consolidation of loans.

The bank has also advised that credit card customers can apply for an emergency credit card limit increase, and discounted interest rates will be provided on new personal loans taken out by existing Bendigo Bank customers.

It has also waived interest rate reductions for early withdrawals on term deposits prior to maturity.

Several of the big four banks have also outlined measures to support affected customers, which include repayment relief on home loans, and an expansion of servicing capabilities, in the wake of a joint statement from the Australian Banking Association. 

The Australian Banking Association’s position

Last week, the Australian Banking Association (ABA) backed Australia’s banks as being in a “strong” position. 

Chair of the Australian Banking Association and Commonwealth Bank CEO Matt Comyn noted that “Australia has a very strong financial system with banks that are well capitalised and have strong balance sheets”. 

“Banks have supported the country through difficult times in the past and continue to do so. We are very much open for business,” he said.

ABA CEO Anna Bligh indicated that banks “stand ready to support customers, and if anyone is in need of assistance, they shouldn’t wait but come forward as soon as possible”.

While the type of assistance offered will depend on individual circumstances, the ABA said it can include: a deferral of scheduled loan repayments, waiving of fees and charges, interest-free periods or no interest rate increases, and debt consolidation.  

ANZ

ANZ said it would support suspension of interest repayments, provide additional credit and provide early access to term deposits without incurring break fees.

Westpac

Westpac outlined that its hardship assistance program will be made available to affected customers, which includes the deferring of repayments for up to three months.

Speaking to nestegg’s sister brand Mortgage Business, Will Ranken, Westpac general manager, home loans, said the bank recognises that “COVID-19 is impacting our customers and we are committed to supporting them during this time”.

He said they are encouraging “any customer with concerns about their loans and repayments to talk to us so we can provide support”.

“Westpac has a dedicated hardship assistance program to help customers experiencing financial stress, including deferring repayments.”

NAB

NAB will offer support services to customers, such as the suspension of payments or interest, a reduction of the loan amount or the waiving of fees.

A spokesperson said the bank will work with all customers on a “case-by-case basis”, and encourages any customer experiencing hardship to contact NAB.  

 

 

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Bendigo and Adelaide Bank is the latest financial institution to announce a number of assistance measures for short and long-term business and consumer support in the wake of coronavirus concerns.

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The Reserve Bank of Australia has met a sharp increase in demand for additional liquidity from the banks in light of the growing market uncertainty from market volatility.

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The Reserve Bank of Australia (RBA) has provided the banking sector with a significant liquidity boost on the overnight money market, purchasing bank assets through repurchase (repo) agreements totalling $8.8 billion – well above the daily average.

Over 60 per cent ($5.6 billion) of the transactions involved the purchase of transaction terms of 95 days.

This follows a similar move from the US Federal Reserve following President Donald Trump’s ban on travel from Europe in light of the coronavirus (COVID-19) outbreak.

President Trump’s decision sent ripples through international markets, including Australia, prompting traders to sell assets and strain liquidity in credit markets.

RBA governor Philip Lowe hinted at providing the banking sector with liquidity support following the monetary policy board’s decision on the official cash rate to a new record low of 0.5 per cent earlier this month.

“Australia’s financial markets are operating effectively, and the bank will ensure that the Australian financial system has sufficient liquidity,” Mr Lowe said.

The RBA’s response to demand for additional liquidity from Australia’s banking sector also followed Prime Minister Scott Morrison’s release of a $17.6 billion stimulus package to help support the domestic economy as it grapples with economic side effects of COVID-19.

The RBA will now conduct repo operations of six months maturity or longer at least weekly as long as the market conditions warrant a response. It will also continue to conduct one-month and three-month repo operations until further notice.

“Australia’s financial institutions, market participants and market infrastructure providers have undertaken substantial investments in their operational capability to deal with the effects of the virus,” the Council of Financial Regulators said in a statement.

“At the same time, trading liquidity has deteriorated in some markets, and financial institutions are having to adjust to a more volatile environment. The financial regulators are in regular contact with financial institutions, market participants and market infrastructure providers.”

The announcement comes as ASIC issues directions to a number of large equity market participants requiring them to limit the number of trades executed each day until further notice.

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The Reserve Bank of Australia has met a sharp increase in demand for additional liquidity from the banks in light of the growing market uncertainty from market volatility.

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Westpac is still feeling the effects of AUSTRAC’s allegations of 23 million anti-money laundering breaches, having been served with a new class action.

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A statement from the litigation funder behind the claim, Burford Capital, indicated that law firm Johnson Winter & Slattery had filed the class action suit in the Federal Court of Australia.

The class action was filed against both the financial institution and one of its prior executives “for alleged systemic non-compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006”. 

The law firm did not disclose the amount of damages sought nor identity the aforementioned “prior executive” related to the claim.

Westpac confirmed that it had been served the class action last week and said it will be defending the claim.

It noted that the claim relates to market disclosure issues connected to Westpac’s monitoring of financial crime, and that the claim is on behalf of certain shareholders who acquired an interest in Westpac securities or equity swap confirmations between 16 December 2013 and 19 November 2019.

The bank said the new action covers similar subject matter to the claim filed in December last year by Phi Finney McDonald.

Westpac is becoming no stranger to class actions. Most recently, the bank was served a class action by Slater and Gordon on behalf of customers sold junk insurance. 

It’s also seen its life insurance subsidiaries served legal action alleging they had not acted in the best interests of their super fund members.

 

 

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Westpac is still feeling the effects of AUSTRAC’s allegations of 23 million anti-money laundering breaches, having been served with a new class action.

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