China News Service, July 17, according to the website of the China Insurance Regulatory Commission, the China Insurance Regulatory Commission recently issued the "Interim Measures for the Administration of Commercial Banks' Internet Loans" (hereinafter referred to as the "Measures"), proposing that Internet loans should follow small, short-term, efficient and risky Controllable principles. The credit limit for a single household consumer credit loan shall not exceed RMB 200,000. If the principal is due for one-time repayment, the credit period shall not exceed one year.
The Measures consist of seven chapters and seventy articles, including general rules, risk management system, risk data and risk model management, information technology risk management, loan cooperation management, supervision management and supplementary provisions. The "Measures" focus on regulating from the following aspects:
One is to rationally define the meaning and scope of Internet loans, and to clarify that Internet loans should follow the principles of small amount, short-term, high efficiency, and controllable risks.
The second is to clarify the risk management requirements. Commercial banks should establish a comprehensive risk management system for Internet loan business, carry out risk control in the whole process before, during and after the loan, strengthen the management of risk data and risk models, and prevent and control information technology risks.
The third is to regulate the management of cooperative institutions. Commercial banks are required to establish and improve the access and exit mechanisms of cooperative institutions, and strengthen management and compaction responsibilities in areas such as internal control, pre-access assessment, agreement signing, information disclosure, and continuous management. For those who jointly fund loans with cooperating institutions, the "Measures" put forward requirements to strengthen limit management and concentration management.
The fourth is to strengthen consumer protection. Make it clear that commercial banks should establish an Internet borrower's rights and interests protection mechanism, and put forward clear requirements on the borrower's data source, use, and custody. The Measures also stipulate that commercial banks shall strengthen information disclosure and shall not entrust cooperative institutions with records of violations of laws and regulations to conduct collection.
Fifth, strengthen supervision after the event. The "Measures" put forward regulatory requirements for commercial banks to submit reports on the status of Internet loans, self-assessments, and reports on major issues. Supervisory agencies implement supervision and inspection, and pursue legal liabilities for violations of laws and regulations.
With regard to the arrangement of the transitional period, the transitional period shall be set in accordance with the principle of "cutting new and old", which shall be 2 years from the date of implementation of the "Measures". During the transition period, commercial banks formulate rectification plans in accordance with the "Measures" and implement them in an orderly manner. Businesses that do not comply with the "Measures" are gradually reduced in an orderly manner. After the end of the transition period, all existing Internet loan businesses of commercial banks shall comply with the provisions of these Measures.
The person in charge of the relevant department of the China Banking Regulatory Commission said that the "Measures" are in accordance with laws and regulations and the requirements of the "deregulation and management" reform, and there is no administrative license, and commercial banks can carry out Internet loan business in accordance with the "Measures". While strengthening risk management and strengthening supervision, the credit lines and terms of personal loans and working capital loans used for production and operation have been flexibly dealt with, which helps to ensure the continuity of financing for small and micro enterprises through Internet channels and enhance small The proportion of micro-enterprise and small and micro-enterprise owner credit loans can effectively support the real economy during the critical period of epidemic prevention and control and increasing economic downward pressure.
What requirements does the "Measures" impose on the protection of consumer rights? The person in charge said that the "Measures" take the pain points and difficulties of consumer protection in the development of Internet loans as the starting point and the goal. With regard to the rights of consumers, the “Measures” comprehensively proposes consumer protection requirements in multiple chapters:
First, commercial banks should establish a mechanism to protect the rights and interests of Internet borrowers.
The second is to put forward clear requirements for commercial banks around the borrower's data source, use and custody.
The third is to require commercial banks to implement their full information disclosure obligations to borrowers. They should fully disclose information such as the principal of the loan, the actual annual interest rate, the annualized comprehensive capital cost, the principal and interest payment arrangement, overdue collection, and consulting complaints.
Fourth, it is strictly forbidden for commercial banks to cooperate with third-party organizations that have illegal collection and use of personal information, violent collection and other illegal records.