The Treasurer Scott Morrison announced late yesterday that Greg Storey has been appointed as a part-time member of the RBA's Payments System Board for a five-year term. Treasurer Morrison said Storey is a highly regarded industry professional with experience and deep subject matter expertise in the evolution and operation of debit cards, credit cards and payments systems, with over 20 years of experience with Visa. Senior partner at  Gilbert and Tobin and part time PSB member since 2013, Gina Cass-Gottlieb, has been reappointed as for a further five-year term. New Zealand's Heartland Bank is seeking High Court and shareholder approval for a corporate restructure and listing on the ASX, hoping to free its growing reverse mortgage business from RBNZ constraints on secured funding. The plans would see Heartland Bank become a wholly-owned subsidiary of a new ASX-listed parent company, Heartland Group Holdings. The primary listing will remain on the NZX board, but Heartland hopes a foreign exempt listing on the Australian stock exchange will give it access to additional capital for future growth. "The restructure will remove constraints on the growth of group's business currently arising from Reserve Bank regulations and will provide greater flexibility for the group to explore and take advantage of future growth opportunities in New Zealand and Australia outside the banking group regulated by the Reserve Bank," it said in a statement. Since its purchase of Australian Seniors Finance in 2014, Heartland's reverse mortgage business has grown to more than NZ$1 billion, more than half of which is in Australia. A drama playing out in the Kiwi credit union sector shows no sign of going away, reports interest.co.nz. After Bayside CEO Gavin Earle refuted a recent report on the website that Westforce credit union was effectively told to leave the industry association (Co-Op Money aka NZACU) by fellow credit union Bayside, Westforce has released a letter showing Bayside agreeing to buy Westforce's NZACU shares if it left the association. The letter notes that Westforce wanted to sell out of the association over concerns about its strategic direction. That followed the decision of First Credit Union, New Zealand's largest, to pull most of business away from Co-Op Money, interest reports.