Exemption for Regional Australia Bank

On 4 June 2020 the Australian Competition and Consumer Commission (ACCC) granted an exemption under section 56GD of the Competition and Consumer Act 2010 (Cth) to Regional Australia Bank in relation to reciprocal data holder obligations (being an accredited authorised deposit-taking institution). The exemption delays the scheduled commencement dates of consumer data sharing obligations to 1 March 2021 (Phase 1 products) and 1 July 2021 (Phase 2 products). The exemption also defers direct-to-consumer obligations to 1 November 2021, consistent with the exemptions granted to other authorised deposit-taking institutions on 4 June 2020.