<P> The Royal Commission heard that ANZ had failed to accurately verify the living expenses of home loan customers referred to the bank by mortgage brokers, believing that this was the responsibility of the brokers, in spite of a conflict of interest in doing so; and that, due to processing issues, it had charged nearly 500,000 home loan customers the incorrect interest rate for more than ten years, leading the bank to overcharge customers by approximately $90 million . </P> <P> CBA acknowledged that it had engaged in misconduct in limited respects...in conduct falling below community standards and expectations in relation to add - on insurance, responsible lending and offers of credit . </P> <P> Commissioner Hayne questioned whether the CBA was "economical with the truth" in failing to tell customers the value of commissions it pays to mortgage brokers in return for selling its products . The Royal Commission also heard that due to a system of trailing commissions paid to mortgage brokers, the CBA rewarded brokers for encouraging customers to enter into larger homes loans and for longer terms than needed . The Royal Commission heard that the CBA - owned Aussie Home Loans retained commissions where broker agreements were terminated following detection of alleged fraudulent activity; and that it failed to refer such brokers to the industry association for disciplinary action . </P> <P> (NAB)... acknowledged it had engaged in misconduct and conduct falling below community standards and expectations in relation to home lending, credit cards, personal loans and processing or administration errors . </P>

Where is the banking royal commission being held