Consumer Data Right rules and data standards design paper for non-bank lending sector
On 1 February 2023, AFIA made our submission to Treasury’s ongoing consultation on the extension of the Consumer Data Right (CDR) to the Non-Bank Lending (NBL) sector.
Some important points AFIA have been advancing include:
- A higher threshold before CDR obligations apply.
- A 12-month window after breaching the threshold before data-sharing obligations apply.
- A ‘trial-product’ exemption period of at least 18 to 24 months, facilitating innovation.
- Staged implementation, as with Open Banking, by product category. For example, including consumer products before business products. Noting implementation of Open Banking took over four years.
- Excluding bespoke and ‘invitation only’ products which are not publicly offered.
- Excluding products not intended to be captured, like consumer leases and car rental.
- Concerns about the inclusion of closed accounts and legacy products.
View the submission here.