Business
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…
-
General23 hours agoCoalition seeks to rebuild ties with Indian community
-
Business23 hours agoHow to retire in your 50s with ASX shares
-
Noosa News23 hours agoGold Coast fans ‘galvanized’ behind the Suns ahead of AFL QClash semifinal
-
General23 hours agoFood and garden organic waste bin system on verge of collapse across WA’s South West