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BANKS OBJECT TO THE DRAFT LAW BANNING FLOATING RATES

... will lead to losses for credit institutions. In addition, as Kommersant writes, the council does not agree with the requirement to notify about a change in the payment schedule 15 days in advance. The organization believes that it will be difficult for banks to fulfill such requirements. In return, it is proposed to notify within five days after the start of the modified rate. Photo: Freepik

THE STATE DUMA ASKS TO FINALIZE AMENDMENTS TO ACCELERATE THE SALE OF ASSETS OF BANKRUPT BANKS

The State Duma Committee on Property Issues has prepared a positive opinion on amendments on the possibility of applying compensation in bankruptcy of financial organizations to repay claims of the first stage. However, the bill needs to be finalized, the ministry noted. In conclusion, it is said that the bill will speed up the completion of bank bankruptcy through financial recovery ...

THE STATE DUMA SUPPORTED THE PROJECT ON EXPANDING THE POWERS OF THE DIA TO CLEAN UP THE BALANCE SHEETS OF BANKRUPT BANKS

... the bill (N538767-8), which allows the use of compensation for repayment of claims of the first stage in case of bankruptcy of banks. These include debts to the Deposit Insurance Agency (DIA). As explained in the committee, the initiative will contribute to improving the effectiveness of measures taken by the agency to achieve the goals of bankruptcy proceedings. Recall that the relevant draft law was introduced in January. It is proposed to amend the laws on bankruptcy and deposit insurance. The bill also gives creditors ...

BANKS WILL INFORM YOU ABOUT THE END OF THE DEPOSIT PERIOD

The Central Bank (CB) recalled the entry into force of a law obliging banks to inform customers about the expiration of their deposits. As specified in the Central Bank, inform the depositor about the end of the term no later than five days in advance. Thanks to the innovation, the citizen will be able to make decisions ...

THE CENTRAL BANK IS PREPARING CHANGES ON THE INCREASE IN FINES FOR BANKS FOR FRAUD

The Bank of Russia plans to increase fines to banks for defrauding customers to 0.1% of capital. This is reported by Izvestia, citing sources close to the Central Bank. According to the publication, the fines being developed by the Central Bank for unscrupulous banks will be comparable to penalties ...

THE LITERACY TEST WAS PROPOSED TO BE MADE MANDATORY WHEN RECEIVING THE FIRST LOAN

... deputy to the head of the Central Bank, Elvira Nabiullina. According to Demin, the literacy test should include information about the actual amount of overpayments and the situation in the economy. In addition, it should contain data on the real risks of bankruptcy of a citizen. The deputy from the New People faction notes that the mandatory introduction of a financial literacy test when receiving the first loan should help reduce the number of impulsively taken loans. Also, such an innovation will help ...

FINANCIAL OMBUDSMEN WILL BE INVOLVED IN HELPING DEBTORS

... about a citizen from various authorities, including his debts, while respecting banking and commercial secrets, as well as the law on personal data. The service is still discussing how the financial ombudsman will participate in the pre-trial settlement of disputes over loan debts between banks and citizens. It may be an agreement with signs of mediation between the borrower and the lender, a technical protocol or another document. It is planned that a moratorium on debt collection, new loans and out-of-court bankruptcy may be introduced for the period of conciliation procedures. As a result, borrowers will receive a competent independent ...

BORROWERS WILL BE WARNED ABOUT THE CRITICAL GROWTH OF DEBTS

Starting in 2024, over-indebted Russians who want to take out another loan or loan will be informed about the high risks of debt burden. The relevant law came into force on January 1. The new law stipulates that banks and microfinance organizations (MFOs) are required to calculate the debt burden indicator (the ratio of monthly payments on all loans to the client's income) for each possible borrower. If the indicator is more than 50%, then the citizen should ...

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