On September 22, APRA issued a letter to authorised deposit-taking institutions (ADIs) following a review of ADIs’ comprehensive plans for the assessment and management of loans with repayment deferrals.
The letter highlights thats successful implementation of these plans remains a critical risk for both ADIs and borrowers and APRA expects that ADIs will exercise appropriate governance and monitoring over all aspects of their plan. In the letter, APRA encourages ADIs to consider the following areas of better practice identified through its review of the plans:
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- Governance and oversight
- Customer engagement and contact strategies
- Credit assessment processes
- Credit management and resourcing
- Access superannuation