Keep banks honest: Don't wind back consumer protections
In the midst of one of the worst recessions in Australia’s history, the government has just announced plans to wind back crucial responsible lending laws that protect people from exploitative lending by banks.
Banks are multi-billion dollar institutions and know more about your spending habits and what loans carry more risk than any individual could. It is only right that banks have to carry some responsibility when they lend. Without consumer protections, banks have every interest in getting people to borrow more, pay more interest and pay more fees.
This is one of the biggest attacks on consumer protections we’ve ever faced, but this law will need a Senate vote to pass. That means right now is a crucial opportunity for you to tell the Senators who represent you that they should support strong and common-sense laws that protect people from predatory lending.