CARICOM states to review credit reporting legislation

GEORGETOWN, GUYANA, CMC – CARICOM member states will review the Draft Model Credit Reporting Bill and the Draft Model Credit Reporting Regulations at a meeting scheduled to take place from October 30 to November 2.

The Eight Special Meeting of the Council for Finance and Planning (COFAP) recently approved the CARICOM Reporting Policy, the finalisation of which, is “critical in advancing the harmonised legal and regulatory credit reporting regime that Member States have agreed to adopt,” a statement from the CARICOM Secretariat said.

“The initiative reflects the commitment of Member States given in Article 44 of the Revised Treaty of Chaguaramas to adopt measures to facilitate the establishment, provision of services and movement of capital.”

When adopted, the credit reporting systems, which will comprise credit bureaus and reporting institutions, would contribute to establishing a robust financial infrastructure, the CARICOM statement said.

“They provide information for financial institutions to assess the lending risks to borrowers. Conversely, credit-worthy borrowers can access capital from financial institutions in other Member States.

“Besides cross-border credit reporting, the 11th EDF Strengthening the Framework for CARICOM Integration and Cooperation Process (SFCICP) Programme supports other areas of financial sector development and integration.

“These include a common financial consumer protection regime, legal and regulatory frameworks for securities market and deposit insurance and developing a reform agenda for modernising the financial market infrastructure,” CARICOM said.

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