Financial sector news

The National Bank of Ukraine has proposed a revised approach to regulating credit bureaus for discussion. The draft contains a number of changes relating to control, interaction with the regulator, and the procedure for maintaining credit histories.

New proposals:

• Introduction of separate regulations on the control of credit bureaus.
  
• The document defines the NBU's control mechanisms: the procedure for requesting information, responding to violations, and requirements for the bureau's response.
  
  
• Improvement of communication between the NBU and bureaus.
  
• The draft regulates in detail the procedure for submitting documents, responding to requests from the regulator, procedures for eliminating deficiencies, and verifying compliance with requirements.
  
  
• Updating the procedure for approving rules for the formation and maintenance of credit histories.

Changes are envisaged in the list of applications, the timeframes for their consideration, and the grounds for refusal, as well as the abolition of some outdated procedures.

The main provisions of the new procedure are as follows:

The NBU will receive expanded control tools, in particular the right to:

• request additional explanations, documents, and information;
  
  
• analyze complaints, appeals, attorney requests, and data from official sources;
  
  
• record violations in a control results report, which becomes the basis for initiating administrative proceedings.

If a violation is detected, the regulator will send the bureau a report on the results of the inspection and an official notification of the initiation of administrative proceedings, indicating the rights and deadlines for explanations.
The bureau will have five working days to submit objections or explanations.

If the violation is confirmed, the National Bank may issue a written warning setting a specific deadline for its elimination. Failure to comply with the warning gives the regulator the right to apply to the court for financial sanctions.

If the bureau systematically violates the rights of credit history subjects, the NBU may apply to the court for its liquidation.
Comments and suggestions on the Draft are accepted by the National Bank until December 4, 2025, in the specified form.