China Banking Association releases guidelines on personal consumption loan collection for financial institutions.

In order to regulate the credit card and personal consumer credit collection behavior of member units and external collection agencies, and promote the healthy development of the industry, the China Banking Association has formulated the "Guidelines for Personal Consumer Loan Collection Work of Financial Institutions". The "Guidelines" consist of seven chapters and fifty-four articles, and are formulated from the perspective of strengthening industry self-discipline and regulating business development, through defining collection behavior, standardizing collection behavior, managing external collection agencies, internal control management, and promoting the healthy development of the industry. First, defining collection behavior clarifies various types of collection behaviors within the industry. Second, establishing collection behavior standards comprehensively addresses hot issues such as collection time, frequency, and contact information acquisition that are of social concern, emphasizing easy understanding and execution, and setting prohibitive red lines. Third, strengthening the standardized governance of external agencies clarifies the various requirements for member units to manage external collection agencies and establishes a restraint mechanism. Fourth, enhancing internal control management of collection business requires comprehensive improvement of internal management capabilities of institutions, achieving a combination of governance and management. Fifth, playing the self-discipline role of the association to promote the healthy development of the industry. Combining hot issues in collection work, encouraging independent collection, promoting technological innovation, and strengthening the governance of illegal activities; enhancing self-discipline management, promoting the establishment of information sharing on illegal activities of external collection agencies, and jointly combating evasion and abandonment of debts.