On December 18, 2007, JBA submitted its opinion on Japan Post Bank’s application for new businesses including credit card business, sale of variable personal pensions and other life insurance, and brokering of housing loans to the Postal Services Privatization Committee, which is presently deliberating this application.
In the opinion paper, JBA made the following requests.
- With regard to the credit card business, loans to credit cardholders must not be allowed if these are a step for expanding loans provided to individuals and oppress the private sector.
- As for the sale of variable personal pensions and other life insurance, steps must be taken to prudently verify that there would be no user protection problems.
- As for the brokering of housing loans, we are opposed to the Japan Post Bank ever engaging in loan businesses. Even if the Bank is engaged solely in brokering loans during the transitional period, the Committee should fully check that appropriate measures are in place to prevent user protection problems from arising.