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Enhancing Food Security and Physical Activity for Māori, Pacific and Low-income Peoplesincome communities, mainstream banks working in partnership with communityorganisations to offer low interest loans or financial support, and education to increasefinancial literacy amongst users of the fringe lender market.There was strong support from key informants for regulation of fringe lenders.However, some participants are concerned that any new regulation might either drivelenders underground or leave consumers worse off. This concern needs to beaddressed if any such regulation was introduced. Participants also supported the needfor increased financial literacy amongst users of the fringe lender market.Surprisingly, there is lack of international evidence on government regulation aroundfringe lender responsibility despite the international debate on the fringe lendingmarket and its lending practices. 6 Policymakers appear to be uncertain about the bestways to intervene. The draft Credit Reforms (Responsible Lending) Bill and the‘Fairness in Lending’ report by Finsec offered valuable suggestions for debate andaction around responsible lending in New Zealand 15 16 which are very timely, given thecurrent economic downturn. Action in this area is also particularly appropriate giventhe increased attention internationally on lender responsibility in the banking andfinance industries. Regulation of the fringe lending market will likely increaseprotection of the most vulnerable people in our community, leave them less indebtedand potentially with more money available to spend on food.RecommendationsRecommendations from this research are as follows:• Introduce regulation of fringe lenders• Improve access to affordable credit for low-income households• Increase financial literacy for users of the fringe lending market.References1. Families Commission and Retirement Commission, Beyond Reasonable Debt.2008, Families Commission and Retirement Commission: Wellington.2. Anae M, Coxon E, Lima I, Atiga L, Tolley H. Pacific Consumers' Behaviour andExperience in the Credit Market, with Particular Reference to the 'FringeLending' Market. 2007, Ministry of Consumer Affairs: Wellington.3. Carr J H and Schuetz J. Financial Services in Distressed Communities:Framing the Issue, Finding Solutions. 2001: Fannie Mae Foundation.4. Howell N. and Wilson T. Access to Consumer Credit: The Problem of FinancialExclusion in Australia and the Current Regulatory Framework. Macquarie LawJournal 2005, 5: 127-148.5. Buckland J. and Dong X Y. Banking on the Margin in Canada. EconomicDevelopment Quarterly 2008, 22: 252-263.6. Kempson E, Atkinson A, Piley O. Policy Level Response to Financial Exclusionin Developed Economies: Lessons for Developing countries. 2004:Department for International Development.7. Erickson L V, Delgadillo L, Piercy K W. The Need for Predatory MortgageEducation: Expert Views. Journal of Extension 2008, 26.8. Bailey N S. Predatory Lending. Human Rights: Journal of the Section ofIndividual Rights & Responsibilities 2005, 32: 14-16.9. Stegman M A and Faris R. Payday lending: A Business Model thatEncourages Chronic Borrowing. Economic Development Quarterly 2003, 17.10. Howell N. Ethical Lending: A Corporate Social Responsibility or a LegalResponsibility? Available on49
Enhancing Food Security and Physical Activity for Māori, Pacific and Low-income Peopleshttp:www.consumer.vic.gov.au/.../day1_session4_wilsonwatson.ppt Accessed17 June 2009.11. Cagney P and Cossar D, Fringe lenders in New Zealand: Desk researchproject. 2006, Ministry of Consumer Affairs: Wellington.12 Dale M C. Credit and Debt for Low-Income and Vulnerable Consumers. 2008,Child Poverty Action Group (Inc): Auckland.13. Williams L, O'Brien M. The Dynamics of Debt for Low-income Families. 2003,New Zealand Council of Christian Social Services: Wellington.14. Valins O. When Debt Becomes a Problem: A Literature Study. 2004, Ministryof Social Development: Wellington.15. Finsec. Fairness in Lending. 2008, Finsec: Wellington.16. Credit Reforms (Responsible Lending) Bill. Available onhttp//www.kiwiblog.co.nz/wp-content/uploads/2009/05/credit-reformsresponsible-lending-bill.pdfAccessed, 17 June 2009.50
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