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Five Industry Associations Issue Self-Regulatory Rule Requiring Clear Disclosure of Total Financing Cost for Personal Loans
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On September 18, five major Chinese financial industry associations—the National Internet Finance Association of China, the China Banking Association, the China Trustee Association, the China Finance Companies Association, and the China Microfinance Industry Association—jointly released the Self-Regulatory Norms on Explicit Disclosure of Comprehensive Financing Costs in Personal Loan Business. The norms require participating institutions to raise awareness, strictly implement the standards, and comprehensively standardize the collection of interest and fees as well as information disclosure for personal loans. The goal is to promote the 'sunshine and transparency' of personal loan interest and fees, thereby supporting high-quality financial development in China.
Source report
September 18 – According to Cailian Press, the National Internet Finance Association of China, together with the China Banking Association, the China Trustee Association, the China Finance Companies Association, and the China Microfinance Industry Association, have jointly formulated and released the Self-Regulatory Norms on Explicit Disclosure of Comprehensive Financing Costs in Personal Loan Business.
Key requirements for participating institutions include:
- Raising awareness and strictly implementing the norms
- Comprehensively standardizing the collection of interest and fees in personal loans
- Enhancing information disclosure practices
- Promoting the "sunshine and transparency" of personal loan interest and fees
- Supporting high-quality financial development
Source
财联社Eastern