China banned micro lenders from granting new consumer loans to college students

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China has banned micro lenders from granting new consumer loans to college students over concerns of over-lending and financial risks, according to a statement jointly released by the China Banking and Insurance Regulatory Commission (CBIRC), the People’s Bank of China (PBOC) and the Ministry of Public Security.

The regulators urged micro lenders to gradually reduce existing loans to students, and banned institutions without financial licenses from offering credit services to college students, according to the statement.

Traditional banks and consumer finance firms should also tighten their risk controls involving student clients, and make . . .

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