CIF Updates (October 2024)
Updates on CIF
The National Credit Regulator’s Credit Industry Forum steering committee met earlier today and have shared the following updates about the various topics under discussion at present.
At present (as you will see in the Circular which you can download above) that the following Sub Committees are busy:
- RECKLESS LENDING GUIDELINES
- ON-SOLD DEBTORS BOOK
- NATIONAL CREDIT
AMENDMENT ACT - DCRS (DEBT RESTRUCTURING
RULES SYSTEM) - ANNUAL REVIEW
- ALTERNATIVE DISPUTE
RESOLUTION
AGENTS (ADRA’S) - DEBT COUNSELLING FEE
GUIDELINES REVIEW - TASK TEAM AGREEMENTS
REVIEW AND ENFORCEMENT
The latest committee being the one relating the the NCR Task Team 2.0 (which has been further broken down into various small committees).
The NCR also shared the following reminder about the purpose and functions of the CIF:
1. Just a kind reminder of the purpose of the CIF being as follows: Identify and address operational difficulties that come with implementation of the National Credit Act as amended (“the Act”).
2. Facilitate and negotiate industry agreement and co-operation on related credit industry aspects.
3. Make advisory recommendations to the NCR which, upon acceptance, will be issued as guidelines to the industry.
4. Engage on strategic industry issues; and
5. Promote the spirit and purpose of the Act when conducting the delegated mandate.
All registrants are kindly invited to submit any proposals or topics for discussion to cif@ncr.org.za and are requested to propose any agenda items to be considered by the CIF and insofar as it relates to operational difficulties that come with the implementation of the National Credit Act 34 of 2005.