The Banking Standards Committee has approved new measures to address non-compliance with its standards. The committee now has the authority to send recommendations, warnings, and orders to banks in order to eliminate violations and rectify the reasons for non-compliance.
A significant measure includes the potential transfer of information about violators to the Bank of Russia for publication on its website. This action will be taken if a bank fails to comply after receiving an order from the committee concerning the same provision of the standard.
The supervisory standard outlining these measures has been agreed upon with the Bank of Russia and is set to become effective on April 1, 2025. These actions will apply to credit institutions that do not comply with standards after this date.
Additionally, the Bank of Russia will consider banks’ compliance practices during supervision processes and when enhancing regulations.
Established in May 2024, two-thirds of the committee’s members are representatives from banks and banking associations. The first document approved by this committee was titled “Standard for Protecting the Rights and Legitimate Interests of Mortgage Borrowers.”
