Consumer Data Right for Non-Bank Lending 

On 1 September 2023, the Australian Government released their most recent Consumer Data Right Update, which is available here.

The Update gave a snapshot of the existing use of CDR, introduced a new ‘Compliance Update and Regulatory Bulletin’ from the Australian Consumer and Competition Commission (ACCC) and sought views on ongoing CDR consultations.

The industry snapshot found there are currently:  

• 40 accredited data recipients (ADRs); 39 at the unrestricted level and 1 at the sponsored level
• 30 ADRs currently active; 29 at the unrestricted level and 1 at the sponsored level
• 114 active data holder brands (Banking) (76 designated data holders and an additional 38 brands.
• 99.73% market share of household deposits covered by CDR data-sharing
• 3 active data holders (Energy).