Policy Update - May #1

Review of Australia’s Credit Reporting Framework

The Government has launched an independent review of Australia's credit reporting framework by releasing an issues paper to invite feedback on its performance and to develop recommendations for government to improve its operation. Key issues covered include access to and use of credit reports, relationship with the Consumer Data Right, mandatory credit reporting and the types of credit data regulated by the Privacy Act.

FinTech Australia will make a submission. We have circulated information about how to get involved to our Lending Policy Working Group and invite any interested parties to contact our policy team about contributing to our submission.  

The closing date for submissions is 31 May 2024.

New round of consultation on AML/CTF reforms

The Attorney-General's Department has commenced a second round of consultation on reforming Australia's anti-money laundering and counter-terrorism financing regime. Detailed feedback has also been provided on the first round of consultation.

The consultation package contains a paper focused on proposals for digital currency exchange providers (DCEPs), remittance service providers and financial institutions. FinTech Australia will make a submission focusing on this aspect.

We will circulate further information to our Compliance and Privacy Working Group and invite interested parties to contact our policy team.  The closing date for submissions is 13 June 2024.

RBA releases report on interlinking fast payment systems for cross-border payments

The RBA has published a report about the interlinking of fast payment systems across countries. The report analyses the benefits, design choices and challenges associated with linking fast payment systems across countries and will help inform future discussions about the potential for the Australian fast payment system, the New Payments Platform, to be linked to fast payment systems in other countries.

We are working on submissions to:

1. Review of Australia’s Credit Reporting Framework

2. Reforming Australia’s AML and CTF Regime

3. Proposed variations to the Credit Reporting Code

We recently made submissions on:

1. Buy Now Pay Later regulatory reforms

2. NSW Innovation Blueprint

3. ACCC Designated Complaints determination

4. Inquiry into Payments Systems (Regulation) Act amendments

5. Payments System Modernisation (Regulation of Payment Service Providers) consultation paper

6. 2024–25 Pre-Budget submission

7. Regulating Digital Asset Platforms - Proposals Paper

8. Reforms to the Payment Systems (Regulation) Act 1998 – Exposure draft legislation consultation

9. Screen Scraping - Policy and Regulatory Implications

10. CDR rules - Expansion to the non-bank lending sector

See our recent submissions on our website.

FinTech Australia regularly makes submissions to consultations across a wide range of policy and regulatory issues. Communications about how to get involved in these processes are distributed to our Policy Working Group membership.