The Bank of Russia has removed microcredit company Zanimatelnye Finansy LLC from the state register of microfinance organizations. This decision was made following violations of federal laws, particularly in consumer lending, and non-compliance with Bank of Russia regulations.
According to the Bank, MCC Zanimatelnye Finansy LLC had been subjected to repeated supervisory measures over the past year due to these issues. The Bank noted that throughout 2024, it received unreliable reporting data from the company. Specific infractions included understating maximum debt service-to-income (DSTI) ratios for borrowers, issuing loans with interest rates above the legal limit, charging excessive fines on overdue loans, and aggressively selling additional services when issuing new loans.
The practice of understating DSTI ratios enabled MCC Zanimatelnye Finansy LLC to extend credit to heavily indebted individuals. The proportion of such loans was among the highest in the microfinance sector.
This action by the Bank of Russia is grounded in Clause 1 of Part 1.1 of Article 7 and Clause 8 of Part 4 of Article 14 of Federal Law No. 151-FZ.
