Regulatory Alerts2020-03-10
Added · Updated
Proposal to Reduce Retention Period of Non-Performing Facilities Data in Credit Reference Bureau Reports
The Central Bank of Bahrain proposes reducing the retention period for non-performing facilities data in Credit Reference Bureau reports to three years for retail customers and five years for corporate entities. This change addresses customer complaints over service denials caused by outdated non-performing records. Licensed financial institutions must submit electronic comments, including nil responses, to the regulator by 10 March 2020.
Executive Director - Banking Supervision
EDBS/KH/C/15/2020
26<sup>th</sup> February 2020
Chief Executive Officer
All Banks
All Financing Companies
All Microfinance Institutions
Manama, Kingdom of Bahrain
Dear Sir,
Proposal to Reduce the Retention Period of Non-Performing Facilities Data in the Credit Reference Bureau Report
CBB is proposing to reduce the retention period of non-performing facilities data of retail customers to 3 years and 5 years for corporate customers in the Bahrain Credit Reference Bureau reports, given the concerns raised by customers who were denied services based on old non-performing financing facilities.
CBB requests all licensees to provide their comments, including ‘nil comments’ on the proposed amendment.
Responses must be sent electronically to “consultation@ccb.gov.bh” by 10<sup>th</sup> March, 2020.
Yours faithfully,
Khalid Hamad
cc: Bahrain Association of Banks
External Auditors
Central Bank of Bahrain
ص.ب : ٢٧، المنامة - مملكة البحرين
هاتف: (+973) 17547400 - فاكس: (+973) 17532605
P.O. Box : 27, Manama - Kingdom of Bahrain
Tel: (+973) 17547400 - Fax: (+973) 17532605
website: www.cbb.gov.bh
E-mail: khalid.hamad@ccb.gov.bh
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