Anatoly Aksakov, who leads the State Duma Committee on Financial Markets, described a new framework aimed at regulating how loans are accessed. The central proposition is that citizens would obtain a loan only after presenting a Tax Identification Number, or TIN. This requirement is meant to help lenders verify an applicant’s identity and financial history before approving credit.
With a TIN in hand, banks could verify whether a borrower has placed a self ban on loan access. Financial institutions are expected to work with credit bureaus to determine loan eligibility and to confirm that no prohibitions would block approval. The regulator advised banks to pull data from all four major credit data sources to reduce the risk of errors that might arise from relying on a single bureau.
Aksakov noted that the self-exclusion provision would become law in 2025. He stressed that implementing this change would require a major upgrade of technology and processes. Banks will need to build robust interfaces with credit history bureaus to support the new workflow, and the integration will take time to mature.
Nevertheless, the deputy signaled broad political backing for the bill and anticipated its passage in early 2024. Before that, the State Duma approved the bill in its first reading, establishing a mechanism that would enable citizens to self-exclude from access to consumer loans.
The bill, introduced on April 20, 2023 by a group of deputies led by Aksakov, is intended to reduce the risk of fraudulent lending driven by data misuse and social engineering. If enacted, a citizen could submit an application through the government services portal to a credit history bureau, requesting a ban on lending and verifying whether such a ban is active. Self-exclusion could be canceled at the user’s request if the restriction is rescinded.
The discussion also included cautions about the dangers of debt accumulation, even when it involves unused credit cards, underscoring the broader financial vigilance being emphasized in the ongoing policy debate. (Source: State Duma) (Source: Government services portal)