Financial sector news

On October 7, 2025, the Verkhovna Rada of Ukraine adopted in the first reading draft law No. 14013 “On Credit History,” which is provided for in the Memorandum on Economic and Financial Policy with the IMF. The document aims to strengthen the protection of borrowers' rights, improve the quality of information exchange in the credit market, ensure responsible lending, and ensure the transparency of credit bureau activities.

The bill was developed to replace the current law “On the Organization of the Formation and Circulation of Credit Histories” and proposes clear legal, financial, and organizational principles for maintaining credit histories—from the collection and storage to the protection and use of information on the fulfillment of financial obligations.

Key innovations include:

• Stop-credit mechanism — citizens will be able to declare their unwillingness to enter into new credit agreements, and any credit after such a declaration may be declared null and void.
  
• updated requirements for credit bureaus — state authorization is introduced, security standards are raised, and requirements for significant shareholders and management are established;
  
• public electronic register of credit bureaus — will ensure openness and transparency of market participants' activities;
  
• cross-border data exchange — permitted only with countries specified by the Cabinet of Ministers, prohibited with the aggressor country;
  
• promptness of data transfer — lenders are required to submit information to the bureau within two business days;
  
• free access for citizens to their own credit history and the right to correct inaccurate information.

The National Bank of Ukraine will be responsible for supervising the activities of credit bureaus. It will be empowered to conduct oversight, inspections, and certification of security systems, and to apply sanctions for violations of the law. The adoption of the bill, as emphasized by the NBU, will contribute to reducing the share of overdue loans, improving financial discipline, and harmonizing Ukrainian legislation with international standards for personal data protection. This is an important step towards stability and transparency in Ukraine's financial sector.

“The adoption of the bill will help reduce the share of overdue loans, strengthen financial discipline, and ensure compliance with international data protection standards. This is an important step towards stability and transparency in Ukraine's financial sector,” according to a statement from the Verkhovna Rada of Ukraine.