The Australian Bankers Association expects to unveil a new Code of Banking Practice in mid-January, as part of a renewed effort to engage some of its loudest critics and improve the industry's reputation.The ABA's CEO, Steven Münchenberg, confirmed the rewriting of the existing code yesterday, and said the ABA was consulting with consumer groups during the drafting process. The groups involved include the Consumer Action Law Centre, the Consumer Credit Legal Centre (NSW), Financial Counselling Australia and several social welfare groups.Münchenberg stated publicly in an October 2010 speech that, to improve its reputation, the banking industry needed to engage more actively with its critics. He argued then that such an approach required industries "to make genuine commitments".Münchenberg acknowledged yesterday that the consultations on the new code reflected that approach, while adding that it was "early days yet".The ABA website states that the code "sets out the banking industry's key commitments and obligations to customers on standards of practice, disclosure and principles of conduct for their banking services." The ABA has an obligation to regularly review the code.The new code will contain new provisions on financial hardship, will stipulate that fee-free accounts should be promoted to low-income customers, and will require bank staff to undergo extra training to help them identify people in financial difficulty.Small businesses will have to be given 10 business days' notice of any changes to credit arrangements.