WELLINGTON (CU)_Last year, the government of New Zealand introduced new responsible lending laws, with the aim of protecting vulnerable borrowers who were taking out large loans as property prices continued to soar in the Pacific island. However, following the introduction of the new regulations at the start of December, there has been an immediate drop in loan approvals by banks, as well as non-bank lenders.
Accordingly, Commerce and Consumer Affairs Minister David Clark has accused banks of failing…
