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Thread: CBRC: No credit card to minors below 18!
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[quote=JANE01,404078]The CBRC (China Banking Regulatory Commission) issued new regulations on governing commercial banks' credit card business on August 11. According to new regulations, commercial banks are forbidden to issue credit card to minors below 18 (excluding additional card). To issue credit cards to the students above 18, the commercial banks have to make sure that the parents agree this by written approval. The regulations rule that the commercial banks can not charge fees on the non-activated credit cards. The commercial banks are also required to keep their clients’ information secret. The CBRC also ruled that banks' credit card businesses must be incorporated into their internal risk control and management systems. It also ruled that numbers of credit cards issued should not be the sole criterion for judging the performance of banking staff. [/quote]
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