Dear Members,

Welcome to the fifty second monthly newsletter designed to keep BIIA members informed of the significant developments on the policy dossiers being worked on in geographical territories that members operate in.

To download the document please click on this link: BIIA Monthly Regulatory Newsletter 010521

In this month’s edition of the regulatory newsletter, we continue to highlight the various initiatives that have been introduced by regulators and policymakers in their efforts to support individuals and businesses during the pandemic.

In monitoring these initiatives, we are now also starting to see discussions on what support (if any) is put in place once the COVID 19 packages come to an end. This is very much connected with the issue of the actions regulators and policymakers will need take to help stimulate the post pandemic economic recovery, something we have highlighted in previous newsletters.   

As also highlighted in previous newsletter the discussions on the need for alternative data sources to supplement the traditional ones that credit grantors have relied on in the past are starting to pick up pace.

This topic will be the subject of a webinar that BIIA is jointly hosting with the SME Finance Forum on June 2nd entitled “The Role of Alternative Data in Ensuring Access to Finance for SMEs post-COVID”. For further information on the event and how to register click here.

We also feature this month a number of regulatory and policy developments in the areas of privacy regulation, credit reporting, financial services and technology from across the globeMany of them continuing to be driven by the need to keep pace with the ever-evolving digital world we live in.

In this edition you will find the following key topics:

COVID-19

  • Global Initiatives: Government Measures Taken in Response to COVID-19
  • Country Initiatives
    • European Union – Key Policy and Regulatory Developments relating to COVID -19
    • UK – Government launches consultation on replacement protections for debtors from 1 July 2021
    • USA – Consumer Finance Protection Bureau (CFPB) Proposed Rule on Slowing the Foreclosure Wave
    • USA – Free Weekly Credit Reports during COVID-19 Extended until April 2022

OTHER NEWS

  • Privacy
    • China – New Provisions in Data Protection Regulation clarifying the Collection of Personal Information by Mobile Apps
    • European Union – European Data Protection Board (EDPB) Gives the Green Light to the Commission’s Draft UK Adequacy Decisions
    • European Union – European Commission and South Korea Complete Data Privacy Adequacy Talks
    • Israel – Israeli Privacy Protection Authority Issues Draft Policy on Data Minimization
    • Jamaica – Country Adopts Expansive Data Protection Law

Credit Reporting

  • Finland – Establishment of a Positive Credit Register

Financial Services

  • Global – Work Programme of the Basel Committee
  • New Zealand – Government Proposes First-of-its-Kind Mandatory Climate-Related Financial Disclosure
  • UK – Bank of England and Her Majesty’s Treasury announce CBDC Taskforce amid new plans to accelerate digitalisation of UK financial services
  • UK – Financial Conduct Authority (FCA) publishes a Feedback Statement on Open Finance
  • USA – California introduces bill to create program for the unbanked and underbanked

Technology

  • European Commission – Regulation on a European approach for Artificial Intelligence

More information on the latest regulatory developments from across the globe is available on the BIIA website in the Regulatory section  or the Regulatory Newsletter archive

We are keen to ensure that we cover as many relevant regulatory developments as we can in this newsletter so if you have any items, you feel would be worth incorporating, please do get in contact with Neil Munroe, Deputy Managing Director and Editor of the Regulatory Newsletter by email @ munroen@biia.com.

BIIA would like to thank its fellow industry association, ACCIS (the Association of Consumer Credit Information Suppliers), for allowing us to re-use certain information that they have published on regulatory developments within Europe. 


Copyright © BIIA 2021 – For Member Internal Use Only – To Request Permission to Publish Contact:  Neil Munroe at munroen@biia.com