The MyState Ltd board has appointed Sibylle Krieger as a non-executive director. Krieger is a lawyer who has previously been a partner at two commercial law firms. She is currently a non-executive director of Xenith IP Group and Australian Energy Market Operator. Corporate regulator Greg Medcraft has vowed to double down on his cultural crusade and fight his landmark rate-rigging cases for many, many years because the banks wrongly believe it is still "just a case of a few bad apples", he tells the AFR. The chairman of the Australian Securities and Investments Commission urged boards to do more to set the culture "from the top" and sign the Banking and Finance Oath, which top executives at the Commonwealth Bank of Australia have refused to sign. The increased use of algorithms to write consumer loans has been met with scepticism by rating agency experts who doubt the ability of computers to fully assess credit risk, reports the AFR. Speaking at the Australian Securitisation Forum, Moody's US-based managing director Jim Ahern told the audience algorithms "work until they don't" when it comes to approving loans.