Banking and Finance Point-in-Time Service Updates

The Banking and Finance Point-in-Time Service has been updated to include the National Consumer Credit Protection Amendment (Mandatory Credit Reporting) Regulations 2021 (Cth).

National Consumer Credit Protection Amendment (Mandatory Credit Reporting) Regulations 2021

The purpose of these Regulations are to support the amendments made by the National Consumer Credit Protection Amendment (Mandatory Credit Reporting and Other Measures) Act 2021, which established a mandatory credit reporting regime in Australia.

The Regulations support the mandatory credit reporting regime by prescribing:

• additional circumstances where a credit provider that is subject to the regime must make ongoing supplies of repayment history information;
• additional circumstances where a credit reporting body is restricted from disclosing information it has received under the regime;
• information that must be included in statements given to the Treasurer by credit providers and credit reporting bodies that are subject to the regime; and
• civil penalty provisions in the new regime that are subject to an infringement notice.

These amendments have been updated in the Point-in-Time Banking and Finance Service current to 1 June 2021. (NB: Subscription required).

If you are not already a subscriber to this or other Point-in-Time Services then please contact us to find out more or to take a free trial.