Regulatory Alerts2017-07-18
Added · Updated
Re-Announcement of Proposed Amendments to the Credit Information Use and Protection Act
The Financial Services Commission proposes amendments to the Credit Information Use and Protection Act to unify rules for personal credit information handled by financial institutions, credit information service providers, and credit information collection agencies. The scope of the Act is limited to these entities, while personal credit information not handled by them remains governed by the Personal Information Protection Act and the Act on Promotion of Information and Communications Network Utilization and Information Protection. The definition of information processing is expanded to include data collection, use, provision, and destruction, and financial institutions are explicitly excluded from credit information-related provisions in Section IV of the APICNUIP. Public comment on these proposed amendments is open until August 8, 2017.
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