Nova Credit’s Post

The recently approved Banking Code of Practice by the Australian Securities and Investments Commission contains changes to a range of areas including a focus on inclusivity and accessibility to banking services and enhanced requirements to consider vulnerability. In our latest article we discuss these areas of focus in addition to other key changes and their impact ahead of the code taking effect in early 2025. Read more https://ow.ly/Y6I850SFH68

Is your institution ready for the Open Banking rule? The CFPB is expected to finalize rule 1033 on personal financial data this fall. The proposed rule would include data such as transaction information, account balances, terms and conditions, routing information, consumer contact information, and upcoming or pending transactions. This rule will likely take time to implement at FI's. Where does your institution fall on the implementation timeline? Let's take a look 👀

🗞 Recent amendments to the Implementing Technical Standards (ITS) under Regulation (EU) No. 650/2014 have been introduced, impacting the disclosure requirements aligned with the Capital Requirements Directive IV (#CRDIV). These updates aim to enhance transparency and stability in the EU banking sector. For a concise overview of these changes and their implications, read on: https://lnkd.in/dW8FT6t2

Macro Global's blog: Discover how the PRA's new guidance is helping protect consumer trust when it comes to UK bank deposits. Learn about the measures being implemented with this comprehensive overview of PRA's initiatives. Click Here: https://lnkd.in/ghpCciu3 #regulatorycompliance #PRA #PRAGuidance #UKbanks #deposittakers #dearCEO #FSCS #depositprotection #SCV #banksinuk #regtech #scvalliance #scvforza #scvreporting #PRArulebook

The recent changes to Interest Rate Risk in the Banking Book (IRRBB) have far-reaching implications for the entire regulatory reporting landscape. Find out how incorporating sophisticated software and data management solutions can help mitigate these changes. https://ow.ly/Ck8n30sC6Na

"...Major shareholders may prioritize personal gain, while board members neglect their oversight duties; internal control functions might not be able to detect all deviations from a bank’s decision-making process and mismanagement of conflict of interests; external auditors might perceive RPTs as a disclosures issue only, rather than an area where material inaccuracies of financial statements could occur because of fraud. "The opacity of ownership structures, sometimes poorly understood during a bank’s licensing stage, complicates the oversight of RPTs. Insufficient supervisory resources and independence further compound these challenges, while political pressure and interference impede effective oversight and enforcement of prudential standards. This might particularly occur in state-owned banks lending to state-owned enterprises." #BankingIndustry #PrudentialRegulation #RTPs https://lnkd.in/epr6muxv

In our first article 'Why was I de-banked?', we highlighted the fundamental legal principles applying to de-banking in the case of Human Appeal International Australia v Beyond Bank Australia Ltd (No 2).   In this latest financial services insight, partner Michael Bracken continues the analysis of the decision in this case and considers the obligations and duties that a bank may owe its customer when exercising a right to close their account.   https://lnkd.in/gPy5nAHJ   #CBPInsights #banking #finance #debanking

The recent changes to Interest Rate Risk in the Banking Book (IRRBB) have far-reaching implications for the entire regulatory reporting landscape. Find out how incorporating sophisticated software and data management solutions can help mitigate these changes. https://ow.ly/mSpq30sBXUb

In the updated MAS' Fair Dealing Guidelines, all FIs will now be required to apply the principles of the Guidelines to the products and services they offer. Great move. Treating customers fairly and putting customers' interests first are cornerstones of banking. Without the trust and confidence, banking simply can't exist. https://lnkd.in/gnc4c5TA

Risk and regulatory measures are reshaping the financial industry. From late fee regulations to open banking, credit card issuers must navigate the changing landscape and take proactive steps to ensure compliance and manage risk. Learn more in our quarterly update. https://dy.si/bLsZJ