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…
-
General24 hours agoLambie, hypocrisy, and the misinformation & disinformation bill
-
General23 hours agoAFLW Sunday: Chloe Molloy kicks wonder goal as Zippy Fish stars for Swans
-
Business6 hours agoHow to retire in your 50s with ASX shares
-
General21 hours agoJim Chalmers’ socialist séance might be over