New Zealand's central bank introduces Proportionality Framework under Deposit Takers Act 2023, regulating credit unions, building societies, and finance companies from 2028.
New Zealand's central bank, Te Pūtea Matua, has released the Proportionality Framework under the Deposit Takers Act 2023. The framework aims to balance the costs and benefits of regulation for different types of deposit takers, while promoting financial stability and fostering an inclusive, diverse, and innovative deposit-taking sector. Starting in 2028, the Reserve Bank will regulate and supervise credit unions, building societies, and finance companies alongside banks under a single, consistent, and proportionate framework.
March 13, 2024
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