Submission on the National Consumer Credit Protection Amendment (Supporting Economic Recovery) Bill 2020
FCVic joined FCA and the other state financial counselling bodies in making a joint submission to the the Senate Economics Committee inquiry into the National Consumer Credit Protection Amendment (Supporting Economic Recovery) Bill 2020.
In the submission, the financial counselling sector opposes the Federal Government’s Bill which proposes to remove responsible lending obligations for banks and other lenders. The submission cites examples of irresponsible lending from financial counselling casework to highlight the danger of removing these key consumer protections.