March 16, 2020 / 5:55 AM / 18 days ago

BRIEF-ASIC Commences Proceedings Against CBA For Alleged Contraventions Of Responsible Lending Provisions Of National Consumer Credit Protection Act

March 16 (Reuters) - Commonwealth Bank of Australia :

* ASIC - COMMENCED PROCEEDINGS AGAINST CBA FOR ALLEGED CONTRAVENTIONS OF RESPONSIBLE LENDING PROVISIONS OF NATIONAL CONSUMER CREDIT PROTECTION ACT

* AUSTRALIA’S ASIC - AMOUNT OF ANY PENALTY TO BE DETERMINED BY COURT AND EACH PARTY WILL BE MAKING THEIR OWN SUBMISSIONS TO COURT ON PENALTY RANGE

* ASIC- ACTION FOR FAILURE OF CBA TO TAKE ACCOUNT OF CUSTOMER'S NOTIFICATION HE WAS PROBLEM GAMBLER & VERIFY BEFORE APPROVING CREDIT CARD LIMIT INCREASE Source text: [ID:here ] Further company coverage:

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