National Australia Bank Limited (NAB) has paid penalties totalling $751,200 after the ACCC issued it with four infringement notices for alleged contraventions of the Consumer Data Right (CDR) Rules.

The infringement notices relate to alleged failures by NAB to disclose, or accurately disclose, credit limit data in response to four separate requests made by different CDR accredited providers on behalf of consumers.

A failure to provide accurate information in relation to credit card limits impacted the service a number of fintechs provided to consumers, including some fintechs who offer mortgage broking tools using CDR data. These tools are designed to provide consumers with faster, simpler and more secure loan applications which better leverage their own data.

NAB’s payment of these penalties is the highest amount paid for alleged contraventions of the CDR Rules to date. NAB cooperated with the ACCC’s investigation and has rectified the data quality issues identified.

Data holders in the banking sector have had several years to understand and implement their CDR obligations. As the CDR continues to mature, data quality within the CDR remains a priority conduct area for the ACCC. In the second half of 2024, CDR participants reported to the ACCC that over 530,000 consumers successfully used CDR products and services across the banking and energy sectors, representing an increase of 135 per cent from the previous six months. During the same period, approximately 582 million consumer data requests were made.