Submission: APRA powers for non-ADI lenders
The Consumer Action Law Centre (Consumer Action) and CHOICE have made a joint submission on the draft Treasury Laws Amendment (Non-ADI Lender Rules) Bill 2017 (the draft Bill).
We support the proposal to provide the Australian Prudential Regulation Authority (APRA) with new powers in respect of the provision of credit by entities that are not authorised deposit-taking institutions (non-ADI lenders). We understand that these new powers would be applicable to non-ADI lenders with loan books valued at more than $50 million. We agree that enabling APRA to monitor non-ADI lending practices would enhance the overall stability of the financial system, given the potential risks to financial stability that currently exist in the mortgage and personal finance markets.FINAL submission - APRA powers 20170814