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OAIC Public Interest Determinations on International Money Transfers

24 January 2020

The applications seek new PIDs to permit ANZ - along with other authorised-deposit taking institutionswithin the meaning of the Banking Act 1959 (ADIs); and the RBA to disclose the personal information ofa beneficiary of an IMT to an overseas financial institution when processing an IMT, without breachingthe Australian Privacy Principles (APPs). The ABA strongly supports these two applications and urges the OAIC to issue new PIDs which would replace existing PIDs concerning IMTs that are due to sunset on 25 February 2020

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Response to the Select Committee on FinTech and RegTech

24 December 2019

The ABA agrees that capital and funding, tax, skills and talent, culture and regulation are key factors that determine Australia’s competitive position to attract and maintain investment in technology. However, the ABA respectfully requests to also consider how Australia should best manage data in the emerging digital economy.

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Interest rate risk in the banking book

16 December 2019

The ABA supports the alignment of APS 117 with the Basel Committee on Banking Supervision interest rate risk in the banking book issued April 2016 where appropriate.

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Draft Consumer Data Right Privacy Safeguard Guidelines Consultation

27 November 2019

The ABA recommends that the PS GL undergo a second consultation twelve months after the launch of the CDR regime. The ABA recommends that the OAIC institutes a process for annual review (or as CDR documentation is revised) of the PS GL in order to ensure that all cross-references remain up-to-date, complete, relevant and therefore effective. It would benefit readers of the PS GL if the OAIC provided multiple examples where a Privacy Safeguard requires DHs and ADRs to consider what is ‘reasonably needed’ or ‘proportionate’.

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Draft Consumer Data Right Privacy Safeguard Guidelines Consultation

27 November 2019

The ABA recommends that the PS GL undergo a second consultation twelve months after the launch of the CDR regime., and the ABA recommends that the OAIC institutes a process for annual review.

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Update to RG 209 Credit Licensing: Responsible lending conduct

26 November 2019

The ABA supports ASIC finalising this review and releasing updated regulatory guidance as soon as possible to provide clarity and assist credit licensees comply with their responsible lending obligations.

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Supplementary submission to ASIC Consultation Paper 209: Update to RG 209 Credit Licensing: Responsible lending conduct

26 November 2019

The ABA strongly supports the retention of a principles-based approach to responsible lending through the legislative provisions contained in the NCCP Act, as well as in relation to relevant regulatory guidance, including in ASIC’s RG 209 and APRA’s APG 223 and APS 220.

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Capital treatment of mortgages under the First Home Loan Deposit Scheme

11 November 2019

The ABA welcomes further clarity on the capital treatment for guarantees under the Scheme. A clear understanding of the capital treatment is critical for an ADI’s mortgage product development and consequential approval under the scheme.

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National Housing Finance and Investment Corporation Investment Mandate Amendment (First Home Loan Deposit Scheme) Direction 2019

4 November 2019

The ABA welcomes any assistance to help first homebuyers to own their own home and supports the Government’s commitment to deliver the First Home Loan Deposit Scheme. Further, the ABA welcomes APRA’s letter to industry clarifying the capital treatment of the guarantee.

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Treasury consultation on Open Banking Privacy Impact Assessment (PIA)

28 October 2019

The ABA views any changes to the Consumer Data Right (CDR) regime as likely to have a significant impact on the privacy of individuals, thereby warranting reconsideration of the risks and recommendations made by the PIA. This review process is crucial to ensuring that the CDR regime will meet its stated goal of being ‘consumer... Read more »

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