The Bank of Russia is planning to introduce new requirements for credit reference agencies (CRA), Central Bank Governor Elvira Nabiullina announced. This is one of the steps that should help to develop consumer lending, she said.
“Credit reference agencies are the key infrastructure for collecting information on borrowers. And there is a fork in the road here. Our main scenario is to assign several strategic credit agencies the obligation to aggregate information on the combined debt of borrowers”, Nabiullina said. Special requirements will be applied to such CRA, primarily for the protection of information, she said.
“If the market is unable to reach an agreement, then we will have to follow an alternative scenario and create a single integrator”, the Central Bank governor added.
In addition, the Central Bank plans to eliminate the gaps in current regulation, for example the collection of credit histories in the case of securitization, revocation of licenses, or the rehabilitation of banks, among other things.