Bank of Queensland has appointed Rachael Kellaway as its chief financial officer. Kellaway has been BOQ’s deputy CFO for the past three years. Before joining BOQ she spent a decade at Commonwealth Bank, where she held senior roles in retail, business and private banking. She replaces Ewen Stafford, who joined BOQ as CFO and chief operating officer in 2019 and is returning to his old employer Loan Market Group. Chief information officer Craig Ryman will pick up the COO role. New Zealand banks over-reacted to legislative changes brought in at the end of last year, New Zealand’s Ministry of Business, Innovation and Employment (MBIE) suggests in an exposure paper. The Ministry has released its tweaks and clarifications to the Credit Contracts and Consumer Finance Act, in the wake of claims by banks and brokers that the tougher law was to blame for rejected mortgage applications and withdrawn pre-approvals. The changes remove savings and investments (such as regular KiwiSaver contributions) from the definition of expenses; mean lenders will not need to check multiple sources to verify expenses; reduce the need for borrowers to have an unspecified ‘reasonable surplus’; and widen the examples of ‘obvious’ cases where detailed checks are not required.