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Cic rbap presentation1_8_nov2011_[v.1]

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  • 1. The CISA & CIC : Status of Implementation and what it means to the Rural Banking Industry.
  • 2. Historical Perspective
    • 1982 – CIBI established through joint initiative of Central Bank with the cooperation of FINEX.
    • 1991 – Major commercial banks organized a private BAP Credit Bureau.
    • 2001 – The International Finance Corp. launched the global credit bureau program.
    CREDIT INFORMATION CORPORATION
  • 3. • 2006 – Fifteen cooperatives based in Mindanao (Ozamis City) established a credit bureau servicing cooperatives in Central and Western Mindanao with an outsourced provider based in Cebu City. • 2008 – RA 9510 was passed after several years of lobbying by the BSP and some private entities interested in providing outsourced credit bureau services. CREDIT INFORMATION CORPORATION
  • 4.
    • • 2009 – Five credit card companies established a corporation majority owned by TransUnion to operate a private credit bureau.
    • • 2010 – The micro financing sector set up a pilot credit bureau in PANAY .
    • MAY 2011 – New set of Board members
    • and President appointed.
    • JUNE 2011 – RA 10149 – GOCC Governance Act
    • of 2011 enacted to govern the affairs of all
    • GOCC’s including the CIC.
    CREDIT INFORMATION CORPORATION
  • 5. CREDIT INFORMATION SYSTEMS ACT (CISA ) CREDIT INFORMATION CORPORATION THE LEGAL AND REGULATORY FRAMEWORK RELEVANT STATUTES RA 9510 CREDIT INFORMATION SYSTEM ACT – 2008, OCT 31 RA 10149 GOCC GOVERNANCE ACT OF 2011 – 2011, JUNE 6 RA 1405 LAW ON SECRECY OF BANK DEPOSITS RA 6426 FOREIGN CURRENCY DEPOSIT ACT RA 8791 GENERAL BANKING LAW OF 2000 RA 9160 ANTI-MONEY LAUNDERING LAW RELEVANT GOVERNMENT AGENCIES • SECURITIES AND EXCHANGE COMMISSION – IMPLEMENTING AGENCY • BANGKO SENTRAL NG PILIPINAS – COORDINATING AGENCY • DEPT. OF FINANCE – COORDINATING AGENCY • DEPT. OF TRADE AND INDUSTRY – COORDINATING AGENCY • INSURANCE COMMISSION – COORDINATING AGENCY • COOPERATIVE DEVELOPMENT AUTHORITY – COORDINATING AGENCY
  • 6.
    • VISION
    • The Credit Information Corporation is a comprehensive national credit information system mandated by law to collect and store information from creditors and available public sources on borrowers’ credit history using state-of-the-art technologies.
    • It then disseminates select information to authorized parties for a fee; at all times safeguarding borrowers’ rights and ensuring the existence of fair competition in the industry.
    CREDIT INFORMATION CORPORATION
  • 7.
    • MISSION
    • To actively receive, collect and consolidate basic credit data nationwide from both public and private sources; to act as the central registry or repository of credit information, accurately and in a secure manner, safe from access by unauthorized parties; and to provide access to reliable, standardized information on the credit history and financial condition of borrowers at least cost, most efficiently to authorized participants in accordance with applicable laws.
    CREDIT INFORMATION CORPORATION
  • 8.
    • MISSION
    • To help improve the overall availability of credit especially to micro, small and medium-scale enterprises; provide mechanisms to make credit more cost-effective; and to reduce the excessive dependence on collateral to secure credit facilities.
    CREDIT INFORMATION CORPORATION
  • 9.
    • MISSION
    • To continually educate the public on the benefits of credit information to the economy; to create awareness on the rights of consumers/borrowers to access their credit information and ensure that these are accurate; and to create a healthy balance between the need for reliable credit information and the safeguarding consumer protection, ensuring a free and healthy competition in the industry .
    CREDIT INFORMATION CORPORATION
  • 10.
    • ENTITIES REQUIRED BY LAW (RA 9510)
    • TO SUBMIT BASIC CREDIT DATA AND UPDATES
    • TO THE CREDIT INFORMATION CORPORATION
          • BANKS
          • - COMMERCIAL
          • - THRIFT
          • - RURAL
          • - ETC.
          • QUASI BANKS
          • TRUST ENTITIES
          • INVESTMENT HOUSES
          • FINANCING COMPANIES
          • COOPERATIVES
          • NON-GOVT MICRO-FINANCING
          • ORGANIZATIONS
    CREDIT INFORMATION CORPORATION
  • 11.
    • ENTITIES REQUIRED BY LAW (RA 9510)
    • TO SUBMIT BASIC CREDIT DATA AND UPDATES
    • TO THE CREDIT INFORMATION CORPORATION
          • CREDIT CARD COMPANIES
          • INSURANCE COMPANIES
          • GOVERNMENT LENDING INSTITUTIONS
          • (DBP, SSS, GSIS, PAG-IBIG)
          • OTHER ENTITIES THAT PROVIDE CREDIT
          • FACILITIES
    CREDIT INFORMATION CORPORATION
  • 12.
    • OTHER ENTITIES WHOSE DATA SHOULD BE INCLUDED
    • IN CREDIT BUREAU DATA BASE
          • RETAILERS AND SUPPLIERS
          • TELECOM COMPANIES
          • (PLDT, GLOBE, BAYANTEL, DIGITEL,
          • SKYCABLE, ETC.)
          • UTILITY COMPANIES
          • (ELECTRICITY, WATER, GAS)
          • COURT JUDGMENTS
          • BANKRUPTCY RULINGS
    CREDIT INFORMATION CORPORATION
  • 13. • SPECIAL ACCESSING ENTITY - DULY ACCREDITED PRIVATE CORPORATION ENGAGED PRIMARILY IN THE BUSINESS OF PROVIDING CREDIT REPORTS, RATINGS, AND OTHER SIMILAR CREDIT INFORMATION PRODUCTS AND SERVICES. CREDIT INFORMATION CORPORATION
  • 14. CHALLENGES FACING THE CIC
    • PROPER UNDERSTANDING AND
    • COOPERATION BY ALL STAKEHOLDERS
    • - CREDITORS
    • - BORROWERS
    • - GOVERNMENT AGENCIES (BSP, SEC, OIC, ETC.)
    • - OTHERS
    • POLITICAL SUPPORT AND WILLINGNESS TO
    • SHARE INFORMATION
    CREDIT INFORMATION CORPORATION
  • 15. CHALLENGES FACING THE CIC
    • DATA QUALITY – ACCURACY, COMPLETENESS AND
    • UP-TO-DATENESS
    • TECHNICAL INFRASTRUCTURE
    • - UNIQUE ID’s
    • - DATA CENTER SET-UP; APPROPRIATENESS
    • OF HARDWARE, SOFTWARE, TELECOMS TO
    • ENSURE ADEQUATE SERVICE LEVEL.
    • - SECURITY – SHOULD BE IMPREVIOUS TO
    • UNAUTHORIZED ACCESS – HACKING?
    CREDIT INFORMATION CORPORATION
  • 16. CHALLENGES FACING THE CIC
    • - PRIVACY CONCERNS
    • COMMERCIAL VIABILITY
    • ORGANIZATIONAL RELIABILITY, INTEGRITY AND
    • CREDIBILITY
    • REGULATORY ENVIRONMENT – GOVERNMENT
    • BUREAUCRACY
    • SMOOTH TRANSITION FROM PUBLIC TO PRIVATE
    • OWNERSHIP
    CREDIT INFORMATION CORPORATION
  • 17. CREDIT INFORMATION CORPORATION
  • 18. CREDIT INFORMATION CORPORATION
  • 19. CREDIT INFORMATION CORPORATION
  • 20.
    • BENEFITS OF CIC TO RURAL BANKERS
    • IMPROVE LOAN QUALITY
    • EXPEDITE LOAN PROCESSING
    • LOWER COST OF LOAN PROCESSING
    • FACILITATE DETECTION OF DISHONEST BORROWERS
    • ASSIST BETTER LEGITIMATELY GOOD ENTREPRENEURS AND INCREASE ECONOMIC GROWTH AND ACTIVITY
    CREDIT INFORMATION CORPORATION