Suncorp Metway Ltd
(ASX:SUN) has made changes to its loan criteria and borrower assessments in a bid to comply with new consumer laws.
Under the National Consumer Credit Protection Act, new lending requirements are being set in order to place greater responsibility on lenders to assess a borrowers capacity to service debt.
The new law also requires that borrowers do not get placed in unsuitable products.
The tougher lending reforms, which are expected to commence in January, are going to be followed by the major banks.
For the year ended 30 June 2010, Suncorp booked a net profit of $789 million.
