Regulatory Alerts2017-03-24
Added · Updated
Enhanced Prudential Standards Proposed for Specialized Credit Finance Companies
The Financial Services Commission proposes amendments to the Regulations on Specialized Credit Finance Business that increase loan loss provisions for high-risk loan assets with an annual interest rate of 20% or higher by 30 percent. The proposal also raises asset classification standards for installment finance and lease assets to align with those for banks and other financial services firms, and permits biometric authentication alongside personal signature and PIN for verifying credit card consumer identity. The public comment period for these proposed changes ends on May 3, 2017.