Minister orders enquiry into CCCFA

Minister of Commerce and Consumer Affairs David Clark has bought forward an enquiry into the CCCFA to see if it is being implemented as intended.

TMM and TMMOnline has been reporting about concerns over the new law for months. Since then numerous stories have appeared in media claiming the CCCFA is too onerous.

Clark said tonight: "Whilst we are in the early days of new regulations to protect vulnerable borrowers, I have asked the Council of Financial Regulators (COFR, comprising the Reserve Bank, the Treasury, Financial Markets Authority, MBIE and Commerce Commission) to bring forward their investigation into whether banks and lenders are implementing the CCCFA as intended."

"Banks appear to be managing their lending more conservatively at present, and this is likely due to global economic conditions.