Draft legislation to exclude consumer lease products from the Australian government's Centrepay bill paying service for welfare recipients passed the Senate yesterday. It was introduced into Federal Parliament by the Labor Party's Shadow Minister for Human Services, Senator Doug Cameron, and must now pass the House of Representatives, where it does not yet have government support. Fitch upgraded the outlooks for New Zealand second-tier lenders SBS Bank and Co-operative Bank, saying they had both improved their lending and earnings without hurting loan quality. SBS Bank's Issuer Default Rating was affirmed at BBB and its rating was revised to positive from stable, while The Co-operative Bank's rating was affirmed at BBB minus and its outlook was revised to positive from stable. RedZed Lending Solutions yesterday priced its A$250 million RMBS specialist transaction, launched earlier this week seeking A$200 million and later upsized. This was RedZed's third such issue and its first in 2015. S&P preliminary ratings: the A$150 million Class A-1 Notes, with a weighted average life of 1.9 years, were priced at BBSW plus 120 basis points and the A$47.0 million Class A-2 Notes with a WAL of 1.9 years, were priced at BBSW plus 150 bps. The A$14.75 million Class B through F Notes were placed externally with RedZed retaining the Class G Notes. Pricing of these notes was not disclosed.  New Zealand peer-to-peer consumer lender Harmoney reported it had achieved its target of lending NZ$100 million in its first year of operation, having received 70,000 applications for loans worth NZ$1 billion and having gathered around 3,000 active investors with average account balances of NZ$6,000. They earned yields of 13 per cent net of fees and losses. Harmoney launched a year ago with NZ$100 million of capital from US investor Blue Elephant Capital Management and also has Heartland Bank and Trade Me as local shareholders. The Commonwealth Government has commissioned a review of the capabilities of the Australian Securities and Investments Commission, led by an expert panel and supported by a Secretariat. The "capability review" will be "forward-looking", Treasury said in a public announcement. Criteria to be considered include: responsiveness to emerging issues, including financial system conduct risks; resource prioritisation; the skills, capabilities and culture of the Commission and its staff; and governance and accountability arrangements at ASIC. The capability review will consult "extensively" with business, peak bodies and consumer groups but will not formally call for public submissions.