Hi CHOICE Community,
We need your help today to protect safe lending laws!
What are safe lending laws?
Safe lending laws are essential consumer protections introduced after the Global Financial Crisis. They are laws that requires to do basic checks before offering loans to people. They are in place so banks do not sell people into loans they will never be able to afford. The Banking Royal Commission found countless examples of bank’s ignoring safe lending laws and trapping people into expensive and high-risk loans.
The very first recommendation of the Royal Commission was to keep safe lending laws.
What is the government planning?
The Government has announced plans to axe lending laws. This will hurt people, the economy, and goes against the very first recommendation of the Banking Royal Commission. However, crucial crossbench Senators have the power to block the Government’s proposal.
What is happening today?
Today (19th February 2021) the Senate Economics Committee is holding public hearings into the proposal, and CHOICE is scheduled to appear at 11:45am.
Here’s how you can help:
We know that journalists will be keeping an eye on social media, publications and even forums like this to gauge public sentiment.
Do you have a bank horror story you’d like to share?
Maybe you or someone you know was offered a credit card without requesting one, or given an inappropriate or unaffordable loan. Comment below with your story (remember: only share what you feel comfortable making public).
If you don’t have a story, but still feel strongly about safe lending laws – tell us why below. We want to hear from as many people as possible to show how our community feels about these crucial consumer protections.
IF you’re on twitter, you can join the conversation by using #MyBankHorrorStory and #DebtDisaster.
Thank you very much for your support!