Izvestia: The Central Bank of Russia plans to tighten regulation of MFOs and CCPs planned to be reformed by tightening. This is stated in the draft Guidelines for the Development of the Financial Market for 2022-2024, Izvestia writes.
The draft lists three tasks of the Central Bank to improve regulation of the microloan market and credit cooperatives: increasing the transparency of the sector and protecting consumers, creating conditions for the remote provision of MFO services, as well as reducing the costs of these organizations and the regulatory burden.
To achieve the relevant goals, the Bank of Russia proposes a set of measures. Thus, the regulator is going to introduce a new model for the admission of credit cooperatives to the market and increase the requirements for the business reputation of their management staff.
In order to protect the rights of borrowers, it is planned to strengthen administrative and introduce criminal liability against illegal creditors. Another innovation will be the extension to MFOs of restrictions on the sale of additional services.
Earlier it was reported that the Russians got into record debt on credit cards. The total volume of debt of Russians on credit cards in October increased 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, to 159.2 billion rubles.