Briefs: ABA opposes compensation scheme, CBA travel money card takes a holiday, UBank launches UrHom

The banking industry is opposed to a compensation scheme that would provide funds to to consumers in cases where members of external dispute resolution schemes reneged on compensation payments awarded by an industry ombudsman. The Australian Financial Review reports that Australian Bankers Association chief executive Steven Munchenberg told a Senate committee hearing yesterday that the industry did not want to "write a blank cheque". The compensation plan has been championed by the Financial Ombudsman Service, which says a significant number of consumers miss out on compensation because the financial institution cannot or will not pay.
Commonwealth Bank customers using the bank travel money card have been denied access to their funds, International Business Times reports. The problem has affected thousands of customers all over the world. Customers reported on social media that their accounts indicated that they had no money in their travel card accounts.
UBank has launched a new mobile app, called UrHome, for property buyers. The app includes sales and valuation data on selected properties, estimates of the cost of improvements, a loan calculator based on the estimated cost of the property and alerts on property sales.