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ME Bank slapped down for ‘serious and systemic’ breaches – The Australian Financial Review
The sanction amounts to a naming and shaming for the lender after it launched a remediation plan last year to rectify the scandal.
After a week defending the overhaul as a well-intentioned decision that was prompted by concerns some borrowers could redraw too much cash and have difficulty repaying their loan on time, ME Bank buckled to customer pressure, pledging to restore home loan redraw limits for any customers who demanded it.
The bank is in the process of being sold to Bank of Queensland.
In a statement on Tuesday, the Banking Code Compliance Committee said the lenders communications about the redraw changes were poor…
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