Draft Consumer Protection Standards for Digital Credit

The Smart Campaign is releasing the Draft Consumer Protection Standards for Digital Credit for a six-week period of public comment.

What are the Draft Consumer Protection Standards for Digital Credit?

  • A revised set of Client Protection Standards that address the risks involved in digital credit.
  • These draft standards consolidate what the Smart Campaign has learned about good practices and where to set the bar for responsible digital credit. They provide a starting point for further inquiry and discussion across the industry.

What will someone learn from engaging with the standards?

  • The latest thinking on responsible digital credit, consolidating findings from across the industry and consultations with the Fintech Protects Community of Practice, and on-the-ground testing with digital financial service providers.
  • The standards are extending to cover new topics, such as good practice in digital transparency, data privacy and security, and digital underwriting.

Why do the standards matter?

  • We have seen new risks emerge to low-income clients with the rise of digital credit products, and we want to see consumers benefit from these new products and build trust in digital financial services.
  • Demand is rising for a common set of criteria to assess the practices of digital lenders:
    • Investors and regulators want a way to evaluate consumer protection practices among the financial service providers they invest in or regulate.
    • Digital financial service providers want a clear set of steps and benchmarks they can use to improve their practices and demonstrate that they are committed to putting responsible finance into action.


We want your feedback! This is your chance to weigh in on where to set the bar for responsible digital credit: https://www.smartcampaign.org/about/evolution-of-standards/public-comment-2019.

Join the Smart Campaign and MFR for a webinar on Feb 26 at 11:00am EST to learn more about the draft standards for digital credit and for a chance to ask your questions. Registration Link: https://register.gotowebinar.com/register/8253670247853286401.

The public comment period is your chance to shape the standards for digital credit. At the end of the six-week period, the Smart Campaign will use your feedback to finalize the standards and develop new tools and products to help providers improve their practices.