Dear Members,

Welcome to the 63rd 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 this document please click on this link: BIIA Monthly Regulatory Newletter 060722


In this newsletter, which covers the months of May and June, we report on a wide range of developments in the areas of credit reporting, data privacy, artificial intelligence (AI), open data, blockchain, financial crime and Environmental, Social and Governance (ESG).

As regular readers will be aware the 2022 BIIA Biennial Conference was held in Singapore at the end of May. We are pleased to report that the event attracted a record number of registrations reflecting the need to hear about the key developments happening in the industry and to meet colleagues face to face after such a long time on Zoom! A number of the developments covered in this newsletter were also discussed during the conference confirming their importance as key topics to be monitored and reported on by BIIA.

Prior to the conference BIIA hosted a special Regulatory Roundtable on Alternative Data which attracted an audience of over 30 people representing 17 regulators. It was great to hear the positive feedback from the regulators that attended. Based on this we will be looking to host further roundtables at the end of this year/beginning of next year.    

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 @

Credit Reporting

USA – CFPB affirms ability for US States to police Credit Reporting Markets


  • Canada – Privacy reforms underway with new AI Regulation
  • China – Draft certification guidelines issued for cross-border processing of personal information
  • European Union – European Data Protection Board (EDPB) adopts guidelines on calculation of GDPR fines and on facial recognition technology in law enforcement
  • UK – Information Commissioners Office (ICO) launches an AI and data protection risk toolkit
  • USA – Introduction of the American Data Privacy and Protection Act

Artificial Intelligence

  • European Union – Proposed Artificial Intelligence Regulation

Financial Services

  • European Union – European Banking Authority on non-bank lending
  • European Union – COVID-19 impacted data in bank models
  • USA – CFPB acts to protect the Public from Black-Box Credit Models using complex Algorithms
  • UK – Her Majesty’s Treasury proposals on critical third parties
  • UK – Consumer Credit Act to be reformed
  • UK – HM Treasury sets out the governments approach to regulating the Buy- Now Pay-Later market


  • European Union – Revised Payment Services Directive (PSD2)
  • EDPB on PSD2
  • European Banking Authority on PSD2
  • European Union – High-Value datasets


  • USA – California governor orders state to create blockchain regulatory framework

Financial Crime

  • UK – FCA’s review into challenger banks uncovers deficiencies in financial crime controls


  • European Union – ESG ratings

BIIA would like to thank its fellow industry association, ACCIS, for allowing us to re-use certain information that they have published on regulatory developments within Europe. 

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


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To Request Permission to Publish Contact:  Neil Munroe at