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India: Wilful Defaulters May Face Trial in 30 Days

Over 40,000 cases worth Rs 1.73 lakh crore (US$28bn) of Wilful Defaults: The India finance ministry had set up a committee to come up with effective measures to deal with wilful defaulters The Indian finance ministry had set up a committee to suggest measures to deal with wilful defaulters. VK Bhasin, former secretary in the law ministry’s legal department, is the advisor ... Read More »

Singapore: Credit Bureau Scene Could Do with more Competition

New regulations are being proposed for better oversight of Singapore’s credit bureaus. But the fundamental problem of an unequal playing field in the industry has yet to be addressed. Dr. Michael Turner of PERC launched recently an article in the Singapore Straights Times opines that the Singapore credit bureau setup is monopolistic.  Given the size of the market one could ... Read More »

PERC Study Examines the Impacts of Full-file Information Sharing on Competition in Lending Markets

PERC’s new study The Impacts of Information Sharing on Competition in Lending Markets specifically explores whether bank concentration falls following a shift to full-file credit sharing.   The key findings from the research include: Shifts to full-file credit reporting are not associated with meaningful changes in bank concentration/market power, and Consistent with past findings, greater information sharing is associated with ... Read More »

Facilitating SME Financing Through Improved Credit Reporting

Editorial comment on the current hype on data protection in Europe and how it may impact SME access to finance in particular and access to finance by individuals in general.  Not too long ago the World Bank issued a paper on the subject of facilitating SME financing through improved credit reporting (see link below).  The paper originated from a notion ... Read More »

UK ICO Praises Credit Reference Industry

UK Information Commissioner’s Office has praised the credit reference industry on its data handling. After being constantly vilified in many quarters there appears to be good news about the credit reference industry.  The Information Commissioner’s Office has praised the credit reference industry on its data handling having reviewed the three main agencies – Experian, Equifax and CallCredit. A report has ... Read More »

Reserve Bank of India (RBI) Tightens the Noose on Wilful Defaulters

Banking, markets regulators plan to shut all funding avenues for wilful defaulters Banking and markets regulators are working to ensure that wilful loan defaulters are totally shut out from any kind of funding, even from the markets, to end the practice of investors enriching themselves even as they run companies into the ground.  This is the latest initiative by Reserve ... Read More »

More Models, More Regulations, More at Stake

FICO’s Andrew Jennings comments in his recent Bankinganalyticsblog that to some degree, we’re living in a world where we are cursed with our own success. Financial institutions have seen tremendous benefits from analytics, and as a result, they are using predictive models on an increasingly broader scale, to measure capital reserve requirements and manage complex customer decisions. But as his ... Read More »

Consumer Financial Protection Bureau: Honing in on Payday Loans and Prepaid Cards

The Consumer Financial Protection Bureau (CFPB) is researching and considering whether rulemaking is warranted in the areas of payday and deposit advance products, as well as consumer overdraft products.  The CFPB held a field hearing in March 2014 in Nashville, Tennessee, and also released a report that analyzed payday lending and found that four out of five payday loans are rolled over ... Read More »

Consumer Financial Protection Bureau: Honing in on Debt Collection Practices

In its Spring Rule Making agenda the Consumer Financial Protection Bureau (CFPB) is honing on debt collection practices.  The CFPB has been doing research and outreach to assess issues in various other markets for consumer financial products and services over many months.  In November 2013, the CFPB issued an advance notice of proposed rulemaking seeking comment, data, and information from the public ... Read More »