Core Viewpoint - The incident involving the loan intermediary "Xin Xin Hui Lin" has prompted a collective response from multiple banks in Shenzhen, emphasizing the need for consumer awareness against false advertising and the importance of regulatory compliance in the financial sector [1][3][12]. Group 1: Incident Overview - Multiple banks, including Bank of China, Agricultural Bank of China, and others, have publicly distanced themselves from the loan intermediary "Xin Xin Hui Lin," clarifying that there is no partnership and warning consumers about misleading advertisements [1][3]. - As of July 17, a total of 20 banks have issued statements against "Xin Xin Hui Lin," which falsely claimed partnerships with these banks and advertised services such as "interest rate optimization" [3][12]. - "Xin Xin Hui Lin" acknowledged its lack of authorization from banks and stated that it has completed a comprehensive rectification of its advertising practices following warnings from banks and regulatory bodies [1][4]. Group 2: Business Practices and Consumer Risks - The intermediary's advertisements included claims of low-interest rates and partnerships with multiple banks, which were found to be misleading, as the banks confirmed no such collaborations existed [3][4]. - The company offered services that included "debt optimization" and "interest rate reduction," which are not widely endorsed in the financial industry due to potential risks to consumers [9][10]. - Consumers were often charged additional fees for services that were not clearly disclosed, leading to concerns about the transparency of the intermediary's business practices [9][10]. Group 3: Regulatory and Industry Response - The incident has highlighted the ongoing issues with illegal loan intermediaries misrepresenting themselves as banks, prompting regulatory bodies to take action against such practices [12][13]. - Experts suggest that the collective statements from banks serve as a necessary measure for compliance and brand protection, potentially deterring future misconduct by intermediaries [13][14]. - The need for a collaborative approach between regulators and financial institutions is emphasized to establish a monitoring and enforcement mechanism against fraudulent practices in the loan intermediary sector [13][14].