Minister orders CCC FA investigation

The Minister of Commerce and David Clark on consumer issues acknowledged concerns about CCCFA and ordered inquiries.

Friday, January 14, 2022 8:47 pm

The Minister of Commerce and David Clark on Consumer Affairs have postponed inquiries to CCCFA to ensure that CCCFA is being implemented as intended.

TMM and TMM Online have been reporting concerns about the new law for months. Since then, many articles have appeared in the media claiming that CCCFA is too annoying.

Clark said tonight: Forwards an investigation into whether banks and creditors are implementing CCCFA as intended. “

“Banks now seem to manage their lending more conservatively, probably due to global economic conditions.

“At the same time as the CCCFA change, there were many factors affecting the market,” Clark said. This includes raising the official cash rate (OCR), changing the loan value (LVR), and increasing housing. Prices and municipal rates.

“The COFR survey will determine to some extent the lender’s behavior regarding CCCFA is a key factor in changing bank lending practices,” Clark said.

Since the law came into force on December 1, squirrel mortgage adviser John Bolton has been Start petition I’m looking for a review. He wants 10,000 signatures and sits at 9,662 on Friday night.New Zealand financial advice Requested a meeting The minister and the law party have campaigned for the law, but leader David Seymour It was part of a special committee that considered the bill.

Seymour says the inquiry was ordered for “Welcome News,” but it “must be genuine.”

Clark upheld the law on the start of December, stating:

“It is very important to protect people and Farnau from falling into the trap of accepting affordable debt and to prevent people from using them in vulnerable situations.”

tag: CCCFA

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Minister orders CCC FA investigation

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