Today the Albanese Government has taken another step to reset the Consumer Data Right (CDR) and improve how the CDR can better serve consumers.
The Government is releasing draft rules for public comment to expand the CDR to non‑bank lending.
These proposed changes will:
- Expand CDR to non‑bank lending
- Remove the requirement for banking and non‑bank lending data holders to share CDR data for niche products and data that does not add significant value to consumers
- Narrow the scope of obligations to reduce costs for non‑bank lenders and banks
- Ensure the CDR targets priority use cases, such as consumer finance and lending, without imposing costs and burden on smaller lenders
Expanding CDR to non‑bank lending will allow consumers to share their bank data with non‑bank lenders for products like residential mortgages and car loans to get better outcomes when it comes to approvals and interest rates.
The Government has listened to feedback on the expansion of the CDR to non‑bank lending and these changes will give consumers more ways to take control of their household finances, and greater confidence that their data is being protected.
These changes put consumers at the heart of the Government’s reset of the CDR.
The Government encourages all interested parties to make a submission on the draft rules, which can be found on the Treasury website.
Submissions will close on 24 December 2024.