ASIC, as the regulator with oversight of consumer credit and consumer leases, has applied its powers to extend the sunset date for exemptions to relieve credit providers and lessors from the obligation to provide a written response to a hardship notice from a borrower.The current exemption from the rules was due to expire on 1 March 2018, but it's since been pushed back to 1 March 2020. This will allow ASIC time to continue to consult with industry and affected stakeholders about the hardship process and the interaction with credit reporting requirements.Credit reporting requirements apply even where the parties come to an agreement for a simple arrangement (an agreement that defers or reduces the obligations of a debtor or lessee for a period of no more than 90 days).The exemption expiry date was pushed back to allow ASIC time to consult with stakeholders and develop a recommendation to Treasury regarding what obligations credit providers and lessors should have to record any contractual changes and provide written notice to debtors and lessors where the parties come to an agreement for a simple arrangement.One key issue that emerged during stakeholder consultations was the impact of recent changes to credit reporting under the Privacy Act 1988 (including how hardship arrangements should be reflected in the repayment history information in a consumer's credit report).This will have significant implications for consumers who have agreed to a hardship arrangement with their credit provider.  ASIC considers that this issue should be settled before ASIC finalises its recommendation to Treasury regarding simple arrangements.  The resolution of this issue may require changes to the Privacy Act.