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BANKS OBJECT TO THE DRAFT LAW BANNING FLOATING RATES

... agreements from the total number of loans. In 2022, the State Duma considered the initiative in the first reading. It was supported unanimously. According to the National Council of the Financial Market, the proposed restrictions 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

FINANCIAL OMBUDSMEN WILL BE INVOLVED IN HELPING DEBTORS

The Public Council under the Financial Commissioner's Office is preparing a draft law on the participation of a financial ombudsman in the pre-trial settlement of disputes on loan debts between banks and citizens. This is not his authority at the moment. As explained by Financial Commissioner Viktor Klimov, on average, 1.8 loans per citizen, over 11 million people have three or more loans. According to Klimov, in case of default, both the lender ...

BORROWERS WILL BE WARNED ABOUT THE CRITICAL GROWTH OF DEBTS

... 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 ... ... for each possible borrower. If the indicator is more than 50%, then the citizen should be warned about the risks. However, how credit institutions will inform Russians about the high debt burden is not yet very clear. RBC has sent a corresponding request ...

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