Loan funds are not allowed to be invested in stocks or real estate, and the consumer personal credit limit does not exceed 200,000.

After a month-long public solicitation for opinions, the Internet loan supervision measures have finally been officially implemented.

In order to regulate the Internet loan business operations of commercial banks, on July 17, the China Banking and Insurance Regulatory Commission issued and implemented the "Interim Measures for the Administration of Internet Loans of Commercial Banks" (hereinafter referred to as the "Measures"). Compared with the draft released for comments in May, there are basically no major changes in the "Measures".

In order to ensure the continuity of the existing Internet loan business and protect the rights and interests of customers as much as possible, the "Measures" set a two-year transition period in accordance with the principle of "distinguishing the old from the new". From the date of implementation of the "Measures", new businesses shall comply with the provisions of the "Measures". During the transition period, businesses that do not comply with the provisions of the "Measures" should be gradually and orderly reduced on the basis of controlling the overall scale. At the same time, in accordance with the provisions of the "Measures", the risk governance structure, risk model management and other aspects should be standardized or rectified. In addition, in order to strengthen the regulation of existing existing businesses, the "Measures" stipulate that within one month from the date of implementation, commercial banks shall report business planning, risk management and control measures, existing business, protection of financial consumers' rights and interests, etc. to the regulatory agency.

The relevant person in charge of the China Banking and Insurance Regulatory Commission stated that in recent years, the Internet loan business of commercial banks has developed rapidly, and various commercial banks have carried out Internet loan business in different ways and to varying degrees. The current relevant management measures do not fully cover the above issues, and the online authentication of customers for Internet loans by commercial banks has actually exceeded the requirements for face-to-face interviews and on-site investigations. Therefore, it is necessary to make up for the shortcomings of the system as soon as possible and promote the standardized development of the Internet loan business.

Follow the principles of small amount, short term, high efficiency and risk controllability

Internet loans such as loan assistance and joint loans are new loan methods that have emerged in the banking industry in recent years. Banks usually cooperate with Internet platforms , small loan companies and other external institutions, using Internet technology and big data means to achieve purely online review and lending of loans.

However, as an emerging loan type, while Internet loans are developing rapidly, there are also some hidden dangers. The above-mentioned person in charge of the China Banking and Insurance Regulatory Commission said that compared with traditional offline loan models, Internet loans have the characteristics of relying on big data and models for risk assessment, automatic operation of the entire process online, no or very little manual intervention, and extremely fast loan approval. It has played a positive role in loan efficiency, innovative risk assessment methods, and broadening the coverage of financial customers. At the same time, the Internet loan business has also exposed problems and hidden risks such as imprudent risk management, insufficient financial consumer protection, and inadequate monitoring of fund use.

Therefore, the formulation of the "Measures" aims to fill the gap in the supervision of Internet loans, define the connotation and scope of Internet loans, clarify that Internet loans should follow the principles of small amount, short-term, efficient and risk controllable, and clarify the risks Management requirements and standardized management of cooperative institutions.

Compared with the draft released for comments in May, the "Measures" basically have no major changes. The above-mentioned person in charge said that individual adjustments are mainly reflected in the following aspects:

1. In terms of risk management, taking into account the multi-dimensional and multi-factor characteristics of commercial banks’ Internet loans to judge the credit status characteristics of borrowers, and adopting feedback from relevant institutions , the “tax, social insurance fund, and housing provident fund information” in Article 20 will not be used as mandatory credit status judgment factors.

2. In terms of lending control, on the premise of clarifying that commercial banks will strengthen risk control in the lending process, they are allowed to independently choose whether to conduct credit inquiries again based on their own risk control models and methods.

3. In terms of guarantee credit enhancement, add the requirement that "commercial banks shall not relax loan quality control due to the introduction of guarantee credit enhancement", strengthen the main responsibilities of commercial banks, and prevent the "hollowing out" of commercial banks' risk management.

It is worth noting that Internet loans, as an important supplement to traditional offline loans, can serve customer groups that are difficult to reach through traditional financial channels, and their inclusive financial characteristics are relatively prominent. To this end, the "Measures" are in accordance with laws and regulations and the requirements of the "decentralization, regulation and service" reform, and no administrative license is required. Commercial banks can carry out Internet loan business in accordance with the provisions of the "Measures".

As for whether local corporate banks’ Internet loans can break through cross-regional business restrictions, the "Measures" clarify that they should adhere to their development positioning and mainly serve local customers when carrying out Internet loan business, taking into account the Internet loan business of each bank. There are large differences in development status and risk management capabilities. The "Measures" have not yet set unified quantitative indicators for local corporate banks to carry out cross-regional Internet loan business. Some banks that do not have physical operating outlets and whose business is mainly conducted online are not subject to the restrictions on cross-regional operations in the "Measures".

Multiple means to prevent and control business risks

The Internet loan business has the characteristics of highly relying on big data risk modeling, automatic operation of the entire process online, and rapid approval of loans. It is prone to excessive credit, Issues such as long-term debt and non-compliant use of funds. In order to effectively prevent and control risks in the Internet loan business, the "Measures" focus on regulating the following aspects:

First, clarify the principles of small and short-term Internet loans, set credit limits for consumer personal credit loans, and prevent Risks of rapid increase in residents' personal leverage ratio.

The "Measures" stipulate that the credit limit of a single household's personal credit loan for consumption should not exceed RMB 200,000. If the principal is repaid in one go at maturity, the credit period shall not exceed one year. It is worth noting that although the limits for personal credit loans used for consumption are more stringent, the requirements for personal loans and working capital loans used by single households for production and operation are appropriately relaxed than before, and there is no longer a set limit. Setting the upper limit of credit period and credit limit is also something that the industry has strongly called for before.

The relevant person in charge of the China Banking and Insurance Regulatory Commission stated that the credit limits and terms of personal loans and working capital loans used for production and operation have been flexibly treated accordingly, which will help ensure the continuity of financing for small and micro enterprises through Internet channels. , increasing the proportion of credit loans for small and micro enterprises and small and micro business owners can effectively support the real economy during the critical period of epidemic prevention and control and increasing downward pressure on the economy.

The second is to strengthen unified credit management and prevent excessive credit. Commercial banks should have a comprehensive understanding of the credit status of borrowers, and continuously monitor and evaluate through risk monitoring and early warning models. If early warning triggering conditions are discovered, early warnings should be issued in a timely manner.

The third is to strengthen the management of loan payment and fund use. Commercial banks should adopt the entrusted payment method for loans that meet the corresponding conditions and refine the management of entrusted payment limits. The purpose of loan funds should be clear and legal, and may not be used for investment in real estate, stocks, bonds, futures, financial derivatives and asset management products, or for investment in fixed assets and equity interests. If it is discovered that the purpose of the loan is illegal or not used according to the agreed purpose, measures should be taken to recover the loan in advance.

It is worth noting that the "Measures" have relaxed the requirements for the use of entrusted payments compared with the previous draft circulated in the industry. Previously, supervision had considered restricting Internet loans with a single payment amount exceeding a certain amount. Payment must be made by entrustment.

Gu Lei, a researcher at the China Inclusive Finance Institute (CAFI) of Renmin University of China, told reporters that the "Measures" use commercial banks as the starting point to supervise the Internet loan business and require commercial banks to improve their risk control capabilities and assume their responsibilities. More responsibility. On this basis, commercial negotiations between commercial banks and cooperative institutions can follow the market's selection and elimination mechanism, which is conducive to the healthy development of the industry.

On the other hand, with regard to the management of entrusted payments, the appendix of the "Measures" clarifies that "matters not covered by these Measures shall be implemented in accordance with the "Interim Measures for the Management of Personal Loans", "Interim Measures for the Management of Working Capital Loans" and other relevant regulations "These two interim measures have more specific requirements for entrusted payments, and the "Measures" do not need to add more detailed regulatory provisions.

In addition, the "Measures" have a large space to regulate the management of cooperative institutions by commercial banks, which is also the focus of regulating the development of loan assistance business types. The above-mentioned person in charge said that currently, commercial banks cooperate with third-party institutions in various ways to carry out Internet loan business. Effective and standardized cooperation is conducive to complementing the advantages of various institutions and improving efficiency to a certain extent. However, some banks have relatively extensive management of cooperative institutions. For example, if a unified management system for the whole bank is not established, the qualifications of cooperative institutions have defects, and the management of cooperative institutions is relatively extensive. Insufficient ongoing management, etc., lead to bank reputation risks.

In order to guide commercial banks to prudently carry out cooperation with cooperative institutions and prevent the risks of cooperative institutions from being transmitted to banks, the "Measures" require commercial banks to establish a full-process and systematic management mechanism for cooperative institutions from entry to exit to enhance their refined management capabilities. .

For example, the "Measures" require that commercial banks should establish a unified bank-wide access mechanism for various cooperative institutions and implement hierarchical and classified management. Commercial banks should conduct pre-access assessments of cooperative institutions from aspects such as operating conditions, management capabilities, and risk control levels. When cooperating with cooperative institutions to provide loans, commercial banks should conduct business prudently in accordance with the principle of independent risk control and avoid becoming a mere provider of funds. The "Measures" require commercial banks to establish and improve internal management systems, conduct independent risk assessments and credit approvals, select cooperative institutions according to the principle of moderate decentralization, and avoid over-reliance on cooperative institutions; it also requires banks to make joint capital contributions with cooperative institutions The total loan amount is included in limit management, and the proportion of investment in a single loan is subject to interval management.