At the request of the banking community, the NBU, after analyzing best practices, has eased the requirements for credit intermediaries of banks. In particular, the NBU has:

lifted the requirements for publication of photographs of the credit intermediary's employees on the bank’s web-page, as well as the details of each intermediary contract;

reduced the requirements for employees of credit intermediaries who provide services to clients (except for the requirements regarding their business reputation and level of knowledge in the field of consumer lending);

introduced the possibility to submit to the different bank a single certificate from the competent authority issued to an individual about (no) outstanding debts on taxes and duties (mandatory payments);

allowed the bank not to check/control the compliance of employees of the credit intermediary with the set requirements, provided that this credit intermediary is another bank / legal entity that provides such control;

established a requirement to exclude a credit intermediary from the list of credit intermediaries in the field of consumer lending in the banking services market (hereinafter - the list) in case of failure to carry out the relevant activity during the year from the date of inclusion in the list (instead of the requirement to terminate the intermediary contract by the bank).

In addition, amendments were made to the Regulation on Banks’ Provision to the National Bank of Ukraine the Information on Signed Agreements in the Area of Consumer Lending and Maintaining a List of Credit Intermediaries, approved by NBU Board Resolution No. 50 dated 8 June 2017. In particular, regarding the necessity to inform the NBU of the types of activities that will be carried out by a certain credit intermediary in the area of consumer lending in the interests of the lending bank, in accordance with Article 6 of the Law of Ukraine On Consumer Lending.

Appropriate amendments were approved by NBU Board Resolution No. 23 dated 5 March 2018 On Amendments to Some Regulations of the National Bank of Ukraine, which comes into force on 7 March 2018.

This document amends the Regulation On Imposing Requirements for Banks' Credit Intermediaries and Their Activities in the Area of Consumer Lending approved by the NBU Board Resolution No. 50 dated 8 June 2017, and Regulation on List Maintenance.

After the entry into force of Resolution No. 23, banks will be obliged to provide the National Bank of Ukraine with information on intermediary agreements, taking into account amendments made by this resolution. The banks will be obliged to provide the above information within 30 days from the day the NBU informed about the changes to the specifications for list maintenance and to the software for automated list maintenance.