September 14, 2016 BY Valentina Kirilova
CBA pays $180,000 in penalties and will write off $2.5 million in loan balances
Commonwealth Bank of Australia (ASX:CBA) has paid four infringement notices totalling $180,000 in relation to breaches of responsible lending laws when providing personal overdraft facilities. CBA has reported this matter to ASIC following an ASIC surveillance. CBA conducted an internal review which identified a programming error in the automated serviceability calculator used to assess certain…
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