The two departments issued the draft of the interim management measures for soliciting comments-
Internet microfinance is expected to bid farewell to barbaric growth
Our reporter Peng Jiang
In order to regulate the online microfinance business of microfinance companies and unify the regulatory and operating rules, the China Banking and Insurance Regulatory Commission, in conjunction with the People's Bank of China and other departments, drafted the interim management measures and solicited public opinions.
Among them, it is clarified that the online microfinance business should be mainly carried out in the provincial administrative region of the registered place. Without the approval of the China Banking and Insurance Regulatory Commission, the online microfinance business shall not be carried out across provincial administrative regions; the microfinance company should clearly agree with the borrower Loan usage, and monitor loan usage as agreed in the contract.
A few days ago, the China Banking and Insurance Regulatory Commission and the People’s Bank of China issued the "Interim Measures for the Administration of Online Microfinance Business (Consultation Draft)" (hereinafter referred to as the "Consultation Draft"), which clarified the supervisory body and clarified the operation of small online loan companies. The risk control system, single-account upper limit, information disclosure and other issues have been regulated in detail, and several red lines that restrict cross-provincial development and joint loan capital contributions are not less than 30% have been specified, and the protection of financial consumers has been strengthened.
What are the highlights of the relevant provisions of the draft for comments?
What impact will it have?
Around these focal issues, the reporter interviewed relevant professionals.
Clarify the regulatory system
The draft clarified the definition and regulatory system of online microfinance business, clarified that microfinance companies operating online microfinance business should be approved by the supervisory and administrative department in accordance with the law, and clarified that online microfinance business should be mainly administered at the provincial level of the registered place Developed within the region, without the approval of the China Banking Regulatory Commission, no cross-provincial administrative region may carry out the online small loan business.
Su Xiaorui, a senior researcher at the Sack Research Institute, believes that only those who meet the requirements can obtain a formal license for online small loans in the form of documents.
Internet small loans that lack permission will be included in the scope of illegal financial activities, which is conducive to further regulating the online loan business.
In response to the regulations that online microfinance business should be mainly carried out in the provincial administrative region of the place of registration, Dong Ximiao, the chief researcher of China Merchants Finance, believes that the scale of online microfinance business has expanded too fast in recent years. Restrictions, and quickly expand the business to the whole country; on the other hand, integrate funds through a variety of methods, break through the financing leverage constraint, and sharply enlarge the leverage multiple.
In particular, some Internet companies issue online loans through small loan companies, brutally enter the credit field, have extensive operations and management, infringe on the rights and interests of consumers, and also affect financial stability.
Therefore, the new regulations are very necessary.
The threshold gradually rises
In response to the problems existing in the online microfinance business, the draft for solicitation of opinions makes specifications from many aspects.
According to Dong Ximiao, first, it is emphasized that the online microfinance business is mainly operated in the province, and very few can only be operated across provinces after approval, and the approval authority is assigned to the China Banking and Insurance Regulatory Commission; second, the online microfinance business should follow the small The principle of diversification. In principle, personal loans should not exceed 300,000 yuan and one-third of the average annual income in the last three years. Institutional loans should not exceed 1 million yuan in principle. Third, there are restrictions on joint loans for online small loans. The proportion of capital contribution of small loan companies is not less than 30%, and small loan companies are restricted from expanding too quickly through joint loans; fourth, the threshold for online small loan capital should be raised, and the registered capital of small loan companies operating online small loan business should not be less than 1 billion yuan, and is a one-time paid-in monetary capital.
Yu Baicheng, Dean of Zero One Research Institute, believes that the market is very concerned about greatly increasing the threshold of online small loans.
"For example, the registered capital. The draft requires that the registered capital of online small loan companies operating within the province is 1 billion yuan. If it is an online small loan company operating across provincial administrative regions, the registered capital should not be less than 5 billion yuan. It is a one-time paid-in monetary capital. According to this standard, most online small loan companies are currently unable to meet the standard. It will be even more difficult for online small loan companies to apply for a national business, requiring approval by the banking regulatory agency of the State Council."
In addition, the draft also clearly stipulates that the balance of single-family online micro-loans for natural persons shall not exceed 300,000 yuan in principle, and shall not exceed one-third of their average annual income in the last three years. The lower of the two amounts is The loan amount is the maximum limit; in principle, the balance of single-family online micro-loans for legal persons or other organizations and their related parties shall not exceed 1 million yuan.
Experts said that this regulation has a greater impact on current online lending institutions.
At present, in the cooperation between financial institutions and technology companies, most of the funds come from financial institutions.
In joint loans to individuals and small and micro enterprises, more than 90% of the funds come from the banking industry, and some are as high as 98%.
Currently, the funds behind Internet financial credit products come from banks, consumer finance companies, small loan companies, trusts and other types of institutions.
Dong Ximiao said that in the future, online small loan companies should return to their own functional positioning.
Microfinance companies should follow the principle of small amount and decentralization in granting online micro loans, in line with national industrial policies and credit policies, and mainly serve key service targets of inclusive finance such as small and micro enterprises, farmers, and urban low-income people, and practice inclusive finance Philosophy, support the development of the real economy, give play to the channel and cost advantages of online microfinance, and conduct business in a sound manner.
Strengthen information disclosure
In response to chaos such as violent collection by small loan companies and insufficient protection of financial consumers, the draft for comments clearly stipulates that small loan companies operating online small loan business shall comply with laws and regulations, the State Council’s banking regulatory agency and The relevant requirements of the supervision and management department shall do a good job in protecting the rights and interests of financial consumers.
Business processing should follow the principle of openness and transparency, fully fulfill the obligation of notification, so that the borrower clearly understands the loan amount, term, price, repayment method, etc., and specify in the contract that it is prohibited to induce the borrower to over-debt, and violence or intimidation is prohibited , Insult, slander, or harass loan collection, unauthorized collection, storage, and use of customer information is prohibited, and illegal trading or disclosure of customer information is prohibited.
In terms of information disclosure, the draft for comments clearly stated that microfinance companies operating online microfinance business should strengthen information disclosure and publish the following information on the product release platform used: (1) Basic information of the company, including business License, company address, basic information of legal representatives and senior management personnel, business consultation and complaint telephone numbers, etc.; (2) Detailed description of related products provided by the company, including service content, loan interest rate level and fee item standards, interest calculation and Methods of repayment of principal and interest, methods of handling overdue loans, etc.; (3) Supervisory and reporting telephone numbers of supervisory and administrative departments at all levels.
If the information is changed, the original disclosed information shall be updated within 7 days after the change.
Experts believe that these regulations help protect the vital interests of financial consumers and also help regulate the online loan market.