Summary

Amends the:

to: enable the Australian Prudential Regulation Authority (APRA) to makes rules and directions relating to the provision of finance by non-authorised deposit-taking institution lenders which APRA has identified may materially contribute to risks of instability in the Australian financial system; remove restrictions on the use of the term ‘bank’; and insert an objects provision; to: require that the suitability of a credit card contract is assessed on the consumer’s ability to repay the credit limit within a certain period; prohibit providers from making unsolicited credit limit offers in relation to credit card contracts and from retrospectively charging interest on credit card balances; and enable consumers to reduce credit card limits and terminate credit card contracts, including by online means; and , , and to make consequential amendments.