Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search

 


Bill Will Bring Welcome Protection For Vulnerable Consumers

Bill Will Bring Welcome Protection For Vulnerable Consumers Say Credit Unions


The industry organisation representing credit unions and building societies in New Zealand is delighted that the Credit Contracts and Financial Services Law Reform Bill passed its second reading in Parliament yesterday, and says it will bring much needed protection for vulnerable consumers.

“We’re glad to see that all political parties are supporting this Bill which will provide better protection for low-income earners from the type of predatory loan-shark behaviour so prevalent in those communities” saysNew Zealand Association of Credit Unions (NZACU) Chief Executive Henry Lynch.

“Whilst credit unions and building societies serve a diverse range of members, many of our community credit unions operate in what you would consider lower socio economic areas” said Mr Lynch. “Often people who come in seeking help have been the victim of credit contracts that have quite clearly not been affordable, with hidden penalties and interest traps”.

NZACU’s members are fully supportive of the bill, but they recognise that even with more responsible lending practices being required by law, the bigger picture issue causing a lot of debt problems is low financial literacy.

“Better understanding of basic financial concepts and simple budgeting skills is essential if we are to improve the financial wellbeing of all New Zealanders. There needs to be a combined effort by everyone in education, business and the wider community to support the government legislation with better financial literacy support” said Mr Lynch.

The NZACU and its Members are keen supporters of the National Strategy for Financial Literacy developed by the Commission for Financial Literacy and Retirement Income.

“A national, cooperative approach such as this is the only way we’ll see a long term solution to the destructive debt spiral many Kiwis find themselves in when they turn to people like loan sharks.”

Cooperatively owned credit unions and building societies in New Zealand currently have over 200,000 members, and have a long history of helping people from all walks of life achieve better financial management.

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Open Source // Open Society - Full Coverage

GCSB's China Shopping: Key Damages China Relationship

Evidence that the Key Government recklessly approved a GCSB spying operation to intercept Chinese diplomatic communications between offices in Auckland will pointlessly damage our relationship with China, the Green Party said today.

The latest Snowden documents detail plans by the New Zealand spy agency, the Government Communications Security Bureau (GCSB), to tap Chinese diplomatic communications between their two consular offices in Auckland. The papers don’t reveal if the operation, a joint project with the US National Security Agency (NSA), went ahead but we have no reason to think it did not. More>>

 
 

PARLIAMENT TODAY:

Press Conference: ANZAC PMs Concerned About ISIL Bringing The War Home

Prime Minister Key and Prime Minister Abbott spoke of the bond formed between Australia and New Zealand in the “baptism of fire” of Gallipoli. Abbott stated that New Zealand and Australia’s values and interests are linked, and this is reflected in the joint operation in Iraq which will begin shortly. More>>

Gordon Campbell: On The Reserve Bank And Auckland Housing>

The ‘crisis – what crisis?’ response by the government to the Auckland housing price bubble is no longer acceptable. So says Reserve Bank governor Grant Spencer... More>>

ALSO:

Bangladesh: GCSB Dragging NZ Into Human Rights Abuses

The New Zealand government should stop providing intelligence assistance to Bangladeshi security agencies that are known to systematically engage in human rights abuses, said the Green Party today. More>>

ALSO:

Troops Heading To Iraq: Government Must Come Clean On Deployment

New Zealanders deserve more than to hear about their troops’ deployment overseas from Australian media, Opposition Leader Andrew Little says. “News from Australia that Kiwi troops are on their way to Iraq this week is another example of the culture of secrecy and unknown protections around the deployment.” More>>

ALSO:

Image: Strikers And Protestors Join Outside McDonald's

A group of protestors took to McDonald’s Manners St today as a part of the international fast food workers day of action to end zero hour contracts. More>>

ALSO:

Greens: Special Education Funds Not Spent

More than $32 million of funding for children with special needs has not been spent by the Government, despite families of children with special needs complaining for years that they’ve been denied the support they deserve. More>>

ALSO:

John Key: Pre-Budget Speech To Business NZ

So this Government will remain relentlessly focused on improving the competitiveness of our economy... We will continue to give businesses a platform to invest, grow and create jobs in the knowledge they will be backed by a clear and consistent government policy programme. More>>

ALSO:

Multimedia: Andrew Little’s Response To John Key’s Pre-Budget Address

Labour Party leader Andrew Little spoke today on John Key’s pre-budget address this afternoon in Wellington. Little said National has had seven years to achieve a surplus and Kiwis have “fufilled their end of the bargain.” More>>

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Politics
Search Scoop  
 
 
Powered by Vodafone
NZ independent news