An Australian court on Tuesday dismissed allegations that Westpac Banking Corp h...
) had approved mortgages without adequate credit checks, dealing a blow to the regulator’s efforts to toughen lending standards.
The case was being watched as a test of the government’s push for stricter oversight of the financial sector, after a public inquiry last year found widespread wrongdoing and lackluster enforcement by feeble regulators. Judge Nye Perram told ASIC to pay the No. 2 lender’s court costs after deciding it had done nothing wrong by using the automated system rather than manually checking each applicant’s living expenses.
Australia’s four biggest banks use index measures to calculate living expenses and Westpac says more prescriptive lending rules would harm Australia’s already sluggish economy.
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