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China Bans Online Lending Services to Students

Finance Office of People's Government of Jiangxi Province, 6/16/17

China has decided to ban companies from offering online lending services to students, according to a notice issued by the China Banking Regulatory Commission (CBRC), Ministry of Education (MOE), and Ministry of Human Resources and Social Security (MOHRSS) published on the Jiangxi Provincial Government Finance Office website.

The notice, titled "Concerning Further Regulation of Campus Loans," requires all online lending organizations to stop campus loan services immediately and craft a clear timetable and plan to withdraw from existing loans. In addition, public vocational talent service companies are prohibited from recommending credit and loan services in the name of training, job seeking, or career guidance.

Keywords: regulation Internet Ministry of Human Resources and Social Security Ministry of Education China Banking Regulatory Commission online lending financial services

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