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Statutory Review of the Consumer Data Right

20 May 2022

The ABA makes a number of recommendations to improve the rollout of the Consumer Data Right, including prioritising changes that benefit consumers the most, simplify and streamline regulatory requirements and prioritise broader payments reforms before rolling out write-access.

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Proposed changes to quarterly ADI statistical publications

3 March 2022

The ABA supports changes to the templates of quarterly ADI statistics due to the associated changes with APRA Reporting Standards 220, 223 and 230. The ABA recommends proactively delaying first publication of the new quarterly ADI statistics beyond the June 14 date to ascertain and correct any possibly data quality issues resulting from the implementation of the new reporting standards.

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Australia’s cyber security regulations and incentives

27 August 2021

The ABA sees an important role for government in coordinating messaging and cyber security uplift efforts across stakeholder groups and sectors, and setting clear expectations of what entities should do to protect themselves and their customers. The ABA acknowledges that there is a difficult but important balance to be struck between, on the one hand, economy wide, consistent cyber security regulatory requirements that improve the nation’s cyber risk position and, on the other hand, more specific or targeted measures which need to respond to specific risks and/or levels of risk. Further clarity will also be required for entities that may be indirectly subject to SOCI Act requirements, and for entities that may move in and out of the SOCI Act regime. The ABA seeks further information about the legal form that the governance standards would take and what legal standing (if any) the standards would have. The ABA asks for clarity on the interaction between the proposed standards and other regulatory regimes.

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2021 Credit Reporting Code consultation

11 August 2021

The ABA provides the following recommendations and observations: 1. Promises to pay vs. financial hardship arrangements: We are concerned that ARCA’s proposal to define financial hardship arrangements (FHAs) is overly prescriptive and conflicts with elements of the National Consumer Credit Protection Act 2009 (NCCP). 2. Backdating the start of a financial hardship arrangement: The ABA does not support the approach allowing backdating of a financial hardship arrangement. 3. Payment test & catch-up periods: The ABA is supportive of the proposal for a payment test period or catch-up period to be treated as a financial hardship arrangement where the arrangement immediately follows, and is in response to, an earlier financial hardship arrangement. 4. Treatment of joint accounts where abuse is present: We are supportive of the interim proposal that ARCA has proposed to take extra care of customers experiencing family and domestic violence (FDV).

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Loans impacted by COVID-19: APRA regulatory support

6 August 2021

The ABA considers that the part and full repayment moratoriums, offered as part of the ABA 2021 national support package, aligns with the regulatory approach provided for in draft Attachment E to assist banks in supporting customers through this period.

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Regulator Performance Guide

2 June 2021

The ABA considers that the review of the existing Regulator Performance Guide is timely. It is critical to ensure that regulation of the financial system does not inhibit the ability of financial firms to serve the Australian population or grow the economy. The ABA supports the Government’s proposal to transition towards a more flexible and principles-based approach to regulator performance. We have developed our response with a focus on providing constructive suggestions to improve the potential scope and application of the three principles that are proposed with regard to financial regulation Continuous improvement and building trust Risk-based and data-driven Collaboration and engagement

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The bankruptcy system and the impacts of coronavirus

21 February 2021

The current economic circumstances have not changed the views that we expressed in response to the proposal to shorten the default period for bankruptcy that was contained in the Bankruptcy Amendment (Enterprise Incentives) Bill 2017.

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