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ABA Response to Senate inquiry into Australian Government’s response to COVID-19

2 June 2020

The response incorporates initiatives on loan deferrals and lending, banking accessibility, and electronic conveyancing and electronic mortgages. These measures were designed to support consumers and businesses through this difficult time and intended to mitigate the impacts of COVID-19 on bank customers.

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Lessons learned from the Australian bushfire season 2019-20

22 May 2020

The ABA has set up a natural disasters work program that reports to our 16 Council members in order to clarify, strengthen and streamline the banking industry’s response to natural disasters to ensure that they have the right tools for the job at the right time. By the beginning of March 2020, the major banks had provided bushfire assistance grants totalling $7.6 million to more than 4,000 customers across Australia. The banks had also raised more than $42 million in donations to help devastated communities and assisted more than 3,500 customers with financial relief packages of the types described below.

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Inquiry into Future Directions for the Consumer Data Right

21 May 2020

The ABA supports the ongoing development and expansion of the Consumer Data Right (CDR). As the first sector to launch with Open Banking, the banking industry has contributed significantly to operationalising the CDR vision through expertise within the sector as well as providing the Open Banking systems through which the first consumer data will flow in the CDR.

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APG 220 Credit Risk Management Submission

19 March 2020

The ABA is supportive of modernising prudential guidance in line with contemporary credit risk management practices. However, it is important to ensure that any new guidance sits comfortably within a predictable and transparent regulatory framework for ADIs

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ARS 115 Standardised measurement approach to operational risk

24 February 2020

The ABA asks APRA to consider the ARS 115 consistency with the accounting standard and consistency with current data consultation outcomes.

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Senate Economics Committee Inquiry into the Australian Business Growth Fund Bill 2019 [Provisions]

17 February 2020

The ABA strongly supports the Government’s initiative to help small businesses grow by coinvesting with banks to establish this Australian Business Growth Fund. The Fund is designed to provide equity finance to qualifying businesses across a range of industries and locations.

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Revisions to APS 111 Capital Adequacy: Measurement of Capital

14 February 2020

The ABA supports APRA’s review of the capital framework but asks for further consideration of investment in regulated subsidiaries.

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ACCC CDR consultation on how to best facilitate participation of third party service providers

7 February 2020

The ABA supports the inclusion of TPSPs within the CDR regime. TPSPs could play an important role in the efficient and cost-effective provision of services to consumers. The entry of TPSPs, with appropriate governance and consumer protections, will enable the development of a richer and more vibrant ecosystem.

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Corporate Criminal Responsibility Discussion Paper (DP 87) November 2019

7 February 2020

The ABA supports a principled approach to policy making on Commonwealth criminal responsibility. Such an approach stands to enhance confidence in the regulatory framework by providing consistent, predictable treatment of conduct across the regulatory landscape.

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Financial Regulator Coordination and Information Sharing

24 January 2020

The ABA supports the codification of the expectation that where one regulator possesses information about an obvious and significant breach of laws administered by the other, the regulator should pass that information on. This will ensure early detection of misconduct and swifter enforcement action.

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