Thorn announced yesterday that it has reached agreement on a restructure of its warehouse facility with the funders and will start using the facility again to support business finance originations. Thorn reported in May that arrears had put it in breach of its warehouse finance parameters and that it could not originate through the warehouse until agreement was reached. In a statement yesterday, Thorn said the funding limit is A$200 million and the warehouse would support automotive and commercial finance originations. Payment services company Change Financial has raised A$5.72 million of capital via a placement and non-renounceable entitlement offer. The company said the fuds would be used to “increase the issuing capability and connectivity” of its Vertexon Payments as a Service offering, along with increased spending on sales and marketing. Vertexon is designed to enable delivery of digital and virtual card solutions to customers. Changes to the New Zealand Credit Contracts and Consumer Finance (CCCFA) rules announced this week were not as sweeping as they could have been, reports TheKākā.co.nz. Following consumer and media backlash over prospective homebuyers being rejected due to Kiwisaver contributions or spending on coffees and takeaways, officials suggested either repealing the new regulations altogether or carving banks and/or mortgages out of the regime in an effort to remove the backlash over ‘bankable’ mortgage applications being rejected. Another suggestion made to Commerce Minister David Clark was to reduce the penalties under the CCCFA for bank lending officers. In the end Clark stopped short of radical amendments and yesterday announced further concessions to rules around credit card and buy-now pay-later payments in loan affordability assessments. The CCCFA, designed to stop predatory lending to vulnerable consumers, was previously tweaked in March after a chorus of complaints from banks and brokers.