Regulatory Alerts2017-07-28
Re-Announcement of Proposed Amendments to the Credit Information Use and Protection Act
The Financial Services Commission re-announced amendments to the Credit Information Use and Protection Act (CIUPA) to eliminate inconsistencies arising from overlapping provisions in the Personal Information Protection Act and the Act on Promotion of Information and Communications Network Utilization and Information Protection. These proposed changes unify regulatory rules for financial institutions, credit information service providers, and collection agencies directly under the CIUPA framework. The consolidated structure standardizes compliance requirements while introducing higher monetary awards for reporting accounting irregularities in the credit information sector.
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