Business
ASIC provokes banks over responsible lending – The Australian Financial Review
In its first comments about responsible lending after an embarrassing back down, the corporate regulator challenged lenders to invest more in the approvals process.
In the case, ASIC alleged Westpac made 260,000 loans it should not have, relying too heavily on a controversial benchmark known as the “household expenditure measure” or HEM. The case was started under former ASIC chairman Greg Medcraft who left the regulator in 2017 and has cost taxpayers around $2 million and counting.
ASIC’s criticism that banks were not willing to invest enough in systems came as many banks show signs of reaching capacity, as they scramble to check-in with around 900,000 cu…
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