The regulation of microfinance organizations (MFIs) and credit cooperatives (CCP) is planned to reform, tightening. This is stated in the project of the main directions of development of the financial market for 2022-2024, write “Izvestia”.
The project lists the three tasks of the Central Bank to improve the regulation of the microloan market and credit cooperatives: increasing the transparency of the sector and consumer security, creating conditions for the remote provision of MFIs services, as well as a decrease in the costs of these organizations and regulatory load.
To achieve the relevant goals, the Bank of Russia offers a set of measures. Thus, the regulator is going to present a new model for the admission of credit cooperatives to the market and increase the requirements for the business reputation of their leading composition.
In order to protect the rights of borrowers, it is planned to strengthen administrative and impose criminal liability for illegal lenders. Another innovation will be distributed on MFI restrictions on the sale of additional services.
Earlier it was reported that the Russians were climbing record debts on credit cards. The total debt of Russians on banknotes in October grew by 2.5 percent and amounted to 1.2 trillion rubles. At the same time, for the first time in several months, the volume of overdue debt decreased – by 0.5 percent, to 2.66 million cards, and by 0.2 percent, up to 159.2 billion rubles.